(Reuters) - China’s big miners are snapping up gold mines and strategic minerals in a deal binge that comes as governments in mineral-rich Canada and Australia tighten restrictions on foreign investment.
Here are some of the recent deals and their status:
- Shandong Gold Mining Co in May offered C$230 million ($165 million) to buy Canada’s TMAC Resources. The deal requires Canadian government approvals.
- Shandong Gold on June 18 offered A$321 million ($221 million) for Ghana-focused miner Cardinal Resources Ltd. The deal is subject to review by Australia’s Foreign Investment Review Board.
- Zijin Mining Group Co Ltd on June 12 agreed to buy Toronto-listed Guyana Goldfields for C$323 million ($238 million). The deal is subject to approvals.
- Zijin Mining on June 7 acquired a 50.1% stake in Tibet Julong Copper Co Ltd for $548 million.
- Zijin Mining in February completed its C$1.3 billion acquisition of Colombia-focused Continental Gold.
- China’s Goldsea Group said on June 24 it will let a takeover bid by its local unit for Australian gold miner Alto Metals lapse after the country’s foreign investment board sought extra time to consider the deal.
- China’s Baogang was blocked from taking up a $20 million stake in rare earths miner Northern Minerals which owns the advanced Browns Range heavy rare earth project in Australia’s north.
- Privately held Yibin Tianyi Lithium Industry in May completed a A$10.7 million investment in lithium hopeful AVZ Minerals, which has a project in the Democratic Republic of Congo. The deal was amended after Australia’s FIRB advised that an earlier proposal for a 12.1% stake in AVZ faced rejection for being “contrary to the national interest.”
Sources: Company filings
Reporting by Jeff Lewis in Toronto; Additional reporting by Melanie Burton in Melbourne and Tom Daly in Beijing; Editing by Denny Thomas and Matthew Lewis
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