Zijin Mining, in addition to being China’s largest producer of gold and one of its biggest producers of copper and ferrous metals, is responsible for the fortunes of no less than nine individuals on the Rich List 2009 (led by Chen Fashu at number 15).  These lucky nine benefitted from a price increase across all of those commodities in 2009, most notably gold which hit an all-time high of USD 1,043.77 an ounce in early October.  The Fujian-based company is publicly listed in Hong Kong, and its April 2008 debut nearly doubled and would have tripled by close if the regulator had not intervened to calm things down.  In early 2007 Zijin broke into the South American minerals market by buying 80% of Monterrico Metals.  Zijin saw 2008 sales of USD 2.478 billion and things are only likely to improve, especially since Zijin’s discovery in 2009 of an 80,000 ton copper and gold deposit in Fujian Province.

China International Business – Nov 2009

come back tomorrow for – China’s Rich List IPO to Riches!

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