China Gold International Resources’ wholly owned subsidiary Tibet Huatailong Mining Development has signed an agreement to secure a loan amount of RMB3.98bn ($627m) to develop the Jiama Mine.

The loan facility agreement has been signed with a syndicate of banks led by Bank of China, which acted as the lead manager, as well as with Agricultural Bank of China, China Construction Bank and Bank of Tibet.

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China Gold International Resources CEO and executive director Bing Liu said: "This financing will enable us to successfully pursue the development of the Jiama Mine."

"This financing will enable us to successfully pursue the development of the Jiama Mine."

Secured by the Jiama Mine’s mining rights, the loan facility is repayable in full by Tibet Huatailong to the lenders in November 2029.

According to China Gold, repayments will commence in May 2019.

The Jiama copper gold polymetallic mine in China was acquired by China Gold on 1 December 2010.

Located within the Gangdise Copper Metallogeny Belt in Central Tibet, China, the project is about 60km east of Lhasa City along the Sichuan-Tibet Highway and comprises copper, molybdenum, gold, silver, lead and zinc.

According to the company, commercial production at the mine commenced in September 2010. At present, it has a processing capacity of 6,000t of ore a day.

Phase I development included two open-pits, a processing plant, and an underground ore transportation system. Phase II expansion, which is ongoing, is aimed at increasing processing capacity from 6,000tpd to 50,000tpd by 2016.