Word: zhaoyuan
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...backwardness of China's gold-mining business is apparent to anyone visiting Zhaoyuan, a Shandong province city of 580,000. More than 60 mines operating in the hills around Zhaoyuan annually unearth about 15% of China's gold - enough to qualify the little city as the de facto gold capital of China. Yet even with gold prices soaring, Zhaoyuan is hardly a boom town. Beyond the sycamore-lined downtown streets, which display the modest prosperity of a midsize Chinese city, you find block after block of drab, low houses. At night, the closest thing to an entertainment district...
...Still, better days lie ahead for Zhaoyuan and for China's gold-mining industry. Beijing began reforms in the mid-1990s, encouraging the hodgepodge of small operators to consolidate and allowing foreign companies to form joint ventures so that Chinese companies could learn modern management practices, financial controls, and environmental and safety standards. China now has several publicly traded gold-mining companies, among them Fujian Zijin Mining Industry Co., Lingbao Gold Co. and Zhaojin Mining Industry Co. Their IPOs over the past several years provided an influx of investment capital - Zhaojin Mining raised $282 million from its listing - and also...
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