Proposed Share Issuance to Partly Fund Zijin Mining’s Acquisition; FVE Unchanged
No-moat-rated Zijin Mining has successfully acquired 63% of RTB Bor Group in end-2018 and took over Canada-listed miner, Nevsun Resources in January 2019. We think these will help to mitigate the firm’s falling gold production due to reserves depletion while further strengthening its copper production in the long term. To recap, we estimated that these transactions will increase the firm’s resources (including inferred resources) for zinc, copper and gold by about 24%, 42% and 32%, respectively....Zijin Mining Group Company Limited is a China-based company principally engaged in the exploration, mining, smelting and sales of gold and other metal minerals. The Company's main products include gold products, copper products, lead and zinc products, iron products, silver products, among others. Its gold products mainly include the mineral gold, standard gold bullions, gold ingots and gold concentrates, among others. The Company is also involved in the geographic survey businesses through its subsidiaries.
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