Soaring Reminbi amidst a slowing global economy provides a strong impetus for
Chinese enterprises to hunt for minerals in foreign markets to fuel its
fast-growing economy. Quoting reliable sources, Reuters reported that The
#Shandong Gold Group is close to inking a US$1 billion acquisition deal in
Jaguar Mining, a gold mining corporation based in South America. This offer
price is 73% above Jaguar Minings closing on the New York Stock Exchange. If
Shandong is successful, the deal will be the biggest overseas acquisition by a
Chinese gold miner. This timely bid is in anticipation of a possible amendment
in Brazils Congress to make it tougher for foreign miners to take over local
rivals and ramp up mining royalty payments. Having achieved a historic-high
price of $1920.30 in September this year, acquisition interest in Gold has been
on the rise because companies are keen to expand their reserves but concerned
about depleting existing mines and poor discovery rates for new ones. Other
notable deals from China include #Minmetals Resources Ltds planned $1.28 billion
takeover of Africa-focused copper miner #Anvil Mining Ltd and #Sinopec Groups
C$2.2 billion ($2.1 billion) agreement in October to buy Canadian oil and gas
explorer Daylight Energy Ltd. If you want to leverage on the latest market
developments in the mining sector and tap into new funds availability, you want
to check out Asia Mining Congress. Download programme now! (Source:
http://in.reuters.com/article/2011/11/16/us-jaguarmining-shandonggold-idINTRE7AF26620111116
)
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