DUSHANBE, November 1, 2012, Asia-Plus — Tajik-Chinese gold mining enterprise, Zeravshan Gold Company (ZGC), has reportedly increased production of gold and inconsiderably reduced production of silver this year.
ZGC deputy director, Bobokhon Bobokhonov, says the company is expected to produce 1,510 kilograms of gold this year, which is 81 kilograms more than last year.
At the same time, the company is expected to produce 213 kilograms of silver this year, which is 30 kilograms less than last year.
Meanwhile, the company has reportedly produced 1,063 kilograms of gold and 161 kilograms of silver over the first nine months of this year.
“China’s Zijin Mining that assumes the 75% ownership interest in the company has invested 144 million U.S. dollars in the enterprise since 2007 that has allowed increasing gold production,” said Bobokhonov. “Part of this money has gone to financing construction of a refinery with annual capacity of 5,000 kilograms that will be introduced into operation in January 2013.”
ZGC was launched as a joint venture with Nelson Resources Ltd (44%) and the Tajikistan government (51%) and the IFC (5%) in 1994. In September 2002, Avocet signed a heads of agreement to acquire the Tajik gold assets of Toronto-based Nelson Resources Ltd held through Nelson”s subsidiary, Commonwealth and British Minerals Ltd. The assets included a 44% interest in Zeravshan Gold. In November 2004, Avocet increased its equity interest in ZGC from 49% to 75%. In late July 2007, Avocet sold its equity stake in ZGC to Zijin Mining. ZGC owns gold mining and exploration rights to a 300,000-hectare area near the town of Panjakent in northern Tajikistan.
