Fosun in exclusive talks to buy stake in Russian gold miner Polyus, Reuters says

Section:

By Julie Zhu and Polina Devitt
Reuters
Thursday, November 3, 2016

Fosun International Ltd, is in exclusive talks to buy a large minority stake in Russia's biggest gold miner, Polyus, three sources with knowledge of the matter told Reuters, in what would be the Chinese group's maiden Russian deal.

Fosun, an aggressive buyer known internationally for its purchase of French resort operator Club Med, is keen to invest in Russia and other emerging markets such as India, as it moves away from Europe and developed markets. Reuters reported in August that Fosun is also in talks to buy a minority stake in Russian investment bank Renaissance Capital.

Fosun's interest in Polyus comes as other Chinese companies also have been targeting gold mine acquisitions to meet domestic demand amid a recovery in prices. State-controlled Zijin Mining Group Co Ltd and state-backed Shandong Gold Mining Co. Ltd. held separate talks with Canada's Barrick Gold Corp to buy a 50 percent stake in an Argentinian gold mine, Reuters reported last month.

China, the world's top consumer, producer and importer of gold, has ambitions to be a global price setter. ...

... For the remainder of the report:

http://www.reuters.com/article/us-fosun-russia-idUSKBN12Y06B



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K92 Mining Begins Gold Production at Kainantu Mine

Company Announcement
Wednesday, October 5, 2016

K92 Mining Inc. is pleased to announce that gold production has commenced from the Irumafimpa gold deposit.

Ian Stalker, K92 Chief Executive Officer, says: "This milestone is highly significant for our company, and for this region of Papua New Guinea. A great deal of thanks goes to the entire team on site in PNG in achieving production ahead of schedule and on budget. The rehabilitation of the Irumafimpa gold mine, process plant, and associated infrastructure commenced in late March and is now complete. As an enhancement of the processing facility, we are also pleased to note that the installation of a new drum scrubber is also nearing completion and commissioning of this will be completed by the end of the month. ..."

...For the remainder of the announcement:

http://www.k92mining.com/2016/10/6077/



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