Chinese miner secures Kazakhstan gold acquisition

ZIJIN Mining Group has struck a deal to acquire a Kazakhstani gold operation for $1.2 billion, marking the Chinese firm’s largest takeover in six years as it accelerates precious metals expansion.The mainland’s leading gold and copper producer announced the purchase of Raygorodok Gold Mine through Hong Kong stock exchange filings, highlighting China’s growing appetite for overseas mining assets, said Bloomberg News.The Central Asian facility boasts a 16-year operational lifespan with projected annual output of approximately 5.5 tons of gold. Zijin expects the acquisition to boost production figures and profitability from this year onwards.Regulatory approval from both Chinese and Kazakhstani authorities remains pending before the transaction can finalise, the news agency said.Citigroup analyst Jack Shang expressed optimism about the deal’s prospects, noting Zijin’s proven ability to scale operations post-acquisition. He described the purchase as “attractive considering the potential resources upside”.Bloomberg Intelligence’s Michelle Leung suggested the acquisition supports Zijin’s ambitious 2028 target of producing 100 to 110 tons annually, whilst helping achieve margin objectives.The takeover reflects broader Chinese mining industry trends, with domestic producers increasingly seeking international opportunities as home market ore quality declines. Rising gold prices have further incentivised expansion efforts amongst Chinese operators.Zijin’s move demonstrates how elevated bullion valuations are driving strategic acquisitions across the sector, with companies racing to secure high-quality deposits before competition intensifies.The deal represents a significant milestone in Zijin’s international growth strategy, positioning the company for substantial production increases in coming years, said Bloomberg News.The post Chinese miner secures Kazakhstan gold acquisition appeared first on Miningmx.Weiter zum vollständigen Artikel bei Mining.com Weiter zum vollständigen Artikel bei Mining.com