News

Miners face headwinds from weak prices: PwC

Source: www.chinamining.org   Citation: Global Times   Date: June 17, 2015

The global mining industry faced a challenging year in 2014 with falling commodity prices and increasing short-term volatility, which forced companies to control costs and free up cash flow, according to a report released by PricewaterhouseCoopers (PwC) on Monday.

The overall market capitalization of the top 40 miners plummeted by $156 billion in 2014, a decline of 16 percent in combined market values from 2013, said the report.

The largest miners cut spending and largely managed expectations through higher production, with unexpected help from currency devaluations and lower input costs. Despite this, there were continued headwinds from weak commodity prices, which drove revenues lower for companies, according to PwC.

While China`s slowing economic growth has had a major impact on demand for steel-making commodities, as well as base metals, the expectation of China`s continued thirst for commodities in the longer term remains a key driver for global miners, the report said, noting that China accounts for as much as 50 percent of global commodity demand.

PwC said the general outlook for the global metals and mining market remains bleak due to the combined effects of a slower rate of economic growth, particularly in emerging markets.

The oversupply of bulk commodities, especially iron ore and coal, combined with China`s cooling growth rates, have been major contributors to the price slump. Specifically, iron ore, coal and copper prices fell by 50 percent, 26 percent and 11 percent respectively in 2014,  said the report.

The report also noted that global mining companies` capital spending on significant projects declined by 20 percent, with further decreases expected in 2015.

In Asia, more industry consolidation is expected between key resource players from India and China in order to stem production overcapacity, the report said.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.

Asian energy, resources partnership proposed at Boao Forum conference

Source: www.chinamining.org   Citation: Xinhua   Date: June 12, 2015

A chief Chinese representative proposed on Thursday to build an Asian energy and resources partnership at the Boao Forum for Asia (BFA) "Energy, Resources and Sustainable Development Conference."

Focusing on the Silk Road Economic Belt and the 21st-Century Maritime Silk Road as well as the cooperation of energy and resources in the Asian region, the participants will analyze the latest situation of the world energy and resources, and discuss on the new ideas of future cooperation in the region.

Zeng Peiyan, vice chairman of the BFA, said the ups and downs in the energy and resources prices have a great impact on both the supplying and the consuming countries, and thus they wish to see a reasonable, stable and predictable trajectory of prices and a balanced relationship between supply and demand.

He said the center of global energy consumption is moving to Asia, which is home to both the major suppliers and consumers of energy and resources in the world.

Against the backdrop of falling energy prices and changing international energy relocation structure, it is necessary for Asia to explore the establishment of a new model of cooperation at the opportune time to promote the sound and orderly development of the energy and resources market.

The Chinese representatives proposed that Asian countries establish an energy and resources partnership in the spirit of cooperation for win-win development, so as to achieve "four stables," - to establish a stable supplier-consumer partnership to generate a stable expectation of prices and market prospect, promote the stable economic development of countries on both the supply and demand sides, and help bring about a stable world energy and resources market.

A five-point proposal was made to build such an Asian energy and resource partnership. First, build an Asian trading market of energy and resources. Second, negotiate the rules for investment and trade liberalization and facilitation in energy and resources. Third, step up regulatory cooperation on the financialization of bulk commodities. Fourth, encourage business of the relevant countries to deepen cooperation. Fifth, set up an information sharing mechanism between supplying and consuming countries.

The attendants positively responded to the proposal, believing that the establishment of an Asian energy and resources partnership will help enhance the regional energy security, and can be placed as a priority for the cooperation in China`s "One Belt, One Road" initiative for Asian countries.

The BFA Expert Committee of Energy, Resources and Sustainable Development was also launched during the meeting, which will provide intelligence support for the energy cooperation in Asia.

More than 300 representatives from government, industries and the academia attended the conference.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.

Chinese energy giant helps Ghana develop oil, gas industry

Source: www.chinamining.org   Citation: Xinhua   Date: June 11, 2015

Chinese Petrochemical Corporation (Sinopec) says it is committed to supporting Ghana to develop its oil and gas industry so that the West African country could derive maximum benefits from its rich hydrocarbon resources.

"We are here definitely for the long haul. I think it`s a long term strategy to assist and support Ghana in all of its needs, economic and social and anything that we can contribute to the improvement of the country," said Mushtaq Kaloo, Engineering Advisor to Sinopec.

