Interesting: China Goes Prospecting
for World’s Gold Mines
Hunt by Chinese companies for overseas deals could make China an even bigger player in the global gold market.
Chinese gold miners are aggressively scouting for overseas acquisitions.
If cash-rich Chinese gold miners embark on an asset-buying spree, China could reduce its dependency on other international producers for supplies and increase its heft in global gold markets.
“China has five to six gold companies. I have been in touch with all of them, and they all have plans for increasing assets overseas,” said Peter Grosskopf, chief executive of Sprott Inc., parent of Sprott Asset Management, a Toronto-based company that manages assets including physical bullion trusts.
Sprott has set up a partnership fund with Zijin Mining Group, which is called the Zijin Sprott Fund, with the aim of buying overseas gold assets, Mr. Grosskopf said. “The expansion [opportunities] are better globally than in China.”