日期： 2011年11月7日
原文： Bloomberg
Zijin Mining Group Co., Ltd, China's biggest gold producer by market value, aims to spend as much as 10billion Yuan(US$1.6 billion) a year on acquisitions and expanding mines as global growth concerns drive down valuations.
"The prices of mining assets have returned to reasonable levels," Chen Jinghe, Zijin's chairman, said in an interview at a conference in Tianjin. The company will target gold, copper and other metals that are in short supply in China, he said.
There may be an acceleration of mergers and acquisitions in the gold mining industry, BlackRock Inc, which manages US$36 billion in natural resources fund, sadi last month. The Bloomberg World Mining Index has dropped about 16% this half as Europe's debt crisis drags on global recovery.
"The 2008 crisis passed away very quickly as governments imposed stimulus plans to save the market," Chen said yesterday."Now, the bullets have been used up."
Zijin's shares gained almost 1% to HK$3.58, its highest since 1 Sep, at the close in HongKong trading. The gold producer has fallen 26% this year, outpacing the 15% drop on the benchmark Hang Seng Index. Gold has climbed 25% this year, heading for an 11th consecutive annual advance.
The company aims to spend between 5 billion Yuan and 10 billion Yuan a year on acquistitions and expansion to sustain"normal growth," Chen said.
Overseas investments face"hurdles"in getting approval from the Chinese government because it "may fear deals would lose money," Chen later told reporters. The government should ease control and support companies seeking deals, he said.
The company in September spent US$95 million to buy 17% of Australian copper and gold miner Norton Gold Fields and a 60% stake in Altynken Limited Liability Co, a Kazakhstan-based company which has access to a gold mine in Kyrgyzstan.
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