China copper smelters plan to cut output after margins fall
The output cuts underscore the industry’s struggle with a shortage of feedstocks caused by recent mine production setbacks.
Canadian miner Continental Gold said on Tuesday its shareholders have voted in favour of a C$1.3 billion ($989.19 million) takeover offer from China’s Zijin Mining Group Co Ltd .
Of the cast votes, 98.63% were in favour of the deal, the company said.
State-backed Zijin aims to secure Continental Gold’s flagship Buritica gold project in Colombia.
Buritica’s high-grade ore and hearty output estimates make it a coveted project for miners who are waiting to lay their hands on the unexplored mineral riches of Colombia.
Continental Gold had earlier said independent proxy advisery firms Institutional Shareholder Services and Glass Lewis urged its shareholders to support the deal.
Subject to obtaining required approvals, the deal is expected to close in the first quarter of 2020, Continental said.
($1 = 1.3142 Canadian dollars)
(By Arunima Kumar; Editing by Shinjini Ganguli)
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