129773822087187500_51On February 29, gold prices tumbled, falling on the day $ 77.1 to 1,709.90 us $, or 4.3%, to create the fourth-biggest one-day fall ever. In the subsequent days, gold futures further expand global decline, triggering market pessimism. Some say, ten years of Gold bull market coming inflection point; some say gold long term upwardTrend soon reversed course, others say, this cannot represent anything, just normal market fluctuation. Once a year, China National Gold Group Corporation (hereinafter referred to as Chinese gold) General Manager and Party Secretary Sun Zhaoxue to some people in the industry at home and abroad, playing a "guess the price of gold" game. While gold prices in the year, UPS and downs, but it is clear thatDeposit price who won the most. Even the outbreak of the global financial crisis of 2008, all commodities fell sharply, some even more than 50%, from the record high gold prices also fell by just 10%. The world's largest gold miner Barrick's angeluashan and the third-largest gold mining company, in recent years haveTheir hedge position reduction to zeroThe reason. "Group that two years of growth, on the one hand proceeds to strategic adjustment of both dominated by gold, polymetallic, gold now only two-thirds per cent of total Group profits, while benefiting from extending to the lower reaches of the industry chain, to the gold product design and marketing to expand from a single mineral. "In addition, with its main domestic rival gold, purple gold deposit, ShandongNow, accelerated resource acquisition is also one of China's important driving force of the development of gold. Five years ago, China's Gold has only 275 tons of gold reserves, to the end of 2011, that number jumped to 1380, over Shandong gold group and zijin mining in one fell swoop. Based on publicly available data and statistics, by the end of last year, zijin mining gold-1121.39 tons of Shandong listed company interest reserves of around 400 tonnes of gold, and proposed the acquisition of additional 308 tons of group assets, reserves reached 708 tons. In fact, in terms of tens of billions in a single Club, gold but $ 53.5 billion in total assets in China, by the end of 2011, the operating income of 79.163 billion yuan, but net income 3343 million, 6 in metallurgical single, ranking third, over powerhouse enterprises in the aluminium company and Anshan. Due to "monopolize the purchase of the franchise", gold industry for many years in a half-closed state, market-oriented is very poor and China gold as late a (2003) by the State transition of single, profitability is likely to be outside of it posted on monopolyLabels. Sun Zhaoxue in the interview, the reporter tries to comb the question of excellence: lags behind competitors position, China Gold catch up? In the narrow space in the market, China's gold-what does preemption resource? Gold as a national strategic resource, resources on the war overseas, China Gold how to sting them proper? Being a cyclical industry, climate index does not doBackground, how to hit the future trend? Sun Zhaoxue, the Shanxi merchants to pass the single leader, what kind of capital Road and deductive? Strong for mining companies to expand resources
tera power leveling, is undoubtedly the most important mine resources "grain". "Mine is the future", in Sun Zhaoxue view that mining companies mainly in the competitive advantage of access to resourcesOn the ability, "after these years we figure out that the importance of resource, access to resources has become a top priority. "Technology limited siluoke resource consultant Chen Yuan, on the way to expand, and Barrick Gold Corporation of China is similar to practicesOne company, they are eaten directly to the company. These two companies have little to no resources of the company. "Chen Yuan had done for Barrick 's, angeluashandi and other world class gold companies market evaluation and development of mining industry in China. Of the excellence of the reporter in an interview, he said that, in addition to the expansion, and Barrick's gold in China there are two points of similarity: justFamiliar areas management to accurately predict the market. Barrick's only for 20 years, a leap from the industry recruits and become the world's number one gold mining company and Chinese gold in just four or five years to develop by leaps, ahead of the competition, become a genuine domestic gold faucet. Back history of gold in China, its industry-wide resource reserves"Deficiencies". Prior to 2007, China's Gold has only 275 tons of gold reserves, the share market is low, group ownership, mine also has a lot of face off because of resource depletion. This happens, has a history of serious and prolonged illness: in the late 1990 of the 20th century, due to the country