Zijin Mining Group has completed its acquisition of a 25.85% interest in Chifeng Jilong Gold Mining, securing control of the fellow Chinese gold producer. First announced in March, the transaction is valued at approximately ¥18.26 billion ($3.9 billion). It was finalized through the transfer of Chifeng A-shares and the issuance of new H-shares to a Zijin subsidiary.
Zijin is now Chifeng’s largest shareholder and can consolidate its financial results. The company said it will begin integrating Chifeng by appointing a new board and applying its own exploration and mine-management systems. The acquisition solidifies Zijin’s position as China’s top gold producer.