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Zijin Mining to Acquire Continental Gold

Mining News - Published on Tue, 03 Dec 2019

Image Source: continentalgold.com
Zijin Mining Group Co Ltd and Continental Gold Inc announced that they have entered into a definitive agreement, pursuant to which Zijin has agreed to acquire all of the outstanding shares of Continental at a price of CAD 5.50 per share in cash and all outstanding securities convertible into such common shares will also be acquired on the same basis. The total equity value pursuant to the Transaction is approximately CAD 1.4 billion on a fully diluted basis. The Offer Price represents a premium of 29% over Continental’s 20 day volume weighted average price as at November 29, 2019 on the Toronto Stock Exchange. Newmont Goldcorp Corporation and directors and officers of Continental collectively holding approximately 21.5% of the outstanding Continental common shares have entered into voting support agreements to support the Transaction.

Continental is the leading large-scale gold mining company in Colombia and is presently developing its 100% owned Buriticá project in Antioquia. Buriticá is one of the largest and highest-grade gold projects in the world and is being advanced utilizing best practices for mine construction, environmental care and community inclusion. Led by an international management team with a successful record of discovering, financing and developing large high-grade gold deposits in Latin America, the Buriticá project is on schedule with mechanical completion anticipated during the first quarter of 2020.

Formed in 1993, Zijin is based in Fujian in China and is a leading global mining company specializing in gold, copper, zinc and other mineral resource exploration and development. It manages an extensive portfolio, primarily consisting of gold, copper, zinc, and other metals through investments in China and overseas across nine countries.

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Posted By : Rabi Wangkhem on Tue, 03 Dec 2019
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