{"id":1168232,"date":"2020-02-27T08:46:47","date_gmt":"2020-02-27T14:46:47","guid":{"rendered":"https:\/\/www.mining.com\/?p=1015357"},"modified":"2020-02-27T08:46:47","modified_gmt":"2020-02-27T14:46:47","slug":"canada-backs-zijins-acquisition-of-continental-gold","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1168232","title":{"rendered":"Canada backs Zijin\u2019s acquisition of Continental Gold"},"content":{"rendered":"<p>Canadian miner Continental Gold (TSX: CNL) <a href=\"https:\/\/www.newswire.ca\/news-releases\/continental-gold-announces-receipt-of-regulatory-approvals-for-zijin-transaction-887367487.html\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">said on Thursday<\/a> the country\u2019s government had approved its C$1.4 billion ($1bn) takeover by 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>The deal, <a href=\"https:\/\/www.mining.com\/zijin-mining-to-buy-canadas-continental-gold-in-1-billion-deal\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">announced in December<\/a>, has also received all three of the required regulatory approvals from China and is expected to close in the next ten days, The Toronto-based company said.<\/p>\n<p>The takeover gives Zijin access to Continental\u2019s main asset, the Buritic\u00e1 gold project in north-western Colombia.<\/p>\n<figure class=\"wp-block-pullquote alignright\">\n<blockquote>\n<p>Takeover boosts China\u2019s No.1 gold producer reserves of the metal to more than 2,000 tonnes, with output growing by nearly 20%.<\/p>\n<\/blockquote>\n<\/figure>\n<p>The asset has measured and indicated gold reserves of 165.47<br \/>\ntonnes and an inferred reserve of 187.24 tonnes. Expected to begin operations<br \/>\nnext year, the mine will churn out 250,000&nbsp;ounces of gold per annum on<br \/>\naverage over a 14-year productive life.<\/p>\n<p>The acquisition of Continental is expected to boost Zijin\u2019s<br \/>\ngold reserves to more than 2,000 tonnes, with output growing by nearly 20%.<\/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\" aria-label=\" (opens in a new tab)\">Freeport McMoran\u2019s copper-gold assets in Serbia<\/a>&nbsp;for up to $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>The transaction increases the already large list of mergers and acquisitions to have swept the sector in the past year, kicked off by the highly publicized multi-billion mergers of&nbsp;<a href=\"https:\/\/mining.com\/new-era-barrick-gold-begins\/\"  rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Barrick \u2013 Randgold<\/a>&nbsp;and&nbsp;<a rel=\"noreferrer noopener\" href=\"https:\/\/mining.com\/case-closed-newmont-goldcorp-becomes-worlds-no-1-gold-miner\/\" >Newmont \u2013 Goldcorp<\/a>.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Deal has received the Investment Canada Act&#8217;s approval, as well as all three of the required regulatory permits from China.<\/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":[369,2640],"tags":[],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1168232"}],"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=1168232"}],"version-history":[{"count":3,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1168232\/revisions"}],"predecessor-version":[{"id":1168269,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1168232\/revisions\/1168269"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1168232"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1168232"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1168232"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}