Kaloo spoke to Xinhua in a recent interview at Ghana`s first ever Gas Processing Plant (GPP), located at Atuabo, 327 km west of the capital, which was constructed by Sinopec.

Ghana National Gas Company (GNGC) contracted Sinopec in July 2012 to construct the gas facility to take over the associated gas coming from the Jubilee oil fields. The facility started processing gas last November.

After building the facility, the Chinese company signed a two- year contract to operate and maintain the plant while training young Ghanaian engineers in its operation and maintenance.

"We have brought in our expertise from Beijing, China. Those who are experts in operation and maintenance and running such facilities which are much bigger facilities than this are running in China, huge facilities," said Kaloo.

"We`ve got a team of hard-core staff who are operation staff, maintenance staff, inspection staff, and they are here, running the plant with Ghanaians working with the Ghana Gas, under the authority of Ghana Gas," said Kaloo.

By the end of the contract, he said, there will be a pool of knowledgeable Ghanaians who would be able to operate and maintain the 850 million U.S. dollars facility financed by China Development Bank (CDB).

Sinopec is also in the process of building a pipeline - an expansion of the main onshore gas pipeline from Esiama, 292 km west of the capital, to Prestea, 318 km west of the capital, where Ghana plans to develop a hydrocarbon propelled minerals complex.

"The petrol-chemical park and development that is going to take place in Prestea; this is something that Sinopec will definitely take part and will participate in any proposal in any development of power plant in Prestea or power plant in Duminle. S is well placed to provide such facilities," Kaloo stated.

According to him, the company is well placed to assist Ghana in the development of its energy and hydrocarbon needs, whether it`s Prestea or Aboadze or Tema or anywhere else.

Wang Xianghui, Deputy Project Manager for the Sinopec Ghana projects said the project is of great benefit to Ghana with enormous benefits in terms of commercializing of gas reserves in Ghana; boosting Ghana`s industrial development and economic growth and in the area of power generation, fertilizer.

"It is also a catalyst for industrialization in the salt, alumina, petrochemicals such as plastics, methanol etc. It is also important in creating jobs and improving of the quality of life for the citizens of Ghana," Wang added.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.

China should aim for peak coal use by 2020 : NCSC

Source: www.chinamining.org   Citation: Reuters   Date: June 11, 2015

China needs to bring its coal use to a peak by 2020 and reduce it by 500 million tonnes over the 2020-30 period in order to meet greenhouse gas emission targets and keep climate change under control, researchers said on Wednesday.

China is expected to submit post-2020 national pledges to cut carbon emissions to the United Nations later this month ahead of crucial talks on a new global climate change accord in Paris at the end of the year. It has already promised to bring emissions to a peak by "around 2030".

The National Centre for Climate Change Strategy and International Cooperation (NCSC) said China`s current CO2 trajectory might not allow it to achieve an international goal of limiting global warming to no more than 2 degrees Celsius over the pre-industrial average, and more effort to cut coal use was required.

Coal burning is responsible for around three-quarters of China`s greenhouse emissions, and with carbon capture technologies still far from mature, the country`s only option is to curb coal consumption, the researchers said.

"We know there is a very close connection between restricting coal use and restricting carbon emissions," Liu Qiang, one of the report`s authors, told a briefing on Wednesday.

The report recommended that China, the world`s biggest carbon-emitting nation, should cap consumption at 4 billion tonnes by 2020 but said it would need to cut it to 3.5 billion by 2030.

Chinese production hit 3.87 billion tonnes in 2014, half the global total. That was down 2.5 percent from 2013, raising hopes the country was already close to "peak coal".

A British study this week said China could bring emissions to a peak by 2025.

But the NCSC researchers said that should be brought forward. A 2020 emissions peak represented the best chance of keeping within the 2 degree target, but the goal would be very difficult to achieve, they said.

Tougher emission caps should be imposed on China`s richer coastal regions from next year, they said.

Regions with per capita GDP of more than 80,000 yuan ($12,890) a year should be ordered to bring emissions to a peak by 2025. Poorer western regions with per capita GDP of 40,000 yuan should be given until 2040.

Companies that exceeded a specific regional threshold should be given compulsory emissions targets and aim to cut the volume by 10 percent every five years, the report said.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.

