Hedge funds slash bullish wagers on gold over Trump election win
The precious metal has fallen about 8% from a record high on Oct. 31, with losses accelerating after Trump’s election victory last week.
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s Tietto Minerals has become unconditional.
The Chinese gold miner also said that as of April 24, it held a 16.24% stake in the Australian gold producer.
Zhaojin owned a 7.02% stake in Tietto before the offer became unconditional.
All the other terms and conditions of the offer, including the new offer price announced on 15 April, remain unchanged, Zhaojin added.
Shares of Tietto Minerals rose as much as 7.11% to A$0.68, its highest level since April 19, 2023.
The Chinese gold miner last week increased its offer to buy the stake it did not already own in the Perth-headquartered firm to up to A$0.68 per share from A$0.58.
The acquisition, if it goes through, would expand Zhaojin Mining’s business overseas and increase profitability.
($1 = 1.5340 Australian dollars)
(By Roshan Thomas; Editing by Savio D’Souza and Eileen Soreng)
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