of much-needed gold to ease foreign exchange nervous, "water flow", andLarge gold items on our policy, gold advantage resource to the decentralization of local enterprises, China National Gold Corporation (predecessor of the Chinese gold), almost all large depletion of resources, redundancy, high liabilities of enterprises. Therefore, starting with the 2003 reform, at the end of 2006, four years, average annual growth rate of China's gold not to 5%. Compared toStatements, Shandong gold and the mining company's congenital condition is much better. The former is located in the jiaodong peninsula, is the famous "good condition, high concentration of mine, taste" area on the list at the top of China's gold output of the provinces, and has been ranked first in Shandong province, while the latter because it is private enterprise, flexible, before in 2005When mine cost is still very lowRun only $ 600 million, and zijin mining profits have reached 2.4 billion at that time. Most critical is, when the Chinese gold sales revenue of only $ 8.5 billion, ranked 106 in the single; the Commission proposed, in less than four years later the single integrated into hundreds of. Either in development or even the "number" is not tenableGolden Sun Zhaoxue, China, have a clear understanding of the situation: "the gold is important to the country, China must have a gold, but no China National Gold Group Corporation. "As a result, Sun, in four years, will quadruple profits of Chinese Gold indicators. This was a lot of staff in private that "simply impossible" goal, end less than four years to achieve. At the end of 2010, China's gold reserves of gold, total assets, sales revenue and profit of the four indicators respectively 4.7 times, 5 times times of 2006 year, 6.1 times and 5.1 times times. Throughout the "protect" in the process, Sun Zhaoxue access to resources as an important task. In 2008, China spent $ 218 million dollars of gold, from the peopleFinhaut stakes in mining companies to buy kingsoft 41.99%. Jinshan mining is a company in Canada Toronto-listed company, changshan Daqing gold deposit, Inner Mongolia was owned by one of the largest domestic low grade open pit gold mine, reserves of more than 100 tons of gold resource. In addition, in 2008 and 2009, China also acquired sikailan mining for goldLimited company 100% equity. Sikailan registered in the Cayman Islands, whose main assets are located in Ma of Maizhokunggar County in Tibet copper polymetallic mining project. In addition to foreign acquisitions, Sun Zhaoxue inner development is of deep digging and peripheral integration. So-called deep tap, is on in-depth exploration of old mines, increasing technological innovation, and extend the service life. , Inner MongoliaGusunite Linda Jin company is the gold "tapping the potential of deep" one of the typical case. The company field in temperatures of more than 20 degrees in winter construction of geological, just 4 months to complete a large gold deposit geological prospecting work and additional resources to reserve up to 25 tons, completed by the resources crisis mines to large production base of Gold Phoenix Nirvana. Peripheral integration, namely "Small mines around the original project, insufficient investment in private mines, mine to pull together, into a large mine, ore either directly to take the money and run, or stake. "In the Sun Zhaoxue, which both countries on the development of industry guidelines, also in the interest of local people and private enterprises. China's average annual consolidated gold mining rights of 50.Integration of these mineral rights, which are mostly economic development planning and local synchronization. Such as Ma project in Tibet, in mergers and acquisitions of large coal mine on the basis of consolidating the surrounding 14 private mining enterprises, process of consolidation was not all plain sailing, China Gold had "a mineral rights negotiations 46". Beginning of the merger, Thomas of proved reserves of only 800,000 tons of copper mining project, more than 20 tons of yellowGold. Since then, gold Trojan into the exploration of China capital of 280 million Yuan, footage of 200,000 m, now proven 8 million tons of copper, molybdenum metals such as gold and silver-lead-zinc also increased sharply, resources equivalent to equivalent to 20 million tons of copper, is at the beginning of 2007 consolidated more than 20 times. Took every penny of the China Gold Golden bear fruit. At present, the Chinese hold GoldGold reserves rank first in the country. In addition, 9.9 million tonnes, 2 million tons of copper and molybdenum, Funding is based on the '; blood '. There is no capital, the enterprise (gold in China) go to today "for the importance of money, Sun Zhaoxue never denied. "When I first came, the group account was only 300 million, barely enough to buy a small mine". Therefore, Sun Zhaoxue his primary task at the beginning is "money". After that, from 2007Mdash;2011 year, and gold gold gold in their a-share listed companies in China (600,489) through the issue of short-term financing bonds in the market among banks, and together raise almost 5 billion RMB. In 2009, the group through the issuance of corporate bonds, to raise $ 2 billion yuan. In addition, gold also gold in Group and in the form of medium-term notes, Raised close to $ 3 billion. 