China awakens to protecting the environment

Source: www.chinamining.org   Citation: Xinhua   Date: June 05, 2015

With China`s iron business in trouble and facing losses, Malanzhuang Iron Mine is spending 2.4 million yuan (390,000 U.S. Dollars) planting on slag heaps.

Since 2008, more than 28 million yuan has been spent by the company in Qian`an City, Hebei Province, undoing the damage done by the largest open iron ore mine in Asia. The Malanzhuang mine is a joint venture between the Shougang Group, a leading steelmaker, and Tangshan City, which administers Qian`an.

On the outskirts of Qian`an, some 200 km east of Beijing, 20 hectares of dense shrubbery covering what was once a large tailings reservoir are now home to numerous wild birds.

Liu Zuoli, general manager of Malanzhuang, believes that harmony with the natural world is part of productivity and reflects the value of labor."We don`t simply abandon tailings reservoirs any more like we used to, leaving them barren and a source of sandstorms," Liu said.

In 2007, China`s top leadership pushed ecological agenda up the list of the nation`s priorities, a great advance after nearly three decades of rapid growth that paid no heed to pollution or damage to the ecosystem. In 2012, the greening of society was incorporated into the nation`s overall development plan.

Over the past seven years, Qian`an has spent 2 billion yuan on the treatment and restoration of nearly 200 tailings reservoirs, with 1,500 hectares of mining areas restored to something close to their former glory.

Song Xiaojie, 35, is a graduate in agriculture and forestry. She is chief technical consultant for vegetation restoration at the mine and plants trees with her colleagues every spring."Repairing the ecosystem is an indispensable part of our work," she said.

The city divided itself into three major zones -- eco-agriculture, new industries and residential -- in 2013. Forest coverage in Qian`an reached 40.8 percent last year, nearly double the national average. The city has cut iron and steel capacity by nearly 10 million tonnes.

Restoration of mining areas is just one aspect of building a better Qian`an. The city signed an agreement with Hollywood China Investment Group in May to build a Paramount theme park there within five years. The core scenic area of the project will cost upwards of 30 billion yuan and the park is expected to host up to 30 million tourists each year.

Environmental protection is now important for evaluating township officials, 20 percent of the full evacuation scores among township officials in Qian`an, for example.

"Qian`an boomed because of mining and became strong through the associated industries. Going forward, Qian`an will be prosperous thanks to its greenery," said Zhang Shuyun, mayor of the city.

RULE OF LAW IN ENVIRONMENT PROTECTION

With World Environment Day celebrated this Friday, it`s a good time to take stock of China`s progress on the environment this year. In January, the new Environmental Protection Law came into effect, with tough measures against polluters and high fines. The new rules allow NGOs to initiate environmental lawsuits.

Record fines have already been imposed this year. In March, Zhangjiakou City in Hebei fined a sewage center 6.74 million yuan for discharging four to five times the national limit of pollutants. Beijing slapped a fine of 3.9 million yuan on a food company for water pollution.

In that time, Qian`an environmental protection bureau handled more than 50 cases of excessive pollution or lack of environmental impact evaluation.In April, Qian`an Intermediate People`s Court sentenced a factory owner to one year in prison for water pollution. Suspects in two other cases are awaiting trial. All three cases came to the attention of the police through tip-offs from the public.

NGOs in China now have the weapon of litigation in their armory to fight the green fight. Last month, a court in Fujian heard an environmental damage lawsuit filed by two NGOs. It was the first filed by NGOs for environmental damage since the new law took effect.

"The rule of law in environmental protection is our basic goal,"said Zhang Boju, executive director of Friends of Nature, one of the organizations which brought the action. "We should use the legal weapon to protect our green mountains and to clean up our rivers."

With obvious smog in many cities and water pollution everywhere, the public has become hyper-aware of environmental problems and wants to see substantial progress.

Much remains to be done. A water resource official from Ya`an, a major refuge for giant pandas in Sichuan Province, recently complained that he has no legal basis to ask small hydropower stations to allow more water downstream in case of drought.

"Public action is far from enough. Of course citizens should play a bigger part in environmental monitoring, but we must also do more to pollute less and adopt energy-saving ways of life," Zhang said, citing this year`s World Environment Day theme - Seven Billion Dreams. One Planet. Consume with Care.

