Latest news with #ZijinMining
Reuters
7 days ago
- Business
- Reuters
Exclusive: China's Zijin leads race to buy Barrick's Ivory Coast Tongon gold mine, sources say
DAKAR, July 23 (Reuters) - China's Zijin Mining ( opens new tab is the front-runner to acquire Barrick Mining's Tongon gold mine in northern Ivory Coast for up to $500 million, two sources close to the matter told Reuters. Barrick, the world's third largest gold producer, is pivoting toward high-margin, long-life assets, with a growing focus on copper and strategic operations in Africa and the Middle East. It suspended activity at its flagship Loulo-Gounkoto complex in neighbouring Mali after the country's military government blocked exports, detained staff, and seized three tons of gold in a dispute over its new mining code. The two sources said Barrick ( opens new tab had appointed Canada-based TD Securities and Australia-based Treadstone Resource Partners to advise on the sale of the Tongon mine, which, according to Barrick, produced 148,000 ounces of gold in 2024 worth $504 million at current prices. Barrick expects the mine to enter care and maintenance by 2027 due to declining resources. The Canadian miner told Reuters it does not comment on market speculation. TD Securities and Treadstone did not respond to requests for comment. Zijin, one of China's largest gold and copper producers, has been expanding rapidly, with recent acquisitions in South America, Central Asia and Africa. Its interest in Tongon comes after Chinese state-owned enterprises have invested more than $50 billion in African mining projects since 2010, with a strong focus on bauxite, copper, cobalt, and gold. One of the sources, a mining industry executive, said Zijin is leading the bidding for Tongon due to its deep financial resources, adding that the asset is valued at around $300 million and that Zijin is expected to offer significantly more to secure it, potentially up to $500 million. A second mining executive confirmed Zijin's lead but said a local Ivorian company, which he declined to name, was also in contention. The executive added that Zijin did not appear to favour forming a partnership to acquire the Tongon mine, despite that being the Ivorian government's preferred option. Zijin did not respond to a request for comment. Officials at the Ivory Coast Ministry of Mines said they did not have up-to-date information on the proposed sale, declining to comment further on the government's requirements for the deal. A final decision on the winning bidder is expected later this month, pending regulatory approval, the first executive said. The deal could also fall through or be delayed. Barrick has been reshaping its portfolio, completing a $1 billion sale of its 50% stake in the Donlin Gold Project in Alaska and agreeing to divest its historic Hemlo mine in Canada, marking its exit from domestic gold production. In Mali, a military helicopter airlifted gold from the Loulo-Gounkoto site earlier this month, just days after a court-appointed administrator announced plans to sell bullion from the facility to fund operations. Zijin took a 9.9% stake in Canada-based Montage Gold ( opens new tab, which is developing the Koney Gold project in Ivory Coast last July before paying $1 billion for Newmont's (NEM.N), opens new tab Akyem gold mine in October. Barrick holds an 89.7% stake in Tongon, with the Ivorian state owning 10% and local investors holding the remaining 0.3%.
Yahoo
7 days ago
- Business
- Yahoo
Exclusive-China's Zijin leads race to buy Barrick's Ivory Coast Tongon gold mine, sources say
By Maxwell Akalaare Adombila DAKAR (Reuters) -China's Zijin Mining is the front-runner to acquire Barrick Mining's Tongon gold mine in northern Ivory Coast for up to $500 million, two sources close to the matter told Reuters. Barrick, the world's third largest gold producer, is pivoting toward high-margin, long-life assets, with a growing focus on copper and strategic operations in Africa and the Middle East. It suspended activity at its flagship Loulo-Gounkoto complex in neighbouring Mali after the country's military government blocked exports, detained staff, and seized three tons of gold in a dispute over its new mining code. The two sources said Barrick had appointed Canada-based TD Securities and Australia-based Treadstone Resource Partners to advise on the sale of the Tongon mine, which, according to Barrick, produced 148,000 ounces of gold in 2024 worth $504 million at current prices. Barrick expects the mine to enter care and maintenance by 2027 due to declining resources. The Canadian miner told Reuters it does not comment on market speculation. TD Securities and Treadstone did not respond to requests for comment. Zijin, one of China's largest gold and copper producers, has been expanding rapidly, with recent acquisitions in South America, Central Asia and Africa. Its interest in Tongon comes after Chinese state-owned enterprises have invested more than $50 billion in African mining projects since 2010, with a strong focus on bauxite, copper, cobalt, and gold. One of the sources, a mining industry executive, said Zijin is leading the bidding for Tongon due to its deep financial resources, adding that the asset is valued at around $300 million and that Zijin is expected to offer significantly more to secure it, potentially up to $500 million. A second mining executive confirmed Zijin's lead but said a local Ivorian company, which he declined to name, was also in contention. The executive added that Zijin did not appear to favour forming a partnership to acquire the Tongon mine, despite that being the Ivorian government's preferred option. Zijin did not respond to a request for comment. Officials at the Ivory Coast Ministry of Mines said they did not have up-to-date information on the proposed sale, declining to comment further on the government's requirements for the deal. A final decision on the winning bidder is expected later this month, pending regulatory approval, the first executive said. The deal could also fall through or be delayed. Barrick has been reshaping its portfolio, completing a $1 billion sale of its 50% stake in the Donlin Gold Project in Alaska and agreeing to divest its historic Hemlo mine in Canada, marking its exit from domestic gold production. In Mali, a military helicopter airlifted gold from the Loulo-Gounkoto site earlier this month, just days after a court-appointed administrator announced plans to sell bullion from the facility to fund operations. Zijin took a 9.9% stake in Canada-based Montage Gold, which is developing the Koney Gold project in Ivory Coast last July before paying $1 billion for Newmont's Akyem gold mine in October. Barrick holds an 89.7% stake in Tongon, with the Ivorian state owning 10% and local investors holding the remaining 0.3%. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Associated Press
