Zijin Mining Buys Stake in Canada's Pretium Resources for $70.63 Million to Increase Gold Resources

BEIJING (SMM): Zijin Mining’s wholly-owned subsidiary Xinxing Global Limited has entered into an agreement December 8 to buy stake in Canadian company Pretium Resources for C$ 80.87 million ($70.63 million), the parent company told Shanghai Stock Exchange today.

Xinxing Global will acquire 12,836,826 common shares of Pretium Resources at C$6.3 per share, meaning it will get hold of about 9.9% of the Canadian company’s stake after the transaction.

Pretium Resources, headquartered in Vancouver, is a company engaging in mine exploration and development. The company owns 100% interest in the Brucejack gold & silver mine and the Snowfield gold & silver mine in Canada.

Zijin Mining said the deal will help it increase its gold and silver resources and improve competitiveness. 

Courtesy: www.metal.com