Chinese miner Zijin to acquire Kazakhstan's RG Gold in $1.2 bln deal

ASTANA. June 30 (Interfax) - China's Zijin Mining Group will acquire Kazakhstan's RG Gold, operator of the Raygorodok gold deposit, for $1.2 billion transaction expected to close by September 30.

The deal, signed through Zijin's Singapore subsidiary Jinha Mining, transfers full ownership of RG Gold LLP and its processing unit from Cantech S.a.r.l. The acquisition remains subject to regulatory approvals, including antitrust clearance.

"Zijin Gold International Company Limited, a wholly-owned subsidiary of Zijin Mining Group Co., Ltd., along with its Singapore-based subsidiary Jinha Mining Pte. Ltd., signed an agreement with Cantech S.a.r.l. on June 29 to acquire 100% stakes in RG Gold LLP and RG Processing LLP," the company said in a statement. "These entities own and operate the Raygorodok gold deposit project in Kazakhstan, currently held by Cantech."

The transaction is set to close on September 30, 2025, with Zijin Mining noting this date will mark the official transfer for financial reporting purposes. The $1.2 billion deal is structured on a cash-free, debt-free basis, meaning the final price will be adjusted based on RG Gold's cash reserves, working capital, and outstanding debt at closing.

Zijin's board of directors unanimously approved the acquisition during an extraordinary meeting in 2025. The company clarified that the deal does not constitute a related-party transaction or major asset restructuring.

The Raygorodok mine in northern Kazakhstan's Akmola region holds 100 metric tonnes of JORC-compliant gold reserves, making it one of the country's largest single gold deposits. The operation currently includes two open pits with plans to develop additional sections.

RG Gold's sole owner is the Luxembourg-registered Cantech S.a.r.l., the ultimate beneficiary of which is Verny Capital.