Latest news with #ZijinMining
The Standard
3 days ago
- Business
- The Standard
Zijin Mining shares jump following spin-off report to raise up to US$2b
The company logo of Zijin Mining Group Co Ltd, China's biggest listed gold producer, is displayed at a news conference following its annual results in Hong Kong, China March 29, 2016. REUTERS
South China Morning Post
3 days ago
- Business
- South China Morning Post
US-China trade deal, rate-cut bets power Hang Seng to best week in 4 months
Hong Kong stocks were headed for the biggest weekly gain in almost four months after China and the US clinched a tentative agreement on export tariffs , while traders stepped up bets on US interest rate cuts. The Hang Seng Index rose 0.4 per cent to 24,423.36 at 10.20am local time on Friday. The city's stock benchmark has risen almost 4 per cent since Monday, the most since the opening week of March. The Hang Seng Tech Index climbed 0.3 per cent, bringing the rally this week to 4.5 per cent. On the mainland, the CSI 300 Index climbed 0.6 per cent and the Shanghai Composite Index added 0.4 per cent. Xiaomi surged 5.5 per cent to HK$60 after unveiling the price of its YU7 SUV, a rival to Tesla's Model Y. Gold producer Zijin Mining jumped 5.5 per cent to HK$20.75 and apparel maker Shenzhou gained 3.3 per cent to HK$55.80. Alibaba Group rose 0.4 per cent to HK$112.60 while China's top chipmaker SMIC gained 1.5 per cent to HK$45.15. The US and China reached a 'framework' agreement on tariffs after two rounds of talks in Geneva and London, including normalising rare earth exports, the White House said. President Donald Trump said the US had signed a trade deal with Beijing a day earlier, offering no further details. Meanwhile, several Fed officials favoured cutting borrowing costs in the coming months amid signs of cooling inflation. Rates traders are pricing in two cuts this year, with odds rising to 93 per cent for the Fed's September meeting, from 64 per cent a week ago, according to CME Group.
West Australian
6 days ago
- Business
- West Australian
Singapore-based Bastion Mining wins Xanadu copper-gold treasure
Singapore mining entity Bastion Mining has declared victory in its battle for control of ASX-listed Xanadu Mines, announcing its off-market takeover bid is now unconditional after it secured a 55.65 per cent stake in the Mongolian-focused copper and gold explorer. Bastion committed to declaring the bid unconditional when it hit the 50.1 per cent shareholding threshold to secure majority control. The company quickly accumulated the required shares after tabling its bid for Xanadu in mid-May, with an 8 cents per share offer. After revealing last week that Chinese mining giant Zijin Mining - a 15.7 per cent shareholder in Xanadu – had accepted Bastion's offer for its Xanadu holdings, it was a lay down misère that the takeover would succeed. Zijin, happy to seize the cash on offer, is also Xanadu's 50:50 joint venture partner in the company's flagship Kharmagtai copper-gold project in Mongolia – a stake it plans to retain. Bastion is controlled by 75 per cent owner, Singapore-based investment outfit Boroo Pte Ltd and 25 per cent stakeholder Ganbayar Lkhagvasuren, a current Xanadu director. Bastion pounced on Xanadu after a planned control deal with Zijin Mining petered out on an exclusivity period the two companies had been using to hammer out terms. Following Zijin's acceptance, Xanadu's independent takeover board committee quickly reaffirmed its recommendation that shareholders accept the Bastion offer without delay, if no superior bid emerged. The flagship Kharmagtai copper-gold project in Mongolia's South Gobi region no doubt caught Bastion's eyes. The eyebrow-raising resource clocks in at a sensational 730 million tonnes of ore containing 1.6Mt of copper and 4 million ounces of gold. A recent feasibility study slapped a lofty US$ 930 million (A$1.43 billion) net present value on Kharmagtai, based on a capital investment of US$890 million (A$1.36 billion). The project is tipped to churn out a mouthwatering 80,000t of copper and 170,000 ounces of gold a year, with an impressive operating cost of just 70 cents per pound copper. The numbers get the thumbs up, with Kharmagtai expected to pay for itself in four years and continue raining cash for almost three decades. It has a projected EBITDA of US$293 million (A$450 million) a year, a nice earn for any companies lucky enough to possess an in-demand project. With the ownership issue now resolved, it's time to 'let the games begin' to develop Kharmagtai's copper and gold riches. Is your ASX-listed company doing something interesting? Contact:
Reuters
6 days ago
- Business
- Reuters
AVZ Minerals to resume proceedings against DRC over disputed lithium deposit
June 24 (Reuters) - Australia's AVZ Minerals said on Tuesday it will resume proceedings against the Democratic Republic of Congo (DRC) over mining rights to the Manono lithium deposit after the parties were unable to reach a settlement on a legal dispute over the deposit. The unresolved issue poses a potential hurdle for California-based metals exploration firm KoBold Metals' plans to acquire AVZ Minerals' stake in one of the world's largest hard rock lithium deposits. AVZ initially held the permit to develop the Manono project, but in 2023 the DRC's mines ministry revoked this permit on the basis that the project had not advanced quickly enough. The rights were later granted to a unit of Zijin Mining ( opens new tab, prompting AVZ to seek relief through both the International Court of Arbitration of the International Chamber of Commerce, and the International Centre for Settlement of Investment Disputes (ICSID). The U.S. government has been encouraging the parties to settle the dispute, which led AVZ to temporarily suspend, opens new tab the ICSID arbitration proceedings in late May. AVZ, whose shares were suspended in May 2022 and delisted two years later due to the dispute, said DRC did not engage with AVZ during the suspension period and the suspension has lapsed. The ICSID proceeding will now resume, the company said. KoBold Metals did not immediately respond to a Reuters request for comments.
Yahoo
6 days ago
- Business
- Yahoo
AVZ Minerals to resume proceedings against DRC over disputed lithium deposit
(Reuters) -Australia's AVZ Minerals said on Tuesday it will resume proceedings against the Democratic Republic of Congo (DRC) over mining rights to the Manono lithium deposit after the parties were unable to reach a settlement on a legal dispute over the deposit. The unresolved issue poses a potential hurdle for California-based metals exploration firm KoBold Metals' plans to acquire AVZ Minerals' stake in one of the world's largest hard rock lithium deposits. AVZ initially held the permit to develop the Manono project, but in 2023 the DRC's mines ministry revoked this permit on the basis that the project had not advanced quickly enough. The rights were later granted to a unit of Zijin Mining, prompting AVZ to seek relief through both the International Court of Arbitration of the International Chamber of Commerce, and the International Centre for Settlement of Investment Disputes (ICSID). The U.S. government has been encouraging the parties to settle the dispute, which led AVZ to temporarily suspend the ICSID arbitration proceedings in late May. AVZ, whose shares were suspended in May 2022 and delisted two years later due to the dispute, said DRC did not engage with AVZ during the suspension period and the suspension has lapsed. The ICSID proceeding will now resume, the company said. KoBold Metals did not immediately respond to a Reuters request for comments. Sign in to access your portfolio
