Latest news with #Zijin
TimesLIVE
6 days ago
- Business
- TimesLIVE
China's Zijin in lead to buy Barrick's Ivory Coast Tongon gold mine: sources
Its interest in Tongon comes after Chinese state-owned enterprises have invested more than $50bn (R880.91bn) in African mining projects since 2010, with a strong focus on bauxite, copper, cobalt, and gold. One of the sources, a mining industry executive, said Zijin is leading the bidding for Tongon due to its deep financial resources, adding that the asset is valued at around $300m (R5.29bn) and that Zijin is expected to offer significantly more to secure it, potentially up to $500m (R8.81bn). A second mining executive confirmed Zijin's lead but said a local Ivorian company, which he declined to name, was also in contention. The executive added that Zijin did not appear to favour forming a partnership to acquire the Tongon mine, despite that being the Ivorian government's preferred option. Zijin did not respond to a request for comment. Officials at the Ivory Coast ministry of mines said they did not have up-to-date information on the proposed sale, declining to comment further on the government's requirements for the deal. A final decision on the winning bidder is expected later this month, pending regulatory approval, the first executive said. The deal could also fall through or be delayed. Barrick has been reshaping its portfolio, completing a $1bn (R17.62bn) sale of its 50% stake in the Donlin Gold Project in Alaska and agreeing to divest its historic Hemlo mine in Canada, marking its exit from domestic gold production. In Mali, a military helicopter airlifted gold from the Loulo-Gounkoto site earlier this month, just days after a court-appointed administrator announced plans to sell bullion from the facility to fund operations. Zijin took a 9.9% stake in Canada-based Montage Gold , which is developing the Koney Gold project in Ivory Coast last July before paying $1bn for Newmont's Akyem gold mine in October. Barrick holds an 89.7% stake in Tongon, with the Ivorian state owning 10% and local investors holding the remaining 0.3%.
South China Morning Post
30-06-2025
- Business
- South China Morning Post
Zijin buys US$1.2 billion Kazakhstan gold mine ahead of overseas unit's Hong Kong listing
Zijin Mining , one of China's largest miners of gold and copper, struck a deal to buy a project in Kazakhstan for US$1.2 billion ahead of a planned listing of its international unit on Hong Kong's stock exchange. In a statement to the Hong Kong bourse on Monday, the company said the deal would increase its gold reserves and output and help it become one of the world's top three producers by 2028, up from sixth last year. The deal would also 'significantly enhance the asset scale, profit level and global industry position of Zijin Gold International and promote the listing and [share] offering of Zijin Gold International in the international capital market', it added. In May, it said it would seek an annual output target of 100 to 110 tonnes of the precious metal by 2028, up 36 to 50 per cent from 2024. And two months ago, Zijin said it planned to reorganise its overseas gold mining assets under Zijin Gold International, which was established in 2007, and list it. The move would 'create greater value' for shareholders through a revaluation of its assets, it said. In its latest deal, a firm owned by Zijin Gold International agreed to buy the Raygorodok gold mine project for US$1.2 billion from Cantech, which is based in northern Kazakhstan. At the end of last year, the project had net assets of US$291 million and recorded a net profit of US$202 million on revenue of US$473 million. Under the mine's original development plan, at a gold price of US$1,750 per ounce, the project's economic ore reserve stood at 94.9 million tonnes. At the mine's average ratio of one gram of gold extracted from each tonne of ore, around 100.6 tonnes of the yellow metal could be produced from its facilities.
Business Times
30-06-2025
- Business
- Business Times
China's Zijin Mining to acquire Kazakh gold mine in US$1.2 billion deal
CHINA'S biggest gold and copper producer Zijin Mining said on Monday it had agreed to buy one of the largest gold mines of Kazakhstan, the Raygorodok Gold Mine, for US$1.2 billion. Zijin said its unit Zijin Gold International and Jinha Mining, a subsidiary of Zijin Gold, had inked a deal to acquire the rights of RG Gold and RG Processing, the Kazakhstan-based gold mining firms that currently own and operate the Raygorodok gold mine. The gold mine comprises the mine assets held by RGG and the processing plant assets held by RGP, Zijin said in a statement. The timing of the deal aligns with a surge in global gold prices amid ongoing uncertainty around US-China trade tensions. Earlier in April, Zijin laid out its intention to spin off its unit, Zijin Gold International, and list it in Hong Kong as part of a reorganisation of its overseas gold assets.
