Zijin Mining acquires shares of Continental Gold in all-cash transaction
March 05, 2020
1.40 Billion CAD
On March 5, 2020, Zijin Mining Group Co. announced that it had acquired all issued and outstanding shares of Continental Gold Inc. for C$5.50 per share. Zijin also acquired all of Continental's outstanding securities convertible into common shares under the same terms. The total value of this all-cash transaction is approximately C$1.4 billion.
The acquisition gives Zijin control of Continental's Buritica gold project in Colombia, one of the world’s largest and highest-grade gold projects, which is currently under development.
Zijin is China’s biggest publicly-listed producer of mined gold, with mining operations focused on gold, zinc, and copper.
Continental is a Toronto-based mining company primarily focused on developing the high-grade Buriticá project in Colombia.
McCarthy Tétrault advised Zijin Mining with a team led by Joyce Lee that includes Geoff Hall, Ainslie Hurd, Gerald Gaunt, Dan Bornstein, Chris Zawadzki, Pavan Jawanda, Chris Langdon, Xin Gao, Ellen Chen, Xin Ci and Haiya Peng (Business), and Jason Gudofsky and Kate McNeece (Competition).