Hengxing Gold acquires, explores and develops gold mining projects in China and surrounding areas. The Company is holding 100% share of Xinjiang Gold Mountain Mining Co., Ltd (‘Jinchuan Mining’) in Northwestern China.
The Company is an emerging gold mining company in China. It owns and operates the largest gold mine (project named ‘Gold Mountain Mine’) in Xinjiang, China, in terms of gold resources, annual ore processing capacity and gold production volume, according to Xinjiang Gold Administration Bureau. It holds one mining license and six exploration licenses in Xinjiang, China. The total gold resources and reserves of the Gold Mountain Mine under JORC 2012 standards were approximately 3.2million troy ounces and 2.2 million troy ounces respectively, according to Micromine’s report as at 31st December 2013.
Gold Mountain Mine commenced ore mining operation in July 2013 and trial production in December 2013. It is expected to commence formal production in the second half of 2014 and to achieve the designed ore processing capacity of 5.0 million tonnes per annum in 2015.