Zijing Mining : Colombian Gold Mine Acquisition: China’s Expansion into Colombia
Bogota
February 06, 2020
China’s gold mining giant: Zijing Mining group
The Zijing Mining Group has acquired a 100% stake in Continental Gold in Canada.
On January 29, the board of directors of Continental Gold decided to transfer the interests.
The deal is worth about $ 1 billion.
Zijing Mining group acquires 100% interest in Northern British Columbia / Britica mine.
Britica Gold Mine: Development Scale
About 165 tons of gold proven reserves
Estimated reserves are about 187 tons,
The Zijing Mining group produces about 250,000 oz per year,
It is expected to operate for 14 years.
Colombian Government:
Mining projects at the Britica mine and the already mined Cisneros mine in Antioquia.
Domestic gold production expected to increase 26% after 2020 (see July 23, 2019 article)
China’s advance into Colombia:
In recent years, Chinese companies have been prominently expanding into Colombia.
Aug 2018: MINISO opened a store in Bogota, currently has 60 stores in 21 cities.
Jun 2019: Drip and Drop (DiDi) has advanced､100,000 registered drivers.
Oct 2019: Bogotá Metro Line 1 was awarded by CHC and Xi’an Subway.
Dec 2019: China wins bid for a 40km railway/Bogota､Facatativa.
President Ivan Duque:
China official visit to Xi Jinping Jintao held talks in July 2019.
Colombian coffee export expansion,
Avocado export ban,
Establishment of a scholarship program for studying in China,
Announced a plan to open a direct flight between Bogota and Shanghai.
-JETRO
https://www.jetro.go.jp/biznews/2020/02/c55c7734c0b8dfe1.html