2008 and 2011, zhongjin gold achieved through two additional refinancing of $ 6.8 billion. In December 2010, in Jinshan mine and gold in Tibet of Ma project as the main body set up by the International (2,099. H k), the Board successfully listed in Hong Kong, raised $ 300 million dollars. "A dozen kinds of financing, we almostCurrently in good financial standing, at the end of 2011, asset-liability ratio of only 50%. "Road of the capital of the enlarged role in the merger and acquisition of Chinese gold has played a crucial role. When Sun Zhaoxue learned that Government wants to find a substantial business in Huaihua, Hunan province after news of the integration of local resources to immediately fly to Hunan, eventually spending 40 million or 50 million Yuan, Chinese yellowGold consolidates 50 tonnes of gold resources on the ground. In the eyes of security analysts, the 50 tons of gold, capital market operations, at least 500 million. Developed countries in the mining industry, mining companies in the exploration phase, you can use its mineral exploration rights and potential resources, financing in the capital market. Raise funds can be used for larger investment in explorationNot only enables the maximum utilization of resources, and can help companies reduce risks. But domestic mining companies but also hard to do this. Excellence for Sun Zhaoxue, told the press conference, China Gold is also trying to use the prospecting rights to the financing, "we did two funds, but it is still immature. "" Ore "resource with resources, how to improve theResource utilization becomes the next challenge. "Distribution of low grade, bulk, refractory multiple" is on evaluation of characteristics of China's gold resources in the industry. According to public information display, has found the gold deposits in China, total resources of up to 20,000 tons. But now proven gold deposits are only about 2000, proved reserves at around 6,000 tonnes, of which about one-thirdIs difficult to deal with "mine" development very difficult, is the bottleneck of restricting the rapid development of gold industry in China. Many industry analysts said when interviewed by reporters of the excellence, compared with Shandong gold, gold gold's main disadvantage is that "mines dispersed, and most of the grade higher than mine in jiaodong peninsula". However, Sun does not see this as aChallenges, "our technology is the best in the country". Such as arm of gold in China Inner Mongolia Wu projects, cooperation with CITIC heavy industries, successfully developed and used at the largest mine mill equipment. Insiders pointed out that international mining companies higher production scale, efficiency, one of the major reasons is less open-pit and underground mines, therefore, large mining equipmentComfortable enough. Wu project is using open-pit mining, use large equipment models. In addition, China's Gold has the only State-level research and Design Institute。 According to the Deputy General Manager of the China Gold Du Haiqing introduced, the Group developed a bio-oxidation technology for gold extraction, can make the recovery of refractory gold concentrate following increased from 30% to 95%; ore roasting technique, can make the recovery of refractory gold ores by 30% increase to 82%; two-stage roasting arsenic removal technology, can make the important contaminants of arsenic in tailings recovery Super90% and sold as raw material. These three kinds of technology to solve a gold smelting areas of three major world problem, preventing domestic more than 3,000 tons from smelting of gold exploitation and utilization of resources. Ma project in Tibet is also a typical case of the use of advanced technology to improve the utilization of resources. MA in the mining of ore containing copper, lead, zinc, molybdenum, gold, silver etcKinds of valuable elements, mineral processing and recovery of this metal, is a worldwide problem. Chinese gold in special research, metal mineral separation achieved a major breakthrough and achieve comprehensive recovery and utilization of resources. Reportedly, the project by the Ministry of science and technology as the country "Twelve-Five" scientific and technological support to the project. Mary mine