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Zijin Mining buys A$27.67m stake of Norton Gold
By Richard Fu |
July 26, 2011, Tuesday
|
Online Edition
Online Edition
ZIJIN Mining Group Co agreed to buy a minority stake in Australia's Norton Gold Fields Ltd for A$27.67 million (US$30 million) to boost gold reserves.
China's leading gold producer said it would buy 138.35 million shares at 20 Australian cents apiece, boosting its holding to 144.25 million shares, or 17 percent of the enlarged share capital of Norton, according to a filing to the Shanghai Stock Exchange yesterday.
Fujian Province-based Zijin said it already owns 5.9 million Norton shares prior to the private placement.
Zijin's price represented a 31 percent premium to Norton's 15-day volume weighted average price, Norton said in a statement today. Norton jumped 6.06 percent to 17.5 Australian cents today in Sydney trading.
"Australia is a mature mining market. The purchase will help Zijin enter the Australian market which is in line with the company's international development strategy," Huatai United Securities analyst Zhang Yong said in a note, adding he expects more overseas acquisitions to be announced by Zijin.
"Zijin has a strong technical and operational background in gold mining which will complement our own expertise," Norton Managing Director Andre Labuschagne said.
The share sale will help Norton reduce its debt levels, Norton said.
China's leading gold producer said it would buy 138.35 million shares at 20 Australian cents apiece, boosting its holding to 144.25 million shares, or 17 percent of the enlarged share capital of Norton, according to a filing to the Shanghai Stock Exchange yesterday.
Fujian Province-based Zijin said it already owns 5.9 million Norton shares prior to the private placement.
Zijin's price represented a 31 percent premium to Norton's 15-day volume weighted average price, Norton said in a statement today. Norton jumped 6.06 percent to 17.5 Australian cents today in Sydney trading.
"Australia is a mature mining market. The purchase will help Zijin enter the Australian market which is in line with the company's international development strategy," Huatai United Securities analyst Zhang Yong said in a note, adding he expects more overseas acquisitions to be announced by Zijin.
"Zijin has a strong technical and operational background in gold mining which will complement our own expertise," Norton Managing Director Andre Labuschagne said.
The share sale will help Norton reduce its debt levels, Norton said.
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