Chinese Firms Expand Presence in Gold Mining Sector
While the majority of merger and acquisition activity in the gold mining sector has been concentrated in North America this year, the latest noteworthy deal occurred between companies located far across the Pacific Ocean.
Yesterday, Chinese firm Zhongrun Resources Investment Corp announced the purchase of a 42% stake in Noble Mineral Resources (NMG.ASX) Ltd – an Australian gold producer – for A$85 million. The news sent shares of NMG.ASX higher by 25%, as Zhongrun agreed to pay A$0.16 and A$0.18 per share for two sets of shares that will be issued to two different subsidiaries of Zhongrun.
Noble Mineral Resources reported that it intends to use the A$85 million in proceeds to accelerate gold production at its Bibiani mine in Ghana to 150,000 ounces per year, grow its resource base, and to meet existing liabilities.
This transaction was the most recent deal in which a China-based firm purchased an interest in a gold mining company. In August of this year, Zijin Mining Group acquired Australian-based Norton Gold Mines, while earlier this month Shandong Gold Group announced plans to purchase a majority stake in Australian-based Focus Minerals. In addition, China National Gold Group Corp is currently in discussions to buy a stake in African Barrick Gold plc.
(Visit GoldAlert Pro at http://pro.goldalert.com for more information on the gold mining sector, including analysis and rankings of over 90 gold stocks)
2012-09-27 12:18:21
Source: http://www.goldalert.com/2012/09/chinese-firms-expand-presence-in-gold-mining-sector/
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