China Gold Group, the country's largest gold producer, said Monday that it would speed up overseas takeovers to obtain resources abroad, an increasingly common move for Chinese mining companies.
China Gold will participate in overseas acquisitions, look for resources in Africa and establish cooperation with other companies worldwide, Song Xin, deputy general manager of the group, was quoted by caixin.com as saying during the 2012 China Mining Conference and Exhibition held in Tianjin.
Song said China Gold is currently doing due diligence on a possible acquisition of African Barrick Gold. Capital Week, a weekly magazine, reported Monday that some other large gold companies in China are also seeking overseas takeovers, including Shandong Gold, Zijing Mining and Zhaojin Mining.
These gold companies are examples of Chinese mining firms accelerating overseas investment, thanks to good investment opportunities created by capital shortages that have hit mining industries worldwide during the global financial crisis, said Yang Yihang, deputy director-general of the Investment Promotion Agency of the Ministry of Commerce.
Chinese companies made 64 overseas investment moves in solid minerals such as coal and various metals in 32 countries worldwide in the first half of 2012, involving a total value of $1.42 billion, according to Chen Xianda, deputy secretary-general of China Mining Association.
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