Chinese snatch up St. Barbara's gold

The wave of Chinese acquisitions of overseas gold interests continues unabated, with the purchase of Western Australia's St. Barbara's Southern Cross mine by Hanking Gold Mining.

ABC News reports that deal struck by Hanking Gold for the St. Barbara's mine situated in Western Australia's Gold Field's was worth AUD$22.5 million.

The purchase arrives following a marked uptick in takeover activity by Chinese gold miners, all hoping to shore up reserves as well as establish their credentials as international players.

Analyst Tim Treadgold anticipates continued acquisitions by Chinese miners on Australian shores:

I think you can now see between five and six Australian gold assets either in Australia or owned by Australian companies overseas being transferred to Chinese interests…it's all part of a plan within China to boost it's gold exposure either directly through purchasing metal on the market or by investing in gold mining companies.