Zhaojin on 1.25b yuan resources spree

Zhaojin Mining Industry plans to spend 1.25 billion yuan (HK$1.54 billion) this year on exploration and mine acquisitions, aiming to boost resources by 18.8 per cent.

Shandong province's biggest gold miner had budgeted 1 billion yuan for acquisitions to bring in 50 tonnes of resources, said chairman Lu Dongshang.

It has also set aside 250 million yuan for exploration that it hopes will add 80 tonnes of new resources. It had 690 tonnes of resources, of which 355.8 tonnes proved recoverable reserves at the end of last year.

via Business feed http://www.scmp.com/business/companies/article/1200616/zhaojin-125b-yuan-resources-spree