M&As this week: Zijin Mining Group Company, Fortuna Silver Mines
Zijin Mining Group Company has reached an agreement to acquire all the shares in Heilong Mining Group Company in a deal worth CNY1.56bn ($237.61m).
Zijin Mining Group Company has reached an agreement to acquire all the shares in Heilong Mining Group Company in a deal worth CNY1.56bn ($237.61m).
The shares being purchased are held by Beijing Zhongrui Chuangxiang Investment Company (56.47%), Qinghai West Resources Company (23.43%) and Qinghai West Rare and Precious Metals Company (20.1% ), and the deal is guaranteed by Hangzhou Nabel Group Company.
The transaction will enable Zijin Mining Group to own a 100% equity stake in Duoboashan Company, and primarily enable Zijin to consolidate the Heilongjiang Duoboashan mine with its surrounding resources, and proceed with a project development plan.
Fortuna Silver Mines has signed a definitive agreement with to acquire all issued and outstanding common shares in Goldrock Mines Corp for C$129m ($99.83m).
The transaction represents the exchange of each common share of Goldrock with that of a Fortuna common share, at an exchange ratio of 0.1331.
The transaction will enable Fortuna Silver Mines to merge with Goldrock in developing the latter's 100%-owned open-pit Lindero Gold Project located in Salta Province, Argentina.