ASTANA, Kazakhstan, June 30. Chinese mining company Zijin Mining has agreed to purchase the major Raigorodok gold deposit located in Kazakhstan's Akmola region, the statement of Chinese Zijin Mining filed to the Hong Kong Stock Exchange said, Trend reports.
According to the information, the agreement was reached on June 29. The deal is valued at $1.2 billion.
Control of RG Gold, the developer of the deposit, will transfer from Cantech to Jinha Mining, a Singapore-based subsidiary of Zijin Mining. The document specifies that the deal is subject to approval by national regulators.
The international JORC classification indicates that the Raigorodok deposit contains 100 metric tons of gold reserves, making it one of the largest single-type gold deposits in the country. The current annual production is around 5.5 tons, with the potential to increase to 10 tons.
This will be Zijin Mining’s largest deal in the past six years. The acquisition is expected to help the company increase its annual gold production to 110 tons by 2028.
