Zijin Mining Agrees to Acquire Stake in Timok Copper-Gold Mine
November 03 2019 - 8:40PM
Dow Jones News
By P.R.Venkat
Zijin Mining Group Co. (2899.HK) said it has agreed to buy a
stake in the Timok copper-gold mine for an initial price of $240
million.
Zijin Mining will acquire 72% of the class B shares of CuAu
International Holdings Ltd. held by a wholly owned subsidiary of
Freeport-McMoRan Inc., the Hong Kong-listed firm said Monday.
The lower zone of the Timok mine possesses 14.30 million tonnes
of copper metal and 9.60 million ounces of gold metal, or
approximately 299 tonnes, the company said.
The acquisition also involves five exploration licences in the
surrounding area, with favorable potential for prospecting.
The Timok mine is located near Bor in eastern Serbia.
Write to P.R. Venkat at venkat.pr@wsj.com
(END) Dow Jones Newswires
November 03, 2019 20:25 ET (01:25 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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