Business / Companies

China National Gold Group's purchase of 82 pct stake in Jinfeng completes

(Xinhua) Updated: 2016-09-08 09:42

BEIJING - China National Gold Group, the country's leading gold producer, said that its purchase of a 82 percent stake in a gold mine in Guizhou from Canada's Eldorado Gold was completed on Wednesday.

It is the group's biggest cross-border takeover. In April, the group signed an agreement to buy 82 percent interest in the Jinfeng gold mine in southern Guizhou province from Eldorado Gold, the world's fourth largest gold producer.

"The successful takeover brings not only quality assets, but also intangible assets including advanced methods of management and operation models to us," said Song Xin, general manager of China National Gold Group.

Jinfeng processes 4,500 tons of ore daily, and produces 4 tons of gold annually.

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