Vedanta to exclude base metals business from sweeping demerger
The group said it will consider the base metals business demerger at a later stage.
Chinese copper-gold giant Zijin Mining Group is on the move again with plans for more acquisitions.
Reuters reports that Zijin is planning to spend $872 million (5.5 billion yuan) on targets, mostly overseas copper and gold assets:
Chen Jinghe, the chairman, did not identify the targets, but last year told Reuters the company was focusing on acquisitions in Southeast Asia, particularly in the Philippines and Indonesia. The company now has assets in Australia, Peru, Russia and central Asia.
Zijin’s project in Peru was expected to provide enough ore to feed a 200,000 tpa smelter in the southeastern province of Fujian, but the mine has been delayed due to local opposition, Reuters said. The company, which accounts for about 10% of China’s gold production, last November acquired gold mine assets in China’s Gansu province for $181 million.
Zijin attracted some negative attention in 2010 when a tailings dam collapsed, killing 22 people and destroying 523 homes. A government investigation into the disaster blamed the company for faulty tailings dam construction.
2 Comments
Niel
Sir,
This is niel mandreza from the philippnes just want to tell you that there a lot of mining companies now is on operation in our place. If ever you want to have information about mining in our place, just email me on this address, [email protected]. Thank you and more powers to your company.
Richardlion Lee
Hi Neil
I am interested in mining business in the Philippines as we have mining in Indonesia and Africa. Our clients and investors are CHinese. We are interested in Iron ore, copper and gold mines in large mining scale.
Regards
Richard