Another Chinese mining company buys another gold claim in the West


China's Zijin Mining to Buy Canada's Continental Gold for about $1 Billion

By Min Zhang and Dominique Patton
Monday, December 2, 2019

BEIJING -- Zijin Mining Group Co. Ltd., one of China's biggest gold miners, has signed an agreement to buy Canadian miner Continental Gold Inc., saying the purchase would increase its gold reserves and boost cash flow and profit.

The acquisition, which will cost around C$1.33 billion (US$999.92 million) in cash, aims to secure Continental Gold's flagship Buritica gold project [in Colombia] for Zijin, the Chinese company said in a filing to the Shanghai Stock Exchange.

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The Buritica gold project has measured and indicated gold reserves of 165.47 tonnes and an inferred reserve of 187.24 tonnes, Zijin said in the filing. ...

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