A PYMNTS Company

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

By  |  December 2, 2019

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.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    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.