Hunan Gold shares surge after large deposit found in China
The Geological Bureau of Hunan Province said on Thursday that it had detected more than 40 gold veins containing an estimated 300 tons of the precious metal.
Xinhua reports China has gained the right to explore a polymetallic sulphide ore deposit located in the southwest Indian Ocean over the next 15 years.
The contract making the action possible was signed Friday between the China Ocean Mineral Resources Research and Development Association and the International Seabed Authority. According to the contract, the Chinese association will have to give up 75 percent of the ore deposit region within 10 years before enjoying preemptive rights of commercially mining the remaining 2,500-square-km.
