China Gold International Resources, the overseas development arm of state-owned China National Gold Group, the nation's second-largest gold producer, is scouting for acquisition opportunities in both developed and developing nations.
The Toronto and Hong Kong-listed firm is seeking targets in Central and Southeast Asia, North and South America, Australia, and Africa, chief executive Song Xin told the South China Morning Post.
'In developed nations, opportunities exist, but the costs are high due to high market information transparency,' Song said. 'In developing nations, we are selectively looking at some politically stable regions that have resources.'
The company is also looking to invest in small exploration companies in mature markets, which have proven resources that can be developed into commercial projects.
'We are mainly looking at gold, copper, and silver mines that have at least one million tonnes of copper resources or 100 tonnes of gold resources.'
China Gold, which has no overseas project at present, will also look into buying its parent's recent overseas asset acquisition when its viability is proven.
In January, China National Gold agreed to buy a 70 per cent stake in a mine in the Kyrgyz Republic in Central Asia from Hong Kong-listed water purification equipment maker Chaoyue Group for US$21 million. The mine has around 97 tonnes of gold resources and one tonne of copper resources.
