Shandong Gold Group has made an offer to acquire Brazilian firm Jaguar Mining for $1bn by paying $9.30 per share in cash.
Jaguar Mining conducts mining operations in the Minas Gerais state’s prolific greenstone belt, with main development project Gurupi, which holds 2.3Moz of reserves.
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The funds from the transaction will be utilised to secure financing for the Gurupi project, which is expected to commence operations in 2014, reports Reuters.
