Zijin Mining looking to Asia for more gold, copper assets
Chinese copper-gold giant Zijin Mining Group is on the move again with plans for more acquisitions.
Reuters reports that Zijin is planning to spend $872 million (5.5 billion yuan) on targets, mostly overseas copper and gold assets:
Chen Jinghe, the chairman, did not identify the targets, but last year told Reuters the company was focusing on acquisitions in Southeast Asia, particularly in the Philippines and Indonesia. The company now has assets in Australia, Peru, Russia and central Asia.
Zijin's project in Peru was expected to provide enough ore to feed a 200,000 tpa smelter in the southeastern province of Fujian, but the mine has been delayed due to local opposition, Reuters said. The company, which accounts for about 10% of China's gold production, last November acquired gold mine assets in China's Gansu province for $181 million.
Zijin attracted some negative attention in 2010 when a tailings dam collapsed, killing 22 people and destroying 523 homes. A government investigation into the disaster blamed the company for faulty tailings dam construction.