Zijin Mining: Successful merger plan

In the face of repeated overseas mergers and acquisitions, Lon Fusseng, vice chairman of Zijin Mining (601899), said in a 2010-year mining Focus Asia meeting in Shanghai yesterday that it was confident that the company's plan to buy Congo's copper Platmincongo would succeed, even though Congo's state-owned mining companies questioned the deal. "I believe that the project will eventually be approved by the Congolese government because the project needs to be invested," Lon Fusseng said. "Our project has no legal problems. They may have misunderstood our plan.　　He said that although the Congolese Government's approval may be delayed, the company will receive approval from the Chinese government next month. It was a May