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Bloomberg reported Tuesday that China’s Zijin Mining Group Co. (HKEX:2899) plans to make more gold mine acquisitions moving forward. The company has already done $1 billion worth of deals so far in 2015.
Bloomberg reported Tuesday that China’s Zijin Mining Group Co. (HKEX:2899) plans to make more gold mine acquisitions moving forward. The company has already done $1 billion worth of deals so far in 2015.
As quoted in the market news:
While China is the biggest producer of gold, it lacks large individual mines, which means producers including Zijin are searching overseas to add operations, according to Greg Foulis, chief executive officer of Kingsgate Consolidated Ltd., which operates mines in Thailand and Australia.
Gold producers proposed or completed deals valued at $9.6 billion in the six months to June 30, up 7 percent on the previous half, as asset prices declined in the wake of tumbling bullion prices. The metal fell to $1,077.40 on July 24, the lowest level in five years.
George Fang, executive director and vice president at Zijin, commented:
We will not stop. In terms of how much we will need to spend, that depends on the opportunity and on the funding strategy.