Reuters reported that Sumitomo Metal Mining Company a major Japanese nonferrous metal producer had found new gold deposit at its Hishikari mine in South Japan which could generate 30 tonnes of gold.

Sumitomo Mining which is also a majority owner of Pogo gold mine in Alaska is currently producing 7.5 tonnes of gold a year at the Hishikari mine for use mainly in electronics parts.

Sumitomo produces 10 to 11 tonnes a year of gold at the Pogo mine. The deposit is worth about USD 1.9 billion at Tuesday's market price.

Source - Reuters

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