Zhongjin Gold buys assets from parent for RMB 745 mln

Published: 05 Nov 2009 19:42:28 PST

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Nov. 6, 2009 (China Knowledge) - Zhongjin Gold<600489>, China's biggest publicly-traded gold miner by market share, yesterday announced that it has acquired controlling stakes in three firms from parent China National Gold Group Corp (China Gold) for RMB 745 million in total through the China Beijing Equity Exchange, sources reported.

Zhongjin Gold said in a statement filed with the Shanghai Stock Exchange that it will pay RMB 306.5 million to acquire the assets of Hebei Gold Group, RMB 378.7 million for Jiapigou Gold Mine Co, and RMB 59.80 million for a 60% stake in Luoyang Songxian Qianhe Mining Co.

In May, media reported that China Gold was planning to transfer the assets of seven gold mines to Zhongjin Gold within three months as part of a plan to realize the group listing of its gold businesses, but Zhongjin Gold denied the report.