Bergbau News


Sold! Zijin Mining to buy Continental Gold for C$ 1.4 billion

In what will likely be one of the last major acquisitions of 2019, diversified miner Zijin Mining has entered into a definitive agreement to acquire Canadian company Continental Gold for C$ 1.4 bn. The deal focuses around Continental’s flagship project Buriticá, located in Antioquia, Colombia. The promising project is expected to enter production in 2020 with estimated gold reserves of 3.7 million ounces and 10.7 million ounces of silver. The billion dollar deal will see Zijin take control of all outstanding shares and convertibles with the Chinese miner paying C$ 5.50 a share – a 13 % premium to Continental’s closing price on November 29. Of the outstanding shares, 21.5 % are owned collectively by sector major Newmont Goldcorp as well as directors and officers of Continental, who have voted in agreement of the Zijin takeover.


Rio Tinto approves $ 749 million investment in Pilbara iron ore mine

Rio Tinto has approved a $ 749 million (A$ 1 billion) investment in its existing Greater Tom Price operations (100 % owned) to help sustain the production capacity of its world-class iron ore business in the Pilbara of Western Australia. The investment in the Western Turner Syncline Phase 2 (WTS2) mine will facilitate mining of existing and new deposits and includes construction of a new crusher as well as a 13-kilometre conveyor. The new conveyor system will help lower greenhouse gas emissions from the mine by 3.5 % compared to road haulage and the business is continuing to assess additional options to reduce emissions including renewable energy solutions.