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China's Zhongjin Gold to acquire smelter, nonferrous miner

Zhongjin Gold Corp. Ltd. said it plans to acquire stakes in a nonferrous metals miner and a smelter for 8.5 billion Chinese yuan.

The Chinese gold major will pay 50.34% shareholder China National Gold Group Corp. 4.71 billion yuan to acquire the latter's 90% holding in China Gold Inner Mongolia Mining Co. Ltd. and pay five institutional investors 3.8 billion yuan for a 61% stake in Henan Zhongyuan Gold Smelter Co. Ltd. by issuing shares at 6.68 yuan apiece and paying 569.6 million yuan in cash.

Meanwhile, Zhongjin Gold said it intends to raise up to 2 billion yuan from no more than 10 investors through a nonpublic issuance of its shares to fund the acquisition.

As of May. 23, US$1 was equivalent to 6.91 Chinese yuan.