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China Gold is hunting for deals of as much as $2 billion

Section: Daily Dispatches

By Vinicy Chan
Bloomberg News
Monday, September 16, 2019

China Gold International Resources Corp., the overseas arm of state-owned China National Gold Group, is on the hunt for acquisitions to replenish its pipeline as deal-making in the sector heats up thanks to a jump in the metal’s price.

"We need more pipeline, especially in gold production," Jerry Xie, executive vice president, said in an interview today on the sidelines of the Denver Gold Forum. "We're looking for acquisition opportunities quite aggressively. We're doing this on behalf of our parent company, not just for ourselves."

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The miner, listed both in Canada and Hong Kong, is targeting companies with assets in operational stages that have ramp-up plans. The company is comfortable making purchases with a price at roughly $1 billion to $2 billion, Xie said.

The company is open to studying potential acquisitions of single-asset companies with mines near production, he said. It is also interested in possible asset sales that may come from Barrick Gold Corp. and Newmont Goldcorp Corp., which both have plans to divest after recent mega-mergers. ...

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