Chinese group to acquire Canadian gold miner in $1BN deal

Photo: Continental Gold

China’s Zijin Mining has received the approval of Canada’s government to take over the country’s miner Continental Gold in a deal worth some C$1.4 billion (US$1 billion).


Continental Gold says it is the leading large-scale gold mining company in Colombia where it is currently developing its Buriticá project in Antioquia, one of the world’s largest and highest-grade gold projects.


The “Buriticá project is on schedule with mechanical completion anticipated during the first quarter of 2020,” the Canadian miner said in a statement.


Continental Gold says the Colombian project has “mineral reserves of 3.7 million oz of gold at 8.4 g/t gold (13.7 million tonnes) and a recently updated mineral resource estimate boasting 5.32 million ounces of gold at 10.32 g/t gold (16 million tonnes) in Measured and Indicated, plus Inferred resources of 6.02 million ounces of gold at 8.56 g/t gold (21.9 million tonnes).”