http://www.scmp.com/business/commodities/article/...slump-mine-sector China Shouguan Mining, listed on the US OTC Bulletin Board, planned to buy gold mines in Australia, North America and Southeast Asia, company chairman Zhang Feize said. Shouguan is 40 per cent owned by mainland investors, with the rest held by international investors including some from Hong Kong. Through its acquisitions, Shouguan hoped to raise its gold ore resources to 100 tonnes in five years from its current 40 tonnes, Zhang said. "Gold is an eternal business," he said. "We think in one or two years, gold will recover." Barry Dawes, head of resources at Paradigm Securities, an Australian stockbroking firm, said the mainland would import 1,200 tonnes of gold this year, while worldwide production was 2,800 tonnes. Zheng Daling, a senior manager of Shenzhen-listed Shenzhen Zhongjin Lingnan Nonfemet, was seeking to buy nonferrous metal mines around the world, preferably in developed countries. Nikolas Perrault, chief executive of Toronto-listed Colt Resources, was seeking investors and strategic partners on the mainland. Colt's other shareholders are in Europe and the United States. Colt, which is not profitable, owns gold and tungsten mines in Portugal. Perrault said Colt's gold mines would start production in 2015 and its tungsten mines would follow suit in 2016. In July, Worldlink Resources, a Hong Kong firm, paid C$5 million (HK$36.6 million) for a 9.5 per cent stake in the company.
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