Zijin buys Dragon Mountain’s gold asset
- Publishing Date
- 08 Nov 2011 3:49pm GMT
- Author
- Mining Journal
Zijin Mining Group Co Ltd has agreed to purchase Dragon Mountain Gold Ltd’s Lixian gold asset in China for A$175 million (US$170 million).
Dragon Mountain says the acquisition gives Zijin the opportunity to consolidate ground holdings to potentially make a much larger mining operation.
Robert Gardner, Dragon Mountain’s chairman said: “The proceeds of the sale would allow the Company to actively pursue other investment opportunities in the resources industry.”
Adding that the directors will also consider other capital management alternatives with respect to the proceeds.
The transaction will require approval from shareholders, the Australian Foreign Investment Review Board, the government of China.
The Lixian gold project has a JORC compliant resource of 4.3Moz at 1.67g/t of gold in the inferred and indicated categories.
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