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China Goldmines eyes new markets

The goldmine empire built by North East entrepreneur Karl Watkin is targeting new acquisitions in the oil and gas sector, backed by a £15m war chest.

Newcastle-headquartered plc China Goldmines sold its entire portfolio of nine goldmines and two exploration licenses last year for around £16m to holding company Cosmos Castle Management.

The AIM-listed company now plans to acquire new projects in the oil and gas sector, as well as its area of expertise in goldmines.

Chairman Robert Adair said: “Our clear focus is to do the best thing for shareholders over the next 12 months who we will look to keep fully informed.

“We shall work towards using the funds returned to us, from the recent sale of our gold mining subsidiary to invest in a suitable project that could derive higher value for our investors than a return of cash.

China Goldmines was set up in 2005 by Karl Watkins, who no longer holds a place on the company’s board.

Serial entrepreneur Mr Watkins has built up a string of North East businesses in the last two decades including biofuels firm D1 Oils and private jet business Plane Chartering.

China Goldmines is registered to an office on Newcastle’s Quayside, although it now has operations across the globe.

This was posted in Bdaily's Members' News section by Ruth Mitchell .