RECYCLE, RE-USE

An industrial park is under construction in Ya`an with recycling at its heart. With forest coverage of 63 percent, the highest in Sichuan, Ya`an was made one of 55 ecological demonstration areas last year.

In the recycling park EMIN Microcrystalline Technology produces microcrystalline stone from leftovers from granite production processes. Ya`an has rich granite resources.

"Our production process has zero emissions of carbon dioxide and other waste," said Wang Ganglin, deputy general manager of the company.

Ya`an is moving polluting plants out of key ecological areas and planning a national giant panda park. The government of under-developed Ya`an has made eco-tourism a key strategy for local development while adopting the strictest regulations to protect its water and forests.

Recycling on an industrial scale is being promoted elsewhere in China, including Qian`an, which boasts a provincial-level recycling demonstration park.

CHINA`S GREEN FUTURE

China is committed to decreasing the share of fossil fuels in primary energy consumption to around 80 percent by 2030 and cutting carbon dioxide emissions 40 to 45 percent from the 2005 level by 2020.

A series of global ecological crises has shown that the Earth is unable to support further industrialization. Developed, capitalist countries suffer from a fundamental conflict between the logic of capital and the natural world, according Zhao Lingyun, an eco-economist and former head of Hubei Academy of Social Sciences.

Zhao said the developed powers have alleviated their own ecological crises by seeking ecological hegemony, exploiting the resources of other countries and transferring their ecological burdens abroad. But socialist China that puts people`s interests first has advantages in building a green society, said Zhao.

Chinese President Xi Jinping last week said coordinated regional growth and green development must be carried out fully, and green development will be prominent in the 13th five-year plan (2016-2020) for social and economic development.

In its first report on public awareness of ecological civilization, by the Ministry of Environmental Protection last year, 78 percent of those surveyed agreed it was a matter for everyone and 99.5 percent promised to actively work toward the goal of a society in balance with itself and with nature.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.

Gold fund set up for nations along Silk Road

Source: www.chinamining.org   Citation: China Daily Africa   Date: June 01, 2015

China has launched a fund that is expected to raise around $16 billion for gold-related investments, including developing gold mining projects, as part of the "Belt and Road Initiative".

The fund, expected to raise the target amount in three phrases, will be managed by Xi`an Silk Road Fund Management, a joint venture led by two large gold producers, Shandong Gold Group and Shaanxi Gold Group, according to Shanghai Securities News.

Shandong Gold will be the largest shareholder with 35 percent. Shaanxi Gold will have a quarter share in the new business, with the rest taken up by financial companies including Western Securities and Industrial Bank.

Proposed by President Xi Jinping in 2013, the "Belt and Road Initiative" is likely to involve major investment in infrastructure, and growing levels of trade along the Silk Road Economic Belt and the 21st Century Maritime Silk Road.

The report said the fund will become the largest to focus solely on gold-related businesses, including mining and other activities involved throughout the gold sector supply chain, and is expected to look at investment opportunities in countries likely to be included in the "Belt and Road Initiative".

"One of the most likely areas to attract investment will be gold mine projects in the northwestern route of the `Belt and Road Initiative`, through mergers and acquisitions of listed gold companies and mining firms," a source who preferred to be anonymous was quoted as saying.

The move is also a reflection of robust demand for gold in India and Thailand in the next couple of years, the source said.

Officials estimate "Belt and Road" countries account for more than half of the world`s gold production and 80 percent of total gold consumption, with China and India the two largest nation consumers.

China is the world`s largest producer and consumer of the precious metal. The country`s gold demand fell by 7 percent to 273 metric tons on a year-on-year basis between January and March, with jewelry demand falling by 10 percent during the period, according to the World Gold Council.

Roland Wang, managing director of the World Gold Council China, said there are believed to be 16 gold-producing regions and countries along the "Belt and Road" concentrated in Central Asia. Annual gold production in Uzbekistan, for instance, is the world`s seventh largest with 102 metric tons in 2014, he said.

"The initiative will help the Chinese gold mining companies jointly explore the precious metal industry in those countries since they can offer technological, financial and operational advantages over other countries," he said.

"Trade in gold will play an important role in transactions by `Belt and Road` countries."

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.

