CGG/SP$10 WITH CGG BUY/BACKWE ASKED IR WE WANT A 51% BUYBACK FOR THE SHARES TO BE TIGHTLY HELD AGAIN DRILL RESULTS COMING AND THEY WILL HIT THERE NUMBERS NEXT QUARTER
Commodity-Backed Currencies? China Buys Huge Copper Mine; Russia Onshores Largest Gold Minerwhy is China and Russia making huge investments in commodity-miners? Russia's largest gold miner Polyus Gold is considering a complete onshoring of its activities and China is buying a huge Peruvian copper mine from Glencore. The outcome would appear to enable both firms to do away with USD but not having to buy this resource in the market... just mine it?Russia is onshoring its commodity miners...Polyus Gold, Russia's biggest gold miner, is considering state proposals to encourage the rebasing of Russian firms currently owned by offshore entities and intends to explore these issues with the government, the company said on Friday.Russian President Vladimir Putin has been pushing for the so-called "de-offshorisation" of the Russian economy, whereby companies with offshore entities re-register them in Russia and pay taxes in Russia.
A Chinese consortium is buying Glencore Xstrata's copper mine in Peru in a $6bn (£3.6bn) all-cash deal, marking one of China's largest mining acquisitions.
The mine is expected to produce more than 450,000 tonnes of copper a year in its first five years.China Gold International Resources Corp. Ltd. (TSX: CGG, SEHK: 2099) is a mining and exploration company based in Vancouver, B.C., Canada. The Company operates two producing mines, the CSH Gold Mine in Inner Mongolia, and the Jiama Copper-Polymetallic Mine in Tibet Autonomous Region of China. CGG’s stated corporate objective is to expand its resource base and grow production both at its current mining operations in China, and through an acquisition and development strategy targeting international projects.