China gold firms pursue $1.5 billion Indonesia mine

Shandong Gold Group, one of the biggest Chinese miners of the metal, is among firms considering bids for EMR Capital's Indonesian gold and silver mine, people with knowledge of the matter said.

China Gold International Resources Corp. is also exploring a possible bid for the Martabe mine in North Sumatra province, according to the people, who asked not to be identified because the details are private. EMR Capital, a resources-focused private equity firm, is weighing options including a sale of the asset, which could fetch as much as $1.5 billion, the people said.

Gold producers are seeking acquisitions amid a rally in the price of the precious metal, which last week touched the highest price in more than a year as concerns over North Korea's missile ambitions escalated. Shandong Gold's listed arm agreed in April to pay $960 million for a stake in a Barrick Gold Corp. mine in Argentina, while a group including Fosun International Ltd. said in May it will purchase a stake in Russia's Polyus PJSC for $887 million. ...

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