Chinese mining company Zijin Mining has announced they will acquire Guyana Goldfields for C$323M.
“Guyana Goldfields' management team has dedicated tremendous effort and made significant contributions in progressing the Aurora Gold Mine and we look forward to advancing and developing the next phase of the mine. We believe that the Aurora mine is a high-quality gold asset with significant upside potential which we believe will be highly complementary to Zijin's existing mining asset portfolio.”
Chen Jinghe, Chairman of Zijin
This all cash deal is a significant premium of 35% to Guyana Goldfields’ closing price. It comes during a period of heavy M&A activity in the mining industry.