招金矿业瞄准海外金矿资产，并购竞争升温

BEIJING: China’s Zhaojin Mining Industry Co is looking to acquire more gold mines in Africa and other regions, according to chief investment officer Xu Jianzhuo.

“The Shandong-based miner is targeting assets in West Africa with stable political regimes, such as Cote d’Ivoire, Ghana and Guinea, and from where European and US miners are exiting,” Xu said.

“The firm is also looking at projects in Central Asia and the Asia Pacific,” he added.

Gold miners have stepped up acquisitions in recent years as prices for the precious metal rallied to successive records.

Chinese firms have joined in the merger and acquisition (M&A) race, with Zijin Mining Group Co, Zhaojin’s largest domestic peer, buying Allied Gold Corp to extend ownership over mines in Mali, Cote d’Ivoire and Ethiopia.

A fragmented industry has presented opportunities for consolidation.

“Some miners spin off non-core assets after M&A deals, which could be snapped up by Chinese firms,” he said.

“Gold M&As are very active at the moment,” he said.

“The trend will only become stronger. Even under such high gold prices, we still see deals being carried out to boost scale.”

Meanwhile, the recent pullback in gold prices due to the Iran war is likely temporary as other major drivers like central bank buying and diversification away from the US dollar remain intact, Xu said.

Zhaojin’s first major overseas foray was the 2024 acquisition of assets in Cote d’Ivoire, where the Abujar mine is on course to produce four tonnes to five tonnes of gold this year, meeting earlier guidance.

The miner has inserted copper into its asset portfolio for the coming years, but given the high capital expenditure associated with mining the industrial metal, will approach any acquisitions with caution, Xu said. — Bloomberg

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