Latest news with #ZijinGoldInternational
Yahoo
30-06-2025
- Business
- Yahoo
Zijin Mining to acquire Kazakhstan gold mine for $1.2bn
China's gold and copper producer Zijin Mining has agreed on the acquisition of the Raygorodok gold mine in Kazakhstan for $1.2bn, as reported by Reuters. Zijin's subsidiary, Zijin Gold International, and Jinha Mining, a subsidiary of Zijin Gold, have signed an agreement to obtain the rights to RG Gold (RGG) and RG Processing (RGP), the firms currently owning and operating the mine. The Raygorodok gold mine includes mine assets held by RGG and a processing plant owned by RGP. The timing of the deal coincides with a rise in global gold prices, which has been influenced by the ongoing trade tensions between the US and China. This strategic move follows Zijin's earlier announcement in April 2025 of its plans to spin off Zijin Gold International and list it on the Hong Kong stock exchange as part of a reorganisation of its overseas gold assets. Raygorodok's gold deposit is one of the largest in Kazakhstan, situated in the Burabay district of the Akmola region. The site features a carbon-in-leach (CIP) plant, which began with an initial processing capacity of five million tonnes per annum (mtpa), and is currently operating at approximately 6mtpa. A 2mtpa heap leach plant is available as a backup. The mining operation at Raygorodok employs 1,100 staff members directly, with more than 800 additional workers hired through contractors. Initially considered a small field with a five-year mining period, the deposit's potential has grown significantly. Since 2014, the deposit has undergone substantial development after Verny Capital group acquired the rights to the mining area and established RG GOLD. Investments in modern equipment, expansion of processing capabilities, professional team development and increased exploration efforts have significantly enhanced the resource potential of the Raygorodok deposit. In January 2025, Zijin Mining announced that it was negotiating to acquire shares in Zangge Mining, a Chinese lithium producer, part of its strategy to expand in the lithium market. "Zijin Mining to acquire Kazakhstan gold mine for $1.2bn" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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.
