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  • livestrong1003 livestrong1003 May 29, 2013 7:11 PM Flag

    China accumulates gold and gold miners

    China and the BRIC nations will continue to increase the gold backing of their currencies with as much gold as possible. The artificially low gold price is welcomed with open arms in the East. They will use their “gold-backed” currencies to unseat the dollar as the world’s Reserve Currency and Petro-Dollar.

    Gold miners in China, the world's biggest producer, have been chasing mines and listed companies in a bid to grow and match the largest global producers, like Barrick Gold Corp .

    China's top gold producer, Zijin Mining and state-owned Shandong Gold Group have been leading the expansion push.

    Zijin won control over small producer Norton Gold Fields in Australia last year for $240 million and on Wednesday made a A$13 million bid for explorer Kalgoorlie Mining Co.

    Norton Gold Fields chief executive Dianmin Chen, a Zijin appointee, said the company was looking at further takeovers to consolidate gold miners in Australia, and was also open to buying assets outside Australia.

    Shandong bought 51 percent of Australia's Focus Minerals last year for A$225 million ($232 million) and is in talks to invest in London-listed Chaarat Gold, which is looking to raise $450 million for a project in Kyrgyzstan.

    Barrick Gold put its 74 percent stake in African Barrick Gold up for sale late last year, in what could have been a $3 billion deal, attracting interest from China National Gold Group Corp.

 
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