Zijin News On 12 June 2020, Zijin Mining issued an announcement that the company entered into an arrangement agreement with Guyana Goldfields Inc. The Company, through a wholly-owned subsidiary established in Canada by Gold Mountains (H.K.) International Mining Company Limited, the Company’ soverseas wholly-owned subsidiary, proposed to acquire all the issued and outstanding common shares of Guyana Goldfields for cash consideration of CAD$1.85per Target Share. The total consideration for 100% Target Shares under the Acquisitionis approximately CAD$323 million. After completion of the Acquisition, the Company will own 100% equity interest in Guyana Goldfields.
Guyana Goldfields Inc.’s main assets are 100% interest in the Aurora Gold Mine project (in current production) and 15 separate exploration properties held.
According to the NI 43-101 technical report released by Guyana Goldfields in 2020, Aurora Gold Mine owned retained gold resource reserve volume of 178 tonnes, grading 2.7g/t in average, the mine life of the mine is 14 years. Production is expected to turn from open-pit mining to underground mining in mid-2021. The processing volume of the plant is 7,500 tonnes/day. The average annual gold production volume approximately 4.57 tonnes, of which, the average annual gold production from underground mining from 2022 to 2026 is expected to be approximately 5.27 tonnes.
According to the general research of Zijin (Xiamen) Engineering Co., Ltd.(a subsidiary of the Company)on the Aurora Gold Mine, through redesign by means such as re-measuring the open-pit mining boundary, joint open-pit and underground miningand optimising the mining and processing methods, etc., the over all designed project scale is expected to be approximately 2.5milliontonnes/year and the total mine life can be extended.
About Zijin Mining
Zijin Mining is a leading global metals and mining company and one of the world’s largest producers of gold, copper, and zinc. The company has more than 30 large-scale mining operations and projects across 19 countries on 5 continents. Leveraging strong in-house research, engineering, and development capabilities, Zijin maintains high operational efficiency and low costs in both acquisitions and operations. This enables the company to be an industry leader in value creation, underpinned by its philosophy of pursuing development for all and sustained by superior environmental, social, and governance performance. Zijin’s shares trade on the Hong Kong Stock Exchange (HKEX: 2899) and the Shanghai Stock Exchange (SSE: 601899).