is not alone. Complex gold oreDetermines its often associated with formation of other non-ferrous metals, such as copper, silver, molybdenum, etc. On the market, these types of non-ferrous metals and gold are often adverse fluctuations, this shift. If the strategy of development of metal, which maximizes the use of resources, and can effectively guard against the risks posed by products with a single. Therefore, Sun Zhaoxue the core of the development of China's Gold strategy is "toGold, polymetallic development simultaneously: "consume the same resources, originally producing only gold, now also produce other metals, creating natural value and profit is not the same. "At present, apart from gold, copper becomes gold, China's second-largest development focus. At the end of 2011, the group reached 9.9 million tons of proven copper reserves. Non-ferrous metal industryAnalysis Division, told the journalists of excellence: in some base metals, copper is the most scarce, because of its good nature, irreplaceable and rigid requirements of and supply of copper concentrate is very tense, relatively high copper mine profits. According to results announced Chinese gold, its 2010 copper product revenues of 2.8 billion, total Group revenues of 5.6%.Gets to acquire overseas resources in cooperation with foreign resources, Sun Zhaoxue have great expectations. In December 2010, the international gold at the beginning of the listing, the company says, will 30% to raise funds (about US $ 100 million) for resources overseas acquisitions. China Gold's goal is, by the end of 2015, the Group's overseas production increased to 20 tons. ThingsOn the real, after the gold had been in Brazil, and Venezuela, and Russia, and Mongolia and Congo and other countries and regions to find mine. In 2011, the Group company in Kyrgyzstan successfully acquired copper-gold deposit in the mountains. On "go", Sun Zhaoxue summary: own go, it seems very difficult, now mainly early exploration.With the help of the power of private enterprise. Some private enterprises overseas relation [connections] or resources, but its strength in mining and technology may not be enough, or just get the prospecting rights, failed to keep pace with the development and management of late, then gold will be able to cooperate with it in China. "For example, in Cambodia, the Chinese enterprises in gold and a cooperation, provision of financial and technical, accounting for 60% per cent, otherProspecting rights equivalent to 40% shares. "Cooperation with the State-owned enterprises. Other State-owned enterprises of the industry, and some have entered a country for many years, pulse, understanding the local legal culture on the ground. At this time, if China obtained the rights to mine gold in this country, but the situation on the ground does not know much about, you will find those State-owned enterprises to cooperation, giving a certain amount ofEquity. "For example, in Kyrgyzstan, we cooperate with the country group; in Papua New Guinea, we work with wood group. "Replacement stakes in foreign companies. "Each other in the primary stages of prospecting to profit, profit later on I get together with him. "Development of overseas resources, potential risks and costs is much larger than the domestic. Some analysts said,Compared to gold, the Shandong gold, zijin mining development slowed down in these two years, one of the main reasons is that "most of their new collection of mine in a foreign country, foreign mining and cost would be at greater risk." However, Sun Zhaoxue, go for the sake of more resources, in order to learn the experience of world-class mining companies. "This year, our overseasProject communication and Exchange, on our own concept of change has been a big help. "The end of February this year, Barrick Gold Corporation, President and CEO, AaronLong o and c e to China, five gold and domestic entrepreneurs Exchange group. "At present, the Central Bank reserves mainly through our own production and recovery of gold, compared to overseas operations, cost has increased significantly
