TORONTO - A Chinese mining company has signed a friendly deal to buy Continental Gold Inc. for $1.4 billion. Zijin Mining Group Co. Ltd. has agreed to pay $5.50 per share in cash for the Toronto-based company which is developing the Buritica gold project in Colombia. The Buritica project is expected to produce approximately 250,000 ounces of gold per year on average over a 14-year mine life. The agreement is subject to the approval of at least a two-thirds majority vote by shareholders and simple majority of the votes cast by disinterested shareholders at a special meeting of Continental shareholders. “In the span of a decade, Continental has transformed the Buritica project from a grassroots discovery into one of the world’s largest and highest-grade gold projects,” Continental chief executive Ari Sussman said in a statement.

Source: thestar December 02, 2019 15:00 UTC