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Continental shareholders approve Zijin takeover

Shareholders of Continental Gold have voted at a special meeting to approve the takeover by Zijin Mining. Continental shareholders will receive C$5.50 cash for each share held.
Continental shareholders approve Zijin takeover Continental shareholders approve Zijin takeover Continental shareholders approve Zijin takeover Continental shareholders approve Zijin takeover Continental shareholders approve Zijin takeover

SAG mill liner installation at Buritica in Antioquia, Colombia

Staff reporter

Some 141.5 million share-votes were cast, representing 66.07% of the total issued and outstanding shares of the company, of which 98.63% voted in favour of the transaction including 98.05% of votes cast by minority shareholders.

Continental intends to seek a final order of the Ontario Superior Court of Justice to approve the transaction at a hearing expected to be held on January 30. The acquisition is expected to close during the first quarter following which Continental shares will be de-listed from the Toronto Stock Exchange.

Zijin, one of China's 10 largest gold producers, made a C$1.4 billion offer for Continental in December to acquire the Buritica gold mine in Antioquia, Colombia, which is expected to commence production in the first quarter from a high-grade underground operation.

Buritica is expected to produce about 250,000oz/y over an initial 14-year mine life at an all-in sustaining cost of about US$600/oz form a measured mineral resource of 1.4 million tonnes grading 13.7 grams per tonne and an indicated resource of 14.62Mt grading 10g/t, in addition to considerable exploration upside in the district.