TORONTO (miningweekly.com) – Vancouver-based Jinshan Gold Mines has signed a memorandum of understanding Monnis International to jointly explore and develop gold projects in Mongolia.

Monnis International was established in 1998 as an official distributor of Nissan Motor Co in Mongolia, but has since expanded its activities into geology, mining, energy, construction, international freight forwarding, foreign trade, automotive service, communication, banking, and aviation.

Jinshan and Monnis will own 51% and 49% respectively in the projects acquired by the joint venture and Jinshan will control and manage the assets.

“Jinshan believes its partnership with Monnis will allow Jinshan to build and grow strong business in Mongolia,” the company commented in a statement on Thursday.

TSX-listed Jinshan's main asset is the CSH gold mine, in Inner Mongolia, where is started gold production in 2007.

The company's biggest shareholder is China National Gold Corporation, a Chinese State-owned enterprise and the largest gold producer in China, which bought a 42% stake last year from Canada's Ivanhoe Mines.

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