China’s Zijin Mining clinches US$2.6b Chifeng Gold takeover in expansion drive
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The acquisition boosts Zijin’s reserves amid resource nationalism, giving it control of Chifeng’s assets in Asia and Africa.

Zijin Mining, China’s largest gold producer, has expanded its buying spree by acquiring controlling shares in China-based Chifeng Jilong Gold Mining for 18.26 billion yuan (US$2.64 billion), the company said. The acquisition came only two months after Zijin Mining proposed to buy Canadian Allied Gold for 28 billion yuan as part of its global expansion. Through its subsidiary Zijin Gold, the acquisition was structured in two primary tranches, Zijin Mining said in a Hong Kong stock exchange filing…

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