- Registration time
- Last login
- Online time
- 826 Hour
- Reading permission
This post was edited by RealMadrid1 at 2012-8-24 02:12|
grb Post time: 2012-8-23 15:57
Gold is a terrible investment now.......
It is indeed....
Makes you wonder about how bright the SOE investment managers are, they are currently running around buying substantial shareholdings or clear take-overs of gold mining assests in Australia, Southern Africa and other places....
China Daily, 17th August, 2012.
Firm eyes Barrick's stake in Tanzania gold miner
China National Gold Group Corp is in talks with Barrick Gold Corp about buying its controlling interest in African Barrick Gold Plc.
China National Gold is studying the 73.9 percent stake in African Barrick, the largest producer of the precious metal in Tanzania, according to a statement on Thursday from Toronto-based Barrick. There's no certainty an offer will be made, it said.
China, with $3.2 trillion in foreign exchange reserves, has urged companies to buy assets overseas, securing energy and commodity resources to feed industries from power generation to construction. Zijin Mining Group Co, its biggest gold miner by market value, said in July it's looking to buy copper projects in Africa, while China's Minmetals Resources Ltd agreed to buy Anvil Mining Ltd in 2011 for $1.3 billion to access the metal.
China Daily, 9th August, 2012.
Chinese company buys Australian gold mine
Zijin Mining Group Co Ltd, China's top gold producer by output, said a subsidiary has bought more than 50 percent of Australia-listed Norton Gold Fields, in the first successful example of a Chinese company taking over a large gold mine that is in production.
Jinyu International Mining Co, the fully owned subsidiary of Zijin Group, made a A$180.3 million ($190 million) cash takeover offer in May for the Australian gold mine, according to Xinhua News Agency.
Zijin, which didn't specify the final value or precise stake of its takeover, owned 16.98 percent of Norton before the offer.
Chen Jinghe, chairman of the group, said the takeover is in accordance with the international development strategies of the company.
China Daily, 10th July, 2012.
Chinese firms' growing ODI offers world opportunities
While the past decade was the period that saw a huge inflow of foreign investment into China, the coming 10 years are certain to herald a wave of outbound direct investment by Chinese companies.Although some people have expressed doubts over the intentions behind Chinese companies' overseas investment, a number of examples show that these projects create win-win benefits.
Huang Bao'an, administrative vice-president of Qingdao Kingking Group, the world's second-largest candle maker, has been traveling around the world since early this year, from Africa to Europe, to see whether there are business opportunities amid the spreading European debt crisis.
"We plan to invest $100 million to develop gold and copper mines across the world in the next three years", with Africa being a priority, he told China Daily.
Due to the debt woes, "many European companies, which own energy projects in Africa, are finding it hard to survive and are considering halting or withdrawing their investments. This has given Chinese enterprises huge opportunities to invest abroad and develop natural resources", he said.
As part of the expansion, Kingking, based in the coastal city of Qingdao in Shandong province, is considering buying a gold mine in Mozambique, covering more than 100 square kilometers.