You are here
China's Zhaojin Mining eyes doubling of gold output via overseas M&A
By Tom Daly and Shivani Singh
Reuters
Monday, August 26, 2019
BEIJING -- Zhaojin Mining, one of China's biggest gold miners, aims to double production of the precious metal as early as 2024 on the back of overseas acquisitions and may look for deals below $500 million, the head of its international arm says.
Shandong-based Zhaojin currently produces around 650,000 ounces (18.43 tonnes) a year of gold, Leo Zhao, managing director of Zhaojin International Mining Co., said at a Global Mining Association of China seminar in Beijing on Thursday.
... Dispatch continues below ...
Storage and Withdrawal of Gold with Bullion Star in Singapore
Bullion Star is a Singapore-registered company with a one-stop bullion shop, showroom, and vault at 45 New Bridge Road in Singapore.
Bullion Star's solution for storing bullion in Singapore is called My Vault Storage. With My Vault Storage you can store bullion in Bullion Star's bullion vault, which is integrated with Bullion Star's shop and showroom, making it a convenient one-stop shop for precious metals in Singapore.
Customers can buy, store, sell, or request physical withdrawal of their bullion through My Vault Storage® online around the clock. Storage rates are competitive.
For more information, please visit Bullion Star here:
"Our target in the next five to eight years is ... 1.3 million ounces per annum from China and global projects," Zhao said, noting that half of that output would be from overseas, versus almost zero at present. "It's challenging but it's an exciting strategy," he added.
China's miners, the traditional drivers of mergers and acquisitions in the gold sector, have made no overseas gold mine acquisitions so far in 2019, according to Refinitiv Eikon data.
However, Zhaojin this month agreed to set up a joint venture with Australia-based PCF Capital Group that will identify potential M&A opportunities there. ...
... For the remainder of the report:
https://www.reuters.com/article/us-china-mining-zhaojin/chinas-zhaojin-m...
* * *
Join GATA here:
New Orleans Investment Conference
Hilton New Orleans Riverside Hotel
Friday-Monday, November 1-4, 2019
https://neworleansconference.com/noic-promo/powellgata/
* * *
Help keep GATA going:
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
