Search Share Prices
China Nonferrous subsidiary signs mining contract with LLC Wenjian
Mineral exploration and mining company China Nonferrous Gold announced on Wednesday that its subsidiary LLC Pakrut has signed a contract for the first-stage mining project with Wenjian Limited Liability Company.
The AIM-traded firm described LLC Wenjian as a private corporation registered in Tajikistan, focused on construction, developing and contracting in the country, adding that it was not a related party of CNG.
It said the total contract period agreed was 12 months.
The contract could be extended by mutual consent, with most of the mining operations to be effectively undertaken by the contractor with their own equipment.
"The total estimated cost of the contract is CNY 50m and is a tolling arrangement which is payable in accordance with each stage of construction accomplished by the contractor under the contract," the China Nonferrous Gold board said in its statement.
"The main scope of the first-stage project includes developing, prospecting and mining - except paste filling - of the Pakrut Gold Mine, as well as all auxiliary work."