DESPITE tough times in the mining industry Zijin Mining Group is upbeat about the future of its Norton Gold Fields operations in Australia. Zijin has given the company a mandate to nearly double gold production and keep an eye out for potential acquisitions.
ORACLE Mining Corp has secured a convertible loan facility of up to Can$10 million from Hong Kong-based Rich Stone Mining Investment. The funds will be used to advance the Oracle Ridge Copper Project in Arizona, USA, as well as for working capital and general corporate purposes.
SHANXI Donghui Coal Coking & Chemicals Group Co has completed its unconditional off-market takeover offer for the ordinary shares in ASX-listed Inova Resources. The offer closed at 7pm Melbourne time on November 14 and at the time Shanxi Donghui had acquired 95.37% of Inova’s ordinary shares as a result of acceptances of the offer.
CHINA African Precious Metals (CAPM), which is affiliated to Hong Kong’s SSC Mandarin Holdings, is buying the liquidated Orkney gold mine in South Africa for 150 million rand (US$15 million). Orkney was an asset of Pamodzi Gold which went bankrupt in 2009 and had been given operational rights in the meantime.