7 days ago
- Business
- Associated Press
Vox Royalty Announces Major Expansion Approval at Binduli North Gold Project
DENVER, CO / ACCESS Newswire / July 23, 2025 / Vox Royalty Corp. (TSX:VOXR)(NASDAQ:VOXR) ('Vox' or the 'Company'), a returns focused mining royalty company, is pleased to announce a significant development at the producing, gold royalty-linked Binduli North gold project in Western Australia. Norton Gold Fields Pty Ltd ('Norton'), a wholly-owned subsidiary of Hong Kong and Shanghai-listed, Zijin Mining Group Co., Ltd., has received regulatory approval for a new Mining Proposal (defined below) that includes a planned major expansion to processing throughput and infrastructure. Spencer Cole, Chief Investment Officer stated: 'The approval of an expanded Mining Proposal marks a major milestone for our producing Janet Ivy gold royalty at Binduli North. With a 40% increase in crushing and grinding capacity up to 7Mtpa, and a life-of-mine plan of up to 8Mtpa over approximately nine years with mineralization open along strike and at depth, this update significantly enhances royalty revenue potential on our uncapped production royalty. At this expanded 7Mtpa run-rate Vox management expects this royalty to potentially generate over US$2M in annual revenue1, which equates to an annual 50% cash return1 on its initial purchase price. The addition of (i) a mobile crushing circuit, (ii) expanded stockpiles, and (iii) processing flexibility between heap leach and the Paddington Mill further de-risk this long-life gold operation. We are encouraged by Norton's continued investment in and operational momentum at one of Vox's key producing Australian gold royalty assets.' Binduli North Expansion Highlights2: Background on Binduli Gold Project3: The Binduli Gold Operation is centrally located approximately 10km west of the City of Kalgoorlie-Boulder, Western Australia, and is a large-tonnage heap leach and open‑pit mining hub comprising Binduli North (royalty-linked) and Binduli South (not royalty linked, undeveloped). The Binduli North tenements include the Fort William, Fort Scott, Karen Louise open pit gold deposits and the large royalty-linked Janet Ivy gold deposit. The Janet Ivy gold mineralisation extends over a 1.3km strike extent, and to an average vertical depth of 130 - 150m from surface. Mineralisation remains open along strike and at depth. Binduli North began ore processing in September 2022, marking the official commencement of production in mid‑2022. In 2024, the mine produced approximately 51,450 ounces of gold in its second full year of production. For more information on Janet Ivy, please visit the Norton website at About Vox Vox is a returns focused mining royalty company with a portfolio of over 60 royalties spanning six jurisdictions. The Company was established in 2014 and has since built unique intellectual property, a technically focused transactional team and a global sourcing network which has allowed Vox to target the highest returns on royalty acquisitions in the mining royalty sector. Since the beginning of 2020, Vox has announced over 30 separate transactions to acquire over 60 royalties. Further information on Vox can be found at For further information contact: Spencer Cole Chief Investment Officer [email protected] (720) 602-4223 Cautionary Note Regarding Forward-Looking Statements and Forward-Looking Information This press release contains 'forward-looking statements', within the meaning of the U.S. Securities Act of 1933, as amended, the U.S. Securities Exchange Act of 1934, as amended, the Private Securities Litigation Reform Act of 1995 and 'forward-looking information' within the meaning of applicable Canadian securities legislation. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as 'expects' or 'does not expect', 'is expected', 'anticipates' or 'does not anticipate' 'plans', 'estimates' or 'intends' or stating that certain actions, events or results " may', 'could', 'would', 'might' or 'will' be taken, occur or be achieved) are not statements of historical fact and may be 'forward-looking statements'. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements. The forward-looking statements and information in this press release include, but are not limited to, summaries of operator updates provided by management and the potential impact on the Company of such operator updates, statements regarding expectations for the timing of commencement of development, construction at and/or resource production at Binduli North, expectations regarding the size, quality and exploitability of the resources at Binduli North, future operations and work programs of Vox's mining operator partners and anticipated future cash flows and future financial reporting by Vox. