Engineering & Mining Journal

DEC 2018

Engineering and Mining Journal - Whether the market is copper, gold, nickel, iron ore, lead/zinc, PGM, diamonds or other commodities, E&MJ takes the lead in projecting trends, following development and reporting on the most efficient operating pr

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Page 49 of 115

CHINA MINING 2018 48 E&MJ • DECEMBER 2018 sheng said. "We are looking at new technol- ogies for gold exploration and mining, and we are focusing on green mines. It makes sense as we have long history working in green mountains near clean water." With mine construction projects, Yongsheng said he looks for high-quality contractors that share the same green development vision. Zhaojin Mining is ranked fourth among China's leading gold producers and its one of China's largest gold smelting com- panies. It is a comprehensive large-scale enterprise, which integrates exploration, mining, mineral processing and smelting. Located in Zhaoyuan City, Shandong Province, Zhaojin Mining works in a region that has abundant resources and a unique geological location. The area has a long history of gold exploration and produc- tion. According to the stats provided by the China Gold Association, Zhaoyuan has a large gold production base and some of the greatest gold reserves in the PRC. In recent years, Zhaojin Mining has focused on gold mining, adhered to tech- nology leadership and management inno- vation, and kept strengthening the compa- ny's technological and cost advantages in the gold production field. As a result, it has increased its gold reserves, gold production and corporate efficiency year after year. Yongsheng said the company is con- sidering a non-polluting smelting pro- cess. "We want to improve production efficiency and at the same time improve recycling rates," he said. In the past, he explained, they were mostly concerned with production effi- ciencies. "In the future, we would like to use technology to develop and remediate mines," Yongsheng said. He briefly discussed partnering and globalization, noting that mining compa- nies in the western world have a superi- or understanding of markets. "The other panelists gave us some good examples on partnering with which we could learn," Yongsheng said. Yongsheng made it clear that Zhaojin Mining was seeking a joint development effort, which caught the attention of the final speaker, Woo Chan Lee, president, Barrick Gold China. "We are simply proud to be associat- ed with these large Chinese gold compa- nies," Lee said. Barrick was the only west- ern gold company invited to participate in the China Mining 2018 gold session. Lee discussed two topics. He informed the Chinese about the Barrick-Randgold merger and then talked about Barrick's strategy for China and its partnerships with Chinese companies. "This merger decision was not a deci- sion that was made suddenly," Lee said. "Barrick Chairman John Thornton and Randgold CEO Mark Bristow first met in 2015 and found they had similar views on how gold companies should run. In fact, Bristow said he modeled Randgold after the young Barrick of the 1980s." The merger, which was announced in September, will create a gold company that produces 6.5 million oz/y or more than 200 mt/y with a market capitalization when it was announced of more than $18 billion. "The merged company will have the world's best gold assets, which includes five of the world's top 10 Tier 1 assets and two more COMPANY PROFILE-PAID ADVERTISEMENT For over 20 years, Classic Motors, Inc. has specialized in the design, manufacture, sales and service of underground mining utility vehicles based on the Dodge Ram truck and Jeep ® J8. From humble beginnings as a typical small-town Dodge/Jeep ® dealership, CMI has grown to become one of the largest providers of underground utility vehicles in North America. CMI, in partnership with Chrysler Group, Cummins, VM Motori, and a large group of vendors special- izing in underground mining, has developed an extensive line of vehicles exclusively for the underground mining sector. 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