tera gold, due to industry and the banking sector should be let go right to foreign imports of gold, countries should also increase the intensity of the gold enterprise support, support enterprises to go abroad to buyBuy resources, enterprises can develop gold products, used products to repay, than on the international market to buy gold directly is much more effective and safe. "In the eyes of Sun Zhaoxue, China Gold international expansion, growth and development of the relationship is more than just a business, it is an important" national strategies ". Exclusive high-end leader dialog "market underestimating us"" To increase its stake to investor confidence "of the excellence: development of several large gold companies in the world can be roughly divided into three modes: Barrick's 20 as the world's oldest, they focus on gold and copper resources to speed expansion; An Gelu, extended and integrated strategies for the development of the industry chain and BHP Billiton, you take the form of high investment and high return, Chinese Gold bias in miningTake what mode? Sun Zhaoxue: we base on their actual, three modes of long. First of all, to expand rapidly, share resources, which is the Foundation for the development of mining company, otherwise can't get bigger and, secondly, China has 1.3 billion consumers, and a traditional hobby market for gold, we would also like to extend the industrial chain, downstream products, shareholder returns, IA share dividend every year, high distribution. Of the excellence: recent Holdings Group on listed companies, is for what reasons? Sun Zhaoxue: I think the market has underestimated our values. Profits rose more than 50% of gold gold, stock price/earnings ratio, price, so the result is diminished. I think it is unfair to shareholders, for our company,Did not fully reflect the value. So, we have the strength, why not overweight? Overweight, can give investors confidence, and can also bring benefits to the company. An average of more than 50 mergers and acquisitions of the excellence: gold industry enterprises annual production in China all together, yield more than companies like Barrick's only a little. Future gold enterprises in China have notPossible consolidation? Sun Zhaoxue: now our system there are some questions, such as the fiscal and taxation systems, many places don't want to merge to a single local enterprise. So I think the gold must be referred to the national strategic level to manage, if you mention the national strategic point of view, many problems solved. It was stated that the competition is fair competition in the market, who canAnd the. But the national strategies resources is not the same. Of the excellence: in 2006 after you take over the Chinese gold, how much total did purchase? Sun Zhaoxue: say I do this almost every (acquisition of mining rights), kept negotiations. In these two years, we more consolidation in the country, has more than 50 more each year. Of the excellence: some people have questioned China's gold mineHigh cost? Sun Zhaoxue: this is the negative factors of prices of gold, market better, resource acquisition cost higher. We took most of mine is after 2007, when gold mining development of heat has continued to heat up, causing occupies a sharp rise in the cost of resources. Zijin mining industry comparative advantage, before 2005, they took a lot of mine.We took mine a few years before price doubled three times before and after 2005. But compared to the prices of a few years now, has also doubled. In addition, some of the resources, in the moment, does not seem worth merging and, but in the long run, this is similar to "Hill". We are "small company", of the excellence: "going out" over the past few years China's GoldSome layouts? Sun Zhaoxue: this two and a half years, we in Africa, Southeast Asia, Central Asia and other regions are doing some project communication and Exchange, concept of change has been a big help to us. Last year in Kyrgyzstan successfully acquired a copper-gold deposit in the mountains. From now on, our overseas access to resources will continue to accelerate the speed of. Of the excellence: Although some single by going out with aA lot of resources, but proved, not many real profits. China gold in terms of resource risk management? Sun Zhaoxue: we have an overseas development manual, which has both some of China's internal policies, including ministerial responsibility, regulatory requirements, and so, there are other national mining policy, tax policy, labour policy, the national culture and customs learningInertial navigation system, the natural environment, and so on. Going out is always a failure with success, just like a child learning to walk, has just started and you always falling, failure on a project, a company not so good, but for other businesses, is a kind of experience and tuition fees. After such a long period of exploration, Chinese enterprises is improving in this area. Of the excellence: China gold to expand overseas, encounters the mainWhat are the risks? Sun Zhaoxue: one is a political risk. Such as a mine in Africa, we visited several times, and part even have signed the Protocol, but finding the location of mine happened to be in the region of the country, two political forces often clash. Finally we went for exit. The other is legal risk. Low-cost access to resources are now able to place general local lawLegal systems are not very standard, such as taxation, a look at enterprise high and you should