If anyone doubts the universal lure of gold as its price nears an all-time high then consider a China vs. Russia takeover battle for an African gold deposit controlled by an Australian mining company. Mordashov Made The First MoveEarlier this year, Nordgold made its first move on Cardinal Resources, an Australian company which discovered the Namdini gold deposit in Ghana. That move threatened a close relationship Cardinal had developed with China’s second-biggest gold producer, Shandong Gold, forcing Shandong to launch a rival bid for Cardinal in June pitched at 42c a share, and recommended by the Cardinal board. Undeterred, Mordashov sweetened Nordgold’s offer with an increase in the bid price to 46c a share. Alexey Mordashov touring a Severstal steel pipe factory in 2006 with the President ... [+] of Russia, Vladimir Putin.

Source: Forbes July 21, 2020 02:31 UTC