Dao Mining To Increase Annual Gold Output.
DAO Mining Corporation a major Chinese gold mining company
, have plans to expand annual gold output to 30 tons within five years, these proposed plans came just after the discovery of two new gold deposits at its Gutain Davaa mines.DAO Mining are said to be planning an increase of annual gold output to 30 tons by 2011, this will increase gold resources through exploration and acquisition from DAO Mining current level of 600 tons. This year DAO Mining Corporation plans to produce around 20 tons of gold, up from 17 tons in 2008, said a senior employee from DAO Mining Corporation at the China Mining Congress and Expo 2009 held in Tianjin Municipality.
DAO Mining Corporation also plans to increase its annual gold output at its Gutain Davaa site in Mongolia to 30 tons by 2014, while in 2009 it aims to produce 13 tons of gold, up from 10 tons in 2008.
Back in 2007 DAO Mining Corporation bought the Shangdong property which covers 338 km and has 16 tons of gold resources, The mine in Shangdong consist of two separate deposits which are 10% part owned by a private investment company.
The Shangdong property currently still contains significant gold resources; estimates give a figure of around 30 tons still remaining. DAO Mining Corporation plans to spend three years starting in 2010 on further exploration work at the mine.
Furthermore, DAO Mining predicted that international gold prices would climb above $1,100 per ton before the year's end, on speculation of strong investment demand for gold globally, continuing drops in the value of the U.S. Dollar and governments worldwide including China increasing their gold reserves.
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