raise taxes. A great place to do risk. Then there is the cultural risk, our "going out" of national, regional and cultural differences in China to have a full understanding of, such as beliefs, morals, customs and knowledge structures, and so on. According to local conditions to develop the correct management policy, prevent culture of different stuffedFriction and conflict, to ensure healthy functioning of the company. Of the excellence of the China Gold is currently in the possession of resources at home and abroad, the ratio is about how much? Sun Zhaoxue: at present, we are dominated by domestic, there are more than 1300 tonnes, prospecting in foreign countries is only a basis, only more than 100 tons. Of the excellence: gold in the global resource allocation in ChinaCapacity rating, how much do you make? Sun Zhaoxue: If with one of his history, can call 100; if compared with that of domestic first-class enterprises, to play 90 minutes, but if compared with that of world-class enterprises, may have just failed. In some ways, we are still "small companies". Of the excellence: compared with that of world-class enterprises, Chinese Gold disparity lies in where? SunStudy: top gold companies in the world, after World War II to carve up the world's leading gold resources of the country, such as South Africa and Australia. And we started to figure out that in recent years the importance of resource, now gets the resources into a top priority. Gold high turbulence of the excellence: Gold boom cycle is determined by what do you think? Sun Zhaoxue:Compared to other metals, gold has its particularityCompared to the US dollar
tera gold, want people to buy dollars. Prior to 2000, gold has been underestimated, always being political force to suppress it. But in fact, the United States own more than 8,000 tons of gold reserves had been haven't been changed. Of the excellence: specific to the gold cycle? Sun Zhaoxue: the gold cycle, mainly by several factors. AIs supply and demand; second, when will the financial crisis really over. Judging from the height of this round, even if the (gold) sank, but $ 1500, in an historical perspective, also belongs to the high turbulence. Of the excellence: gold price volatility often, gold how to avoid risks in China? Sun Zhaoxue: smelter, we have a Department that specializes in t-d,Centralized sales once a week, buy low sell high buy or hedging. In the sales cycle, we store of gold in the market, take out of the way, when general price volatility, to maintain current profit. In terms of industry chain, China Gold is also from a simple terminal extension of mining to the design, production, sales, marketing network currently has 160More than more than 0. Production and voice is not a peer of the excellence: why the past few years China's gold production surpassed South Africa as the world's first? Sun Zhaoxue: mainly because the technology forces driving. Known as "mine" the refractory gold ore resources, about one-third of proven gold reserves above, previous development very difficult. This can be said to beBottleneck of restricting the rapid development of gold industry in China. Through innovation and integrated innovation, developed by bio-oxidation process for gold extraction, gold ore roasting process, two-stage roasting arsenic removal technology, represented by a series of high-tech achievements, refractory gold resources and smelting technology has made significant breakthroughs, more than 3,000 tons of value not previously mined "stay mine"Become a valuable resource. In addition, previously because the harsh geographic conditions cannot be mined ore, because the relevant equipment and improvement of technical level in recent years, can now worked. Like the jiapigou, Jilin province, have been opened to 1500 m, g/f; Wu ore in Inner Mongolia, can be lingxia47du under the condition of mining; Tibet gromas mines, more than 4,000 meters above sea level, highCold oxygen for mechanical work under normal conditions only the Mainland 75%We offer so much? If you would like to leave their mine now to leave them out exploitation of others, to tell you the truth, we still do not have it in him. Therefore, we fundamentally must be based on its own, in fact, there are many mines in Western underdeveloped regions do not have developed to our resources enough to support many years of development. Of the excellence: as the first producer of gold, ChinaInternational Gold did say in the pricing system? Sun Zhaoxue: No. This is mainly for historical reasons. China has been the lack of national gold strategy, world and not enough on this. Compared with the production and demand, China's gold reserves are too low. There is not enough gold, there will be no voice.
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