China`s first oil futures likely to start trading at year-end

Source: www.chinamining.org   Citation: Xinhua   Date: June 01, 2015

China`s first oil futures contract is likely to start trading by the end of this year, said the Shanghai Futures Exchange (SFE) chairman Song Anping on Thursday.

"As an important consumer of crude oil, a crude oil futures contract in Shanghai will complement and perfect the existing global oil-pricing system," said Song.

The blueprint of the contract has been completed and supporting policies will be launched soon, said Chu Juehai, general manager of the Shanghai International Energy Exchange (SIEE), the unit of SFE that will oversee the contract.

"To establish an authoritative international pricing benchmark, one needs to have an advanced financial system, healthy supervision, a thorough oil industry chain and a large consumer market," said Wang Zhen, of the China University of Petroleum.

China`s oil consumption and imports, along with Shanghai`s position as an international financial and shipping center, provide the chance for China to introduce a regional oil future with global influence, said Wang.

China is one of the world`s largest oil buyers, and nearly 60 percent of its oil consumption comes from imports.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.

China`s Zijin buys stakes in gold, copper projects

Source: www.chinamining.org   Citation: Reuters   Date: May 28, 2015

China`s Zijin Mining Group , which announced two acquisitions on Tuesday for more than $700 million, believes now is the good time to buy overseas assets as the mining sector is weak, a senior executive said on Wednesday.

"In terms of acquisitions, now is the low level (of prices), good opportunity," the Zijin executive told Reuters.

The two acquisitions are shares in Barrick Gold`s unit and Ivanhoe Mines` copper project.

The executive said gold and copper were the focus of the company`s overseas assets. It bought the projects now because weak prices provided "good" prices for acquisitions, which also was in line with China`s "One Belt, One Road" policy on overseas investment, he added.

Zijin did not consider consolidating overseas assets for an IPO currently, though that was possible in the future, he said.

When asked whether Zijin would continue to seek buying opportunities in overseas copper and gold mining assets, the executive said "depending on the opportunity."

Barrick Gold Corp said on Tuesday it has forged a strategic tie-up with Zijin Mining Group Co and agreed to sell the Chinese miner a stake in a mine in Papua New Guinea as a first step toward further collaboration.

Toronto-based Barrick, under the stewardship of Executive Chair John Thornton, has since 2013 vowed closer ties with the Chinese, as it attempts to reduce its debt load and cut capital expenditure risks around the development of large new projects.

The tie-up with Zijin may take some of the heat off Barrick and Thornton, who since joining the board in 2012 has twice come under fire from investors for receiving large bonuses at a time when Barrick`s share price languished around all-time lows.

"It will be interesting to see if the partnership with Zijin as that company tiptoes out into international mining, can create additional value," said J.P. Morgan analyst John Bridges in a research note.

Barrick, the world`s largest gold producer, said Tuesday it would sell 50 percent stake in its unit that manages the Porgera gold mine in Papua New Guinea to Zijin for $298 million in cash. The unit, Barrick Niugini, owns 95 percent in the Porgera mine and the Papua New Guinea government owns the rest.

The deal, a part of Barrick`s plan to reduce net debt by at least $3 billion by the end of the year, comes a day after it sold its Cowal gold mine in Australia to Evolution Mining for $550 million.

Zijin and Barrick will jointly control Barrick Niugini after the sale, which is expected to be completed in the third quarter, the Canadian miner said on Tuesday.

About CHINA MINING

Since first held in 1999, the scope and influence of CHINA MINING has grown rapidly year by year. As a global mining summit forum and exhibition, CHINA MINING Congress and Expo has become one of the world’s top mining events, and one of the world’s largest mining exploration, development and trading platforms, covering all aspects of the whole mining industry chain, including geological survey, exploration and development, mining rights trading, mining investment and financing, smelting and processing, mining techniques and equipment, mining services, etc. playing an active promotion role in creating exchange opportunities and enhancing mutual cooperation between domestic and foreign mining enterprises.

CHINA MINING Congress and Expo 2015 will be held at Meijiang Convention and Exhibition Center in Tianjin on November 20^th-23^rd, 2015. We invite you to join the event and to celebrate the 17^th anniversary of CHINA MINING with us.  For more information about CHINA MINING 2015, please visit: www.chinaminingtj.org.