{"id":1159770,"date":"2020-01-14T09:15:03","date_gmt":"2020-01-14T15:15:03","guid":{"rendered":"https:\/\/www.mining.com\/?p=1011216"},"modified":"2020-01-14T09:15:03","modified_gmt":"2020-01-14T15:15:03","slug":"continental-gold-shareholders-urged-to-back-zijins-1bn-takeover-deal","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1159770","title":{"rendered":"Continental Gold shareholders urged to back Zijin\u2019s $1bn takeover deal"},"content":{"rendered":"<p>Canada\u2019s Continental Gold (TSX:CNL) <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/www.continentalgold.com\/en\/independent-proxy-advisory-firms-iss-and-glass-lewis-recommend-continental-shareholders-vote-for-the-zijin-transaction\/\" >said on Tuesday<\/a> that independent proxy advisory firms ISS and Glass Lewis have urged the Canadian miner\u2019s shareholders to vote in favor of the takeover offer from Zijin Mining, China\u2019s No.1 gold producer.<\/p>\n<div class='d-flex justify-content-center d-xs-block d-sm-block d-md-none'>\n<div id='div-gpt-ad-1561499308230-0'><script>googletag.cmd.push(function() {googletag.display('div-gpt-ad-1561499308230-0');});<\/script><\/div>\n<\/div>\n<p>Zijin in December <a href=\"https:\/\/www.mining.com\/zijin-mining-to-buy-canadas-continental-gold-in-1-billion-deal\/\"  rel=\"noreferrer noopener\" aria-label=\"agreed to buy the Toronto-based miner for C$1.3 billion (opens in a new tab)\">agreed to buy the Toronto-based miner for C$1.3 billion<\/a> ($1bn) to gain access to Continental\u2019s flagship Buritica gold project, in Colombia.<\/p>\n<p>The asset, in north-western Colombia, has measured and<br \/>\nindicated gold reserves of 165.47 tonnes and an inferred reserve of 187.24<br \/>\ntonnes. <\/p>\n<p>Expected to begin operations this year, the mine will churn<br \/>\nout 250,000&nbsp;ounces of gold per annum on average over a 14-year productive<br \/>\nlife, boosting Zijin\u2019s gold reserves to more than 2,000 tonnes. <\/p>\n<p>Institutional Shareholder Services (ISS) and Glass Lewis highlighted<br \/>\nthe $5.5 per-share-offer represented a significant premium to Continental\u2019s<br \/>\nshares value \u2014 29% to be exact. They also referred to favourable market<br \/>\nreaction as factors supporting their recommendations.<\/p>\n<p>The Chinese gold, copper and zinc miner&nbsp;has been<br \/>\nexpanding its footprint by acquiring assets from Africa to Australia.<\/p>\n<p>In November, Zijin announced it was buying partner&nbsp;<a href=\"https:\/\/www.mining.com\/web\/chinas-zijin-buys-freeports-copper-gold-assets-in-serbia-for-up-to-390-million\/\"  rel=\"noreferrer noopener\">Freeport McMoran\u2019s copper-gold assets in Serbia<\/a>&nbsp;for up<br \/>\nto $390 million, substantially boosting its resources of both metals.<\/p>\n<p>In 2018, it&nbsp;<a href=\"https:\/\/mining.com\/chinas-zijin-wins-race-serbias-largest-copper-mine\/\"  rel=\"noreferrer noopener\">spent $1.26bn for a 63% in Serbia\u2019s largest copper mining and<br \/>\nsmelting<\/a>&nbsp;complex RTB Bor.<\/p>\n<p>It also trumped Lundin Mining\u2019s&nbsp;(TSX:LUN) earlier&nbsp;<a href=\"https:\/\/www.mining.com\/chinas-zijin-buy-nevsun-1-41bn-lundin-takeover-rejected\/\"  rel=\"noreferrer noopener\">hostile bid&nbsp;for Canada\u2019s Nevsun Resources<\/a>, gaining<br \/>\naccess to yet another Serbian asset \u2014 the Timok copper and gold project. With<br \/>\nthe move, it also secured ownership of the Vancouver-based miner\u2019s flagship<br \/>\noperation, the Bisha copper-zinc mine in Eritrea.<\/p>\n<p>Continental\u2019s shareholders will meet on January 28 in<br \/>\nToronto to consider the transaction.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>China&rsquo;s No.1 gold producer wants access to Continental&rsquo;s flagship Buritica project, in Colombia.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[369,4],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1159770"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1159770"}],"version-history":[{"count":4,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1159770\/revisions"}],"predecessor-version":[{"id":1159834,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1159770\/revisions\/1159834"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1159770"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1159770"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1159770"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}