Zijin Mining acquires mainland gold, completes delivery, leads global gold mergers

On the evening of March 5, Zijin Mining announced that it would complete the delivery of continental gold on the day of Toronto time. Zijin (Americas) Gold Mining Co., Ltd. holds 100% equity of Continental Gold. Continental Gold officially delisted from the Toronto Stock Exchange on March 6, 2020, Toronto time.

In fact, after the closing of the Toronto Stock Exchange yesterday, Continental Gold has taken the lead in announcing the news. Continental Gold wholly owns the Buriticá gold project in Colombia and is close to production.

The acquisition of Zijin Mining took only three months from the announcement to the completion of the acquisition, which is a world-class performance.

In addition to the completion of the Zijin Mining acquisition case, there were also a number of gold transactions ending on the 4th.

In Senegal, a West African country, Teranga Gold (TSX: TGZ; OTCQX: TGCDF) has completed the acquisition of a 90% stake in the Massawa gold project under Barrick Gold (TSX: ABX; NYSE: GOLD).

Massawa is an approved and pending development. Massawa is an approved and pending development of a gold mine project with 2P resources of 2.6 million ounces and a grade of 3.94 grams of gold. As the Sabodala adjacent to Teranga is producing gold, it is expected that the two projects will form a good synergy in the future.

The transaction was announced on December 10, 2019, with a transaction value of $ 380 million, including approximately $ 300 million in cash and $ 80 million in TGZ stock. After the transaction was completed, Barrick became the second largest shareholder of Teranga holding 11.45% of the shares and held a board seat.

Stimulated by the global central bank’s competitive interest rate cuts, after a short correction, the price of gold will soon rebound and will break through the previous high. Trading of gold miners is expected to remain active this year.