Zijin Mining

Zijin Mining Group Company Limited is a Chinese gold, copper and non-ferrous metals producer and refiner in mainland China.

Zijin Mining
Public
Traded as
IndustryGold mining
Founded2000
Headquarters
Shanghang, Longyan, Fujian
,
People's Republic of China
Area served
People's Republic of China
Key people
Chairman: Mr. Chen Jinghe
ProductsGold, Copper, Non-ferrous metals
RevenueRMB27,769,198,000 (FY 2010)[1]
RMB9,529,044,000[1]
RMB5,742,124,000[1]
Number of employees
21,455[1]
Websitezjky.cn
Zijin Mining Group Company Limited
Simplified Chinese紫金矿业集团股份有限公司
Traditional Chinese紫金礦業集團股份有限公司
Literal meaningZijin Mining Group Joint-Stock Limited [Liability] Company

Background and activities

Zijin Mining Group Co Ltd is a state-owned public company whose major shareholder is Shanghang Minxi Xinghang State-Owned Property Investment Company, holding 28.96%. It is one of the largest Chinese gold producers in China, operating the Zijinshan Gold Mine, China's largest open pit gold mine, along with three other gold mines.[2]

In 2006, Zijin had 49.28 tons of the gold output and the gold produced from mining reached 20.70 tons, respectively accounting for 20.53% of China's total gold production and 11.51% of the gold produced from mining in China in the same year.[3] In 2010 gold output had reached 69 tons[1] but was expected to be only 37 tons in 2018, slightly less than the previous year.[4]

In December 2019, Reuters reported that Zijin had agreed to buy Canadian miner Continental Gold Inc. for C$1.3 billion. The company claimed that Continental's principal asset, the Buritica project, had gold reserves of 165.47 tons and an inferred reserve of 187.24 tons.[5]

Incidents

Major acid spill

On July 3 and July 16, 2010 acid waste escaped the Fujian province copper plant and into the Ting River. The accident was said to be the size of the BP deepwater oil spill.[6] The copper plant manager, deputy manager and head of environment were detained because the company waited nine days before revealing the incident.[7]

Fatalities at dam collapse

In September 2010, four people were killed when a dam collapsed at the Xinyi Yinyan tin mine, following heavy rain.[8] The dam collapse was said to be caused by rainfall generated by a typhoon occurring only once in more than 200 years.[7]

See also

References
  1. "Zijin Annual Results 2010" (PDF). Zijin. 2010. Retrieved June 8, 2011.
  2. yahoo.com Archived January 30, 2008, at the Wayback Machine
  3. Brief Introduction to Zijin Archived July 7, 2011, at the Wayback Machine
  4. "China's Zijin sees 2018 gold output at about 37 tonnes". Reuters. 18 October 2018. Retrieved 1 January 2020.
  5. "Zijin Mining to buy Canada's Continental Gold for US$1 billion". EJ Insight. 3 December 2019. Retrieved 1 January 2020.
  6. News888.cn. "News888.cn Archived July 7, 2011, at the Wayback Machine." 紫金矿业被指瞒报污染事故38 天?!. Retrieved on 2010-01-08.
  7. Bloomberg.com. "Bloomberg.com." Zijin mining officials fined 1.16 million yuan for waste spills in fujian. Retrieved on 2010-01-08.
  8. "Mining Journal - Zijin Mining says dam collapse led to four deaths". Retrieved 2010-09-28.
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