Chinese consortium to purchase stake in Australia's Gold One
Shanghai. May 17. INTERFAX-CHINA - A consortium of Chinese companies will purchase a stake in dual Australian Securities Exchange (ASX) and Johannesburg Stock Exchange-listed (JSE) Gold One International (Gold One), the Australian company announced May 16.
Three Chinese entities, namely Baiyin Nonferrous Group Co. Ltd. (Bayin Nonferrous), China-Africa Development Fund (CADF) and Long March Capital Group, aim to secure a combined stake of between 60 and 75 percent for a total consideration of at least AUD 150 million ($154.38 million), or a per share price of AUD 0.55 ($0.57), the announcement said.
Together, the three will make their purchase through BCX Gold Investment Holding Ltd., a company registered in the British Virgin Islands.
Gold One hopes the move will help the company to expand its portfolio of assets both in China and overseas, as well as facilitate a listing on the Hong Kong Securities Exchange in the future.
Baiyin Nonferrous is a mining and smelting group founded in 1954 in Gansu Province. The company's two major shareholders are the State-owned Assets Supervision and Administration Commission of Gansu Provincial Government and CITIC Group, with respective stakes of 47 percent and 41 percent.
CADF is a wholly owned subsidiary of the China Development Bank Corp. (CDB).
Long March is an investment management and advisory firm incorporated in the British Virgin Islands. It focuses primarily on the investment and management of Chinese capital in overseas resources, companies and properties.
Gold One's flagship operation is the Modder East mine, some 30 kilometers east of Johannesburg.
- KHM