Barrick says Ontario Superior Court dismisses 2022 Tanzanian security case
A group of 21 Tanzanian nationals had alleged that Barrick was complicit in extrajudicial killings by police guarding its North Mara mine.
There’s been a lot of press lately about a possible slowdown in the economy of China. And speculation over the effects that such a happening might have on the commodities sector.
But two separate news items last week suggest Chinese mining companies are still cash-rich. And on the hunt for acquisitions.
In the gold space, for example. Where China’s largest gold miner, Zijin Mining, said it is looking to buy up to $1.3 billion worth of assets this year alone.
Zijin officials told Bloomberg that the firm is primarily targeting gold projects in Africa. Noting that they are looking for projects with more than 100 tonnes (3.2 million ounces) of gold reserves. Or copper projects with more than one million tonnes (2.2 billion pounds) of reserves.
Interestingly, the latter metal is a new focus for Zijin. With the company noting that over “the next few years”, it will “undergo a transitory period towards copper mining.” Opening up a totally new range of potential acquisition projects for the firm.
And Zijin isn’t the only Chinese player eying projects in the copper space. Last week, China Molybdenum–the country’s largest molybdenum producer–said it is also looking to buy more copper projects.
China Molybdenum’s chairman Li Chaochun was quoted by the South China Morning Post as saying, “We are bullish on copper over the long run. It is one of our investment priorities.”
The company noted that it is actively looking for acquisitions in developed countries, and “regions with stable political conditions”. This following on the heels of the firm recently buying the Northparkes copper mine in Australia from Rio Tinto, for $820 million.
Chaochun also added that the major miner is “studying other metals.”
Both announcements suggest that demand for quality mining projects from China is going to remain high. Both in established jurisdictions–and frontier economies such as in Africa.
We’ll see what targets emerge for these big buyers.
Here’s to building a portfolio,
Dave Forest
