• 4 hours WCS-WTI Spread Narrows As Exports-By-Rail Pick Up
  • 9 hours Norway Grants Record 75 New Offshore Exploration Leases
  • 13 hours China’s Growing Appetite For Renewables
  • 16 hours Chevron To Resume Drilling In Kurdistan
  • 19 hours India Boosts Oil, Gas Resource Estimate Ahead Of Bidding Round
  • 20 hours India’s Reliance Boosts Export Refinery Capacity By 30%
  • 21 hours Nigeria Among Worst Performers In Electricity Supply
  • 1 day ELN Attacks Another Colombian Pipeline As Ceasefire Ceases
  • 1 day Shell Buys 43.8% Stake In Silicon Ranch Solar
  • 2 days Saudis To Award Nuclear Power Contracts In December
  • 2 days Shell Approves Its First North Sea Oil Project In Six Years
  • 2 days China Unlikely To Maintain Record Oil Product Exports
  • 2 days Australia Solar Power Additions Hit Record In 2017
  • 2 days Morocco Prepares $4.6B Gas Project Tender
  • 2 days Iranian Oil Tanker Sinks After Second Explosion
  • 4 days Russia To Discuss Possible Exit From OPEC Deal
  • 4 days Iranian Oil Tanker Drifts Into Japanese Waters As Fires Rage On
  • 5 days Kenya Cuts Share Of Oil Revenues To Local Communities
  • 5 days IEA: $65-70 Oil Could Cause Surge In U.S. Shale Production
  • 5 days Russia’s Lukoil May Sell 20% In Oil Trader Litasco
  • 5 days Falling Chinese Oil Imports Weigh On Prices
  • 5 days Shell Considers Buying Dutch Green Energy Supplier
  • 5 days Wind And Solar Prices Continue To Fall
  • 6 days Residents Flee After Nigeria Gas Company Pipeline Explodes
  • 6 days Venezuela To Pre-Mine Petro For Release In 6-Weeks
  • 6 days Trump Says U.S. “Could Conceivably” Rejoin Paris Climate Accord
  • 6 days Saudis Shortlist New York, London, Hong Kong For Aramco IPO
  • 6 days Rigid EU Rules Makes ICE Move 245 Oil Futures Contracts To U.S.
  • 6 days Norway Reports Record Gas Sales To Europe In 2017
  • 6 days Trump’s Plan Makes 65 Billion BOE Available For Drilling
  • 6 days PetroChina’s Biggest Refinery Doubles Russian Pipeline Oil Intake
  • 7 days NYC Sues Five Oil Majors For Contributing To Climate Change
  • 7 days Saudi Aramco Looks To Secure $6B In Cheap Loans Before IPO
  • 7 days Shell Sells Stake In Iraqi Oil Field To Japan’s Itochu
  • 7 days Iranian Oil Tanker Explodes, Could Continue To Burn For A Month
  • 7 days Florida Gets An Oil Drilling Pass
  • 8 days Oil Prices Rise After API Reports Staggering Crude Oil Draw
  • 8 days Tesla Begins Mass Production Of Solar Shingles
  • 8 days EIA Boosts World Oil Demand Forecast For 2018 By 100,000 Bpd
  • 8 days Businessman Seeks Sale Of $5.2B Stake In Kazakhstan Oil Field
Alt Text

Can Mali Maintain Its Gold Mining Status?

Mali could be about to…

Alt Text

Expect Mine Closures In This Key Gold Mining Nation

Major gold mining nation South…

Alt Text

Did These Mining Giants Just Confirm The Next Gold Frontier?

After Ecuador’s President removed a…

These Miners Are Seeking Over $1.3 Billion in Acquisitions

These Miners Are Seeking Over $1.3 Billion in Acquisitions

There's been a lot of press lately about a possible slowdown in the economy of China. And speculation over the effects that such a happening might have on the commodities sector.

But two separate news items last week suggest Chinese mining companies are still cash-rich. And on the hunt for acquisitions.

In the gold space, for example. Where China's largest gold miner, Zijin Mining, said it is looking to buy up to $1.3 billion worth of assets this year alone.

Zijin officials told Bloomberg that the firm is primarily targeting gold projects in Africa. Noting that they are looking for projects with more than 100 tonnes (3.2 million ounces) of gold reserves. Or copper projects with more than one million tonnes (2.2 billion pounds) of reserves.

Interestingly, the latter metal is a new focus for Zijin. With the company noting that over "the next few years", it will "undergo a transitory period towards copper mining." Opening up a totally new range of potential acquisition projects for the firm.

And Zijin isn't the only Chinese player eying projects in the copper space. Last week, China Molybdenum--the country's largest molybdenum producer--said it is also looking to buy more copper projects.

China Molybdenum's chairman Li Chaochun was quoted by the South China Morning Post as saying, "We are bullish on copper over the long run. It is one of our investment priorities."

The company noted that it is actively looking for acquisitions in developed countries, and "regions with stable political conditions". This following on the heels of the firm recently buying the Northparkes copper mine in Australia from Rio Tinto, for $820 million.

Chaochun also added that the major miner is "studying other metals."

Both announcements suggest that demand for quality mining projects from China is going to remain high. Both in established jurisdictions--and frontier economies such as in Africa.

We'll see what targets emerge for these big buyers.

Here's to building a portfolio,

Dave Forest




Back to homepage


Leave a comment
  • Kevin Joseph on December 06 2014 said:
    Iron Ore,mining in Nigeria,is Virgin territory and prime for production to sell into domestic market,particularly for sponge iron production steel facilities.

    Nigeria,imports 17mt per annum of steel products,it immune from other parts of the steel world,as needs and can sell all produced products,like roofing,nails,buckets,rebar etc.locally.

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News