Zijin Mining Group Co. has entered into an agreement to acquire Canada’s Continental Gold under a deal worth about CAD$1.4 billion (US$1 billion).
“In the span of a decade, Continental has transformed the Buriticá project [in Columbia] from a grassroots discovery into one of the world’s largest and highest-grade gold projects. With production on the horizon in 2020, the timing is right for Continental to sell to a more experienced mine operator,” Ari Sussman, the chief executive of the Canadian miner, said in a statement.
Chen Jinghe, the chairman of Zijin, said that “Continental’s 100%-owned Buriticá project … is expected to produce approximately 250k ounces of gold per annum”.
Zijin Mining says it is involved in the exploration and mining of gold, copper, zinc and other mineral resources. The Chinese business is dual listed on the Hong Kong Stock Exchange and the Shanghai Stock Exchange.