August 08th, 2012 | China Daily Zijin buys Australian gold mine
Zijin Mining Group Co Ltd, China’s top gold producer by output, said a subsidiary has bought more than 50 percent of Australia-listed Norton Gold Fields, in the first successful example of a Chinese company taking over a large-sized gold mine that is in production.
Jinyu International Mining Co, the fully owned subsidiary of Zijin Group, made an A$180.3 million ($190 million) cash takeover offer in May for the Australian gold mine, according to Xinhua News Agency.
Zijin, which didn’t specify the final value or precise stake of its takeover, owned 16.98 percent of Norton prior to the offer.
Chen Jinghe, chairman of the group, said the takeover is in accordance with the international development strategies of the company.
“As a country with rich mining resources, Australia has a mature market and advanced exploration and mining technologies that Zijin can learn from,” he said. “It will provide a chance for the company to get familiar with the international market and improve Zijin’s level of both technology and management.”
Norton Gold Fields has mining rights covering an area of 693 square kilometers with total gold reserves of 185 tons. Last year, it produced 4.7 tons of gold.
By Du Juan