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to materially differ from those reflected in the forward-looking statements, including but not limited to: the impact of general business and economic conditions, including international trade and tariffs; the absence of control over mining operations from which Vox will purchase precious metals or from which it will receive royalty payments, and risks related to those mining operations, including risks related to international operations, government and environmental regulation, delays in mine construction and operations, actual results of mining and current exploration activities, conclusions of economic evaluations and changes in project parameters as plans are refined; problems related to the ability to market precious metals or other metals; industry conditions, including commodity price fluctuations, interest and exchange rate fluctuations; interpretation by government entities of tax laws or the implementation of new tax laws; the volatility of the stock market; competition; risks related to Vox's dividend policy; epidemics, pandemics or other public health crises, including the global outbreak of the novel coronavirus, geopolitical events and other uncertainties, such as the changes to United States tariff and import/export regulations, as well as those factors discussed in the section entitled 'Risk Factors' in Vox's annual information form for the financial year ended December 31, 2024 available at and the SEC's website at (as part of Vox's Form 40-F). Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statement prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Vox cautions that the foregoing list of material factors is not exhaustive. When relying on the Company's forward-looking statements and information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Vox has assumed that the material factors referred to in the previous paragraph will not cause such forward looking statements and information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors. The forward-looking information contained in this press release represents the expectations of Vox as of the date of this press release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward looking information and should not rely upon this information as of any other date. While Vox may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws. None of the TSX, its Regulation Services Provider (as that term is defined in policies of the TSX) or The Nasdaq Stock Market LLC accepts responsibility for the adequacy or accuracy of this press release. Technical and Third-Party Information Except where otherwise stated, the disclosure in this press release is based on information publicly disclosed by project operators based on the information/data available in the public domain as at the date hereof and none of this information has been independently verified by Vox. Specifically, as a royalty investor, Vox has limited, if any, access to the royalty operations. Although Vox does not have any knowledge that such information may not be accurate, there can be no assurance that such information from the project operators is complete or accurate. Some information publicly reported by the project operators may relate to a larger property than the area covered by Vox's royalty interests. Vox's royalty interests often cover less than 100% and sometimes only a portion of the publicly reported mineral reserves, mineral resources and production from a property. References & Notes: SOURCE: Vox Royalty Corp. press release
Yahoo
17-07-2025
- Business
- Yahoo
Zangge halts lithium production in Chinese province of Qinghai
Chinese miner Zangge Mining, controlled by state-owned giant Zijin Mining, has announced a suspension of lithium production at its facility in Qinghai province following directives from local government officials, reported Reuters. The miner received a notice from Haixi prefecture authorities demanding an immediate stop to non-compliant mining activities, as per a Shenzhen exchange filing. The specific reasons for non-compliance were not disclosed in the filing. Zangge Mining had projected its lithium carbonate production to reach 11,000 tonnes (t) this year. However, operations can only recommence upon receiving approval from the local government. The company has indicated its intention to align its mining operations with compliance standards and to apply for a resumption of production. Zangge Mining stated: "Since it is not yet possible to determine the specific time of Zangge Lithium's resumption of production, the impact on the company cannot be predicted for the time being.' This uncertainty has contributed to volatility in the lithium market, leading to a significant increase in lithium prices. The most actively traded lithium carbonate futures contract on the Guangzhou futures exchange saw a sharp increase to nearly a three-month high following the news of the production halt. The news has positively influenced market sentiment for the critical electric vehicle battery material. Despite the production halt, Zangge Mining anticipates that the impact on its financial results will be minimal. The company expects to produce approximately 5,350t of lithium in the first half of the year. Zijin Mining acquired a controlling stake in Zangge Mining in May 2025, part of its strategy to expand in the lithium market. "Zangge halts lithium production in Chinese province of Qinghai" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CNA
17-07-2025
- Business
- CNA
Chinese miner Zangge halts lithium production at subsidiary after govt order
BEIJING :Chinese miner Zangge Mining said on Thursday it had halted lithium production at a unit in Qinghai province on orders from local officials, sending lithium prices up more than 4 per cent in afternoon trading. The miner, controlled by state-owned giant Zijin Mining, received a notice from Haixi prefecture officials on Wednesday ordering an immediate halt to non-compliant mining, according to a Shenzhen exchange filing. The filing did not say how the mining was non-compliant. Production, which was forecast to hit 11,000 tons of lithium carbonate this year, can only resume with local government approval. Zangge said it plans to make its mining compliant and submit an application. "Since it is not yet possible to determine the specific time of Zangge Lithium's resumption of production, the impact on the company cannot be predicted for the time being," it said in a statement. The most active lithium carbonate futures contract on the Guangzhou futures exchange jumped more than 4 per cent when afternoon trading began at 1.30 p.m. (0550 GMT). Zangge said it expected the shutdown to have only a limited impact on its results. Output at the mine is expected to hit 5,350 metric tons in the first half, it added.