West Australian
17-06-2025
- Business
- West Australian
Bastion wins Zijin backing for Xanadu bid in takeover twist
The takeover battle for ASX and Toronto-listed junior Xanadu Mines has been thrown into overdrive after Chinese mining giant Zijin Mining - a 15.7 per cent shareholder in Xanadu - accepted Bastion Mining's 8 cents-a-share off-market offer. Zijin is also Xanadu's 50:50 joint venture partner in the company's flagship Kharmagtai copper-gold project in Mongolia – a stake it will retain. Zijin's move to accept the bid for all of its Xanadu shares has significantly bolstered Bastion's hand. It now holds a 29.67 per cent relevant interest in Xanadu, thanks to a combination of its existing 12.5 per cent stake and acceptances received to date. Backed by Singapore-based investment outfit Boroo Pte Ltd and current Xanadu director Ganbayar Lkhagvasuren, Bastion tabled its bid for Xanadu in mid-May. The proposal came hot on the heels of a fizzled control deal with Zijin Mining. After the clock ran out on an exclusivity period the two companies had been using to hammer out terms, Bastion pounced. The endorsement by Xanadu's biggest shareholder and key joint venture partner would appear to leave little doubt about which way the wind is blowing. Following Zijin's acceptance, Xanadu's independent takeover board committee quickly stepped up to reaffirm its recommendation that shareholders accept the Bastion offer without delay, so long as no superior bid emerges. The takeover offer is set to close on July 1, unless it is extended. Bastion has committed to declaring the bid unconditional when it hits the 50.1 per cent shareholding threshold to secure majority control. The flagship Kharmagtai copper-gold project in Mongolia's South Gobi region is at the heart of the Xanadu story. The scale of the resource is eye-watering, with 730 million tonnes of ore containing 1.6 million tonnes of copper and 4 million ounces of gold. A recent feasibility study slapped a hefty US$930M (A$1.43B) net present value on Kharmagtai, based on a capital investment of US$890M (A$1.36B). The project is tipped to pump out 80,000t of copper and 170,000 ounces of gold a year, with a razor-sharp operating cost of just 70 cents per pound copper. The numbers stack up fast, with Kharmagtai expected to pay for itself in four years and keep the cash flowing for almost three decades. It has a projected EBITDA of US$293 million (A$450 million) a year. A last-minute twist in the story for control of the monster Mongolian project is always possible, but Xanadu's independent directors say punters holding out for a white knight may be out of luck, with a higher bid now looking unlikely. With Zijin backing the play and the deal now appearing to be all done bar the shouting, Bastion is looking well placed to walk away with the prize. Is your ASX-listed company doing something interesting? Contact:
Yahoo
12-06-2025
- Business
- Yahoo
Ivanhoe restarts part of Congo copper mine; cuts output guidance
By Rishabh Jaiswal and Divya Rajagopal (Reuters) -Ivanhoe Mines said on Wednesday it had resumed underground mining in part of its Kakula copper mine in the Democratic Republic of Congo that had been closed due to seismic activity, but lowered output guidance for the year. Mining on the mine's western side resumed on June 7, while Ivanhoe will start pumping water out of the eastern side in August, aiming to finish by the year's fourth quarter. It will also look to open a new section for mining in the eastern part. The Kakula mine is part of the giant Kamoa-Kakula copper mining complex. The Canadian miner said it now expects 370,000 tons and 420,000 tons of copper output from the Kamoa-Kakula mining complex. It had withdrawn earlier guidance of 520,000 and 580,000 tonnes following seismic activity and floods in May. The company also withdrew its 2026 target of about 600,000 tonnes of copper production. "This is a significant setback for the plans at Kamoa-Kakula and leaves uncertainty about 2026 and beyond production and whether mining can resume in the previously developed area of Kakula East," analysts at RBC said in a note. The disruption is the latest in a series of supply-side setbacks that has tightened global copper supply, helping to drive margins for smelters into deeply negative territory. Co-owner Zijin Mining has not issued any statements on the mine's status since May, when it said the tremors had damaged mine roofs and could affect output. Ivanhoe subsequently disputed Zijin's statement, although it later withdrew guidance. Zijin did not immediately respond to an emailed request for comment about Ivanhoe's latest statement.
