Published on Gold Anti-Trust Action Committee (http://www.gata.org)

China's Silk Road said to consider offer for $2 billion Glencore mine

By cpowell
Created 2016-07-06 20:56

By Vinicy Chan
Bloomberg News
Wednesday, July 6, 2016

China's Silk Road Fund, a $40 billion pool set up to invest along the nation's ancient trade routes with Central Asia, is discussing a joint bid for Glencore Plc's gold mine in Kazakhstan, people with knowledge of the matter said.

The Silk Road Fund is partnering with state-owned China National Gold Group Corp. on a possible joint offer for the Vasilkovskoye mine, which could fetch about $2 billion, according to the people. The group is in discussions with Glencore, though there's no certainty it will win the bidding, the people said, asking not to be identified as the information is private.

The Beijing-based fund may compete with Chinese gold producers Shandong Gold Mining Co. and Zijin Mining Group Co., which are also potential suitors for the asset, people familiar with the matter said last month. Chinese companies have announced $9.6 billion of mining acquisitions this year as commodity prices started to recover, a 36 percent jump from the same period in 2015, data compiled by Bloomberg show. ...

... For the remainder of the report:

http://www.bloomberg.com/news/articles/2016-07-06/silk-road-fund-said-to... [1]


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