Mainland gold miner Zijin Mining Group is considering hedging gold prices even though its chairman believes there will be no significant movements this year.
Announcing the group's interim results to the end of June, Chen Jinghe yesterday said it was working with the Bank of China on hedging measures against possible fluctuations in gold prices. However, he declined to elaborate.
Mr Chen said he believed that gold prices, which have climbed to more than US$400 an ounce, would stay at high levels this year.
Responding to queries on plans for overseas expansion, Mr Chen said little progress had been made. 'We have sent representatives to the Philippines to explore business opportunities but we have not made any deals.'
The group had earlier said it might raise funds for acquisitions in Russia, Mongolia and other regional countries.
'We do not have any concrete plan for overseas investments at the moment because we are not ready yet,' Mr Chen said.