Chinese Lighting Firm Buys Eight Gold Mines

30 September 2009 (Last Updated September 30th, 2009 18:30)

Eight gold mines in China have been bought by lighting-equipment manufacturer Bright International Group in two transactions totalling $956.1m. Bright said that gold had high commercial value and had stable demand in spite of the recent economic downturn, the Wall Street Journal

Eight gold mines in China have been bought by lighting-equipment manufacturer Bright International Group in two transactions totalling $956.1m.

Bright said that gold had high commercial value and had stable demand in spite of the recent economic downturn, the Wall Street Journal reports.

The company said that it had been keen on diversifying its business due to strong competition for its traditional manufacturing operations.

The company will purchase six mines in Hebei province for $819m from Silver Mark Enterprises.

In addition, it will purchase two mines in the Shandong province for $137m from Wingem Investments.

The company said it will finance the purchases through the issue of promissory notes and convertible bonds to the two sellers.