China Nonferrous Gold Limited (CNG) has appointed Yu Lixian as its new managing director, replacing David Tang who resigned due to personal reasons. The company, which is operating the Pakrut Gold Project in the Republic of Tajikistan, has also appointed Hao Zhang as finance director with immediate effect.
Yu is also senior engineer for the company’s largest shareholder, China Nonferrous Metals International Mining Co (CNMIM), while Zhang is CNMIM’s chief accountant.
In a statement CNG non-executive chairman Wu Xiang said: “We are delighted to welcome Mr Yu and Mr Zhang to the board. Both of them have extensive experience in their respective fields and we look forward to working with them.
“The board is now actively engaged in the process of selecting and appointing new independent non-executive directors.”
In July CNG announced the resignation of David Tang for personal reasons. This followed his departure as president of CNMIM. At the time Wu Xiang said, “The board of the company would like to thank Mr Tang for his contribution to the development of CNG and the Pakrut Gold Project as managing director over a number of years and wishes him well for the future.”
Pakrut produced 5479 tonnes of gold concentrate with total ingot production of 162kg during 2016, the project’s first full year of operation. Early this year heavy snowfall resulted in an avalanche, landslide and flooding at the mine site with conditions so severe that full access to the site was restricted until May 2017.
In CNG’s annual report, Wu Xiang said the group expected operations would not return to normal until the first quarter of 2018. He said mine development continues with a new backfilling station due for completion in April 2018 and construction of the new Lufujia tailings dam expected to start in early 2018.
It is also intended that the ventilation system for construction and mining operations will be carried out, in areas not affected by the flood, above the level of 2230 metres.
CNG, formerly Kryso Resources, is a London Stock Exchange AIM-listed mineral exploration and development company, focused on projects in Tajikistan. CNG was granted an exploration and trial licence over the Pakrut area, covering 63sqkm, in April 2004. The project, which is about 120km northeast of the capital city Dushanbe, is in the Tien Shan Gold Belt, the world’s second largest known gold belt which extends from Uzbekistan to western China.