Bidding far more than expected, Chinese firm wins Barrick's half of big Australian mine

Section:

Chinese Make a Gold Rush for Super Pit Stake

By Paul Garvey
The Australian, Sydney
Monday, November 21, 2016

Half of Australia's most famous gold mine will fall into Chinese hands after a little-known group blew Australian bidders out of the water with a $1.3 billion-plus bid for a stake in Kalgoorlie's Super Pit.

In what is shaping as another stern test for the Foreign Investment Review Board, Minjar Gold -- a subsidiary of Shanghai-listed property group Shandong Tyan Home -- will buy the 50 percent Super Pit stake owned by North American mining giant Barrick Gold.

The deal, which is expected to be announced today, is conditional on FIRB approval and will give Minjar a half share of the 800,000 ounces of gold produced from the Super Pit each year. ...

Minjar is understood to have beaten a rival bid from Australia's biggest gold producer, Newcrest Mining. A successful offer from Newcrest would have returned the Super Pit into Australian hands for the first time since 2002.

The US$1bn (A$1.36 billion) price comfortably eclipses market expectations for the sale. Analysts had predicted the Barrick stake, which was put on the market in August, would fetch up to US800 million. ...

... For the remainder of the report:

http://www.theaustralian.com.au/business/mining-energy/chinese-make-a-go...



ADVERTISEMENT

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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