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Shandong Gold buys controlling share of Aussie miner
By Richard Fu |
September 20, 2012, Thursday
|
Online Edition
Online Edition
SHANDONG Gold Group has agreed to pay A$227.5 million (US$238 million) for a controlling share of Australia's Focus Minerals Ltd, joining other Chinese companies to invest overseas as the price of gold rallied for 12 years running.
Under an agreement announced by Focus Minerals today, the Australian company will issue 4.55 billion new shares at 5 Australian cents apiece in a placement to Shandong Gold's international unit.
The placement represented a 13.6 percent premium to Focus Minerals' closing price on Wednesday.
"We are a significant gold producer in China and understand the nature of the opportunities that Focus could realize with a serious investment in the exploration of its tenements," said Zhang Dahui, general manager of Shandong Gold International Mining Corp, a 65 percent-owned subsidiary of Shandong Gold Group, China's third-largest bullion company by output.
Shandong Gold International will take a 51 percent stake in Focus Minerals after the deal.
Under an agreement announced by Focus Minerals today, the Australian company will issue 4.55 billion new shares at 5 Australian cents apiece in a placement to Shandong Gold's international unit.
The placement represented a 13.6 percent premium to Focus Minerals' closing price on Wednesday.
"We are a significant gold producer in China and understand the nature of the opportunities that Focus could realize with a serious investment in the exploration of its tenements," said Zhang Dahui, general manager of Shandong Gold International Mining Corp, a 65 percent-owned subsidiary of Shandong Gold Group, China's third-largest bullion company by output.
Shandong Gold International will take a 51 percent stake in Focus Minerals after the deal.
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