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China Gold wants to buy $ 2 billion in new assets

Asia / Non-ferrous metallurgy

China's state-owned China Gold International Resource Corp Ltd intends to invest up to $ 2 billion in assets in Canada, Latin America and Africa.

China Gold wants to buy $ 2 billion in new assets

Jerry Xie, Executive Vice President of China National Gold Group, on the sidelines of a forum in Denver, said that his company has the ability to close deals in Canada, Latin America and Africa in the amount of $ 1 to 2 billion and partnerships in smaller deals worth about $ 500 million.

Canada's Iamgold Corp aligns well with China Gold International's acquisition strategy, as the Chinese company seeks to buy active gold mines, he said.

Earlier this year, it was reported that China National Gold Group is considering acquiring a stake in a Canadian gold miner. Also, Iamgold itself announced that it was negotiating the sale of a stake or the entire company.

Iamgold is a mid-tier gold mining company engaged in the development of deposits in Canada, South America and West Africa. The company previously confirmed plans to produce 810-870 thousand ounces of gold in 2019, TCC in the range of $ 765-815 /ounce, AISC - $ 1030-1080 /ounce.

China Gold is the central state-owned Chinese gold mining corporation, mainly engaged in the extraction and processing of gold, silver, copper and molybdenum. It is the only Chinese company to represent China on the World Gold Council.

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