Zijin Offers to Take Over Phoenix gold to Strengthen Gold Development in WA
2015/08/08 5400

Zijin Mining announced on Aug. 6th that its wholly-owned Norton ld Fields Limited will offer 0.10 Australian dollars per share to acquire all the issued shares of Australia's Phoenix gold Limited which the company does not own. The total amount of this acquisition will be 45 million Australian dollars (about RMB 205 million). This transaction increases the gold reserves of Zijin Mining, and shows the company’s determination to strengthen and develop the gold project in Western Australia. Meanwhile, this move accelerates the company’s speed of “ Global”.

Phoenix is a gold exploration company listed on the Australian Securities Exchange. The company owns several mining rights covering 600 square kilometers around Kalorlie in Western Australia. In accordance with Joint Ore Reserves Committee CODE (JORC Code), Phoenix has gold mineral resources of 4Moz (113Mt at 1.1g/t) and gold mineral reserves of 1.16Moz (30Mt at 1.18g/t). Mineral resources presented are exclusive of mineral reserves.

Norton ld Fields Limited submitted bidder’s statement to Australian Securities and Investments Commission (ASIC) on August 6.The offer will be valid from August 20, 2015 to 7 p.m. (Australian Eastern Standard Time) of September 21, 2015. As at the date of the announcement, Norton and its associates hold a 17.94% relevant interest in Phoenix.