51.22 F
April 18, 2024
PI Global Investments

Zijin Mining to buy Canada’s Continental Gold for about US$1B

Zijin Mining, one of China’s biggest gold miners, has agreed to buy Canadian miner Continental Gold for CA$1.33 billion (US$999.92 million), claiming the purchase would increase its gold reserves and boost cash flow as well as profit.

Continental Chief Executive Officer Arti Sussman said the project is expected to reach production next year and the “timing is right for Continental to sell to a more experienced mine operator.”

Zijin expects its gold reserves to exceed 2,000 tonnes after the purchase, with output eventually increasing by about 20%. It expects the Buriticá gold project to generate “robust” profit and cash flow after becoming operational in 2020. 

The deal is, however, restricted by external conditions and faces uncertainty, Zijin stated, without giving further details.

Full Content: Reuters

Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.

Source link

Related posts

Bullet Club Gold Joins With The Acclaimed And Billy Gunn On AEW Collision


How long will this rally continue?


Archaeologists in Panama find ancient tomb filled with gold treasure — and sacrificial victims


Leave a Comment

* By using this form you agree with the storage and handling of your data by this website.