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Zijin Mining acquires 50% of Barrick Gold’s interest in Porgera project for US$298 million

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Overview

Client

Zijin Mining Group

On August 31, 2015, Chinese state-owned mining company Zijin Mining Group Co., Ltd., one of China’s largest gold and copper producers, completed the acquisition from Barrick Gold Corporation of a 50% stake in Barrick (Niugini) Limited (holder of a 95% interest in the Porgera gold project in Papua New Guinea) in a cash and stock deal valued at US$298 million, through Gold Mountains (H.K.) International Mining Company Limited its wholly-owned subsidiary.

Fasken Martineau acted as Canadian advisor to Zijin Mining Group Co. Ltd. in respect of this acquisition with a team including Michael Boehm, Lei Huang, Daye Kaba and Bruce Blain.

Team

  • S. Bruce Blain, Counsel, Toronto, ON, +1 416 865 4355, bblain@fasken.com