Core Gold Inc. (fka CGLDF)

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Zhaojin Mining plans to double gold production through overseas mergers and acquisitions

https://news.metal.com/newscontent/100966861/zhaojin-mining-plans-to-double-gold-production-through-overseas-mergers-and-acquisitions/

Translation 02:40:13PM Source:Gold headlines
The content below was translated by Tencent automatically for reference.
SMM News: Zhaojin Mining International, one of China's largest gold mining companies, said it plans to double gold production as early as 2024 through overseas mergers and acquisitions and may seek deals of less than $500m.

Zhao, managing director of Zhaojin International Mining Co., Ltd., said at a seminar of the Global Mining Association in Beijing on Thursday that Zhaojin Mining currently produces about 650000 ounces (18.43 tons) of gold a year.

"our goal for the next five to eight years is to produce 1.3 million ounces of gold annually from Chinese and global projects, half of which will come from overseas, which is currently basically zero. This is a challenging but exciting strategy. " He added.

According to Refinitiv Eikon, Chinese mining companies are the traditional drivers of mergers and acquisitions in the gold industry, and so far this year, no Chinese companies have made acquisitions of overseas gold mines.

However, Zhaojin agreed earlier this month to form a joint venture with Australia-based PCF Capital Group to identify potential M & A opportunities in Australia.

"our primary goal is Australia," Mr Zhao said. He added that the company would set up an office in Perth. "We are looking for M & A opportunities in Australia," and Canada is also likely.

Zhaojin Mining acquired about 9.9 per cent of Vancouver-based precious metals miner Sabina Gold&Silver Corp in January 2018 for C $66.1 million (US $49.79 million).

Asked about the approximate dollar value of the kind of projects Zhaojin is looking for, Zhao said, "$1 billion is too big, probably less than $500m." It depends on the circumstances. "

"what we like best are small projects with low prices and great potential. In Australia, there are a lot of big projects with great potential, so you will spend more money, especially in productive mines. "



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