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Story summary
- Zijin Mining Co., Ltd. agreed to acquire controlling shares of Chifeng Jilong Gold Mining Co., Ltd. for 18.26 billion yuan (US$2.64 billion), raising its stake to 25.85% and enabling full financial consolidation.
- The deal involves purchasing 242 million A shares from Chifeng's controlling shareholder and subscribing to 311 million newly issued H shares.
- The acquisition follows Zijin Mining's proposal to buy Canadian Allied Gold for 28 billion yuan.
- Chifeng Gold operates six gold mines with reserves of 583 tonnes.
- After the announcement, shares of Zijin Mining fell 4.7% and Chifeng Gold dropped 24% in Hong Kong trading.
