The stake, which will be sold by Appian Pinnacle to Shenghe's Singapore unit, will cost the latter around A$39.25 million.

"There's a general cooling of the economy in China. Infrastructure and property are both key in terms of driving metals demand and we do not expect a quick reversal in either."

The state is home to mines that provide about 30% of the world's iron ore and 70% of China's imports.

Western Australia, where Northern Star is based and has the bulk of its gold-mining operations, is one of the world’s last jurisdictions attempting to eliminate covid-19

Gold reserves increased 19% to 6.98 million ounces, resulting in average annual gold production of 479,000 ounces during the first seven years.