BEIJING -- Zhaojin Mining, one of China's biggest gold miners, aims to double production of the precious metal as early as 2024 on the back of overseas acquisitions and may look for deals below $500 million, the head of its international arm says.
Shandong-based Zhaojin currently produces around 650,000 ounces (18.43 tonnes) a year of gold, Leo Zhao, managing director of Zhaojin International Mining Co., said at a Global Mining Association of China seminar in Beijing on Thursday.
China's miners, the traditional drivers of mergers and acquisitions in the gold sector, have made no overseas gold mine acquisitions so far in 2019, according to Refinitiv Eikon data.
However, Zhaojin this month agreed to set up a joint venture with Australia-based PCF Capital Group that will identify potential M&A opportunities there. ...
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