Resource Wrap: 23 June 2010 – CXC
June 23, 2010
Coeur d’Alene Mines Corporation (CXC) said subsidiary Coeur Alaska, Inc. has entered into a contract with China’s largest gold producer, China National Gold Group Corporation, for the purchase and processing of gold concentrates produced at Coeur’s Kensington gold mine. The company said the contract relates to approximately half of the concentrates to be produced at Kensington. The mine, which is scheduled to begin production shortly, is expected to produce 50,000 ounces of gold this year and average approximately 125,000 ounces of annual gold production over an initial 12.5 year life based on current reserves of 1.5 million ounces. Coeur d’Alene said the agreement is the first of its kind between a state-owned corporation of the People’s Republic of China and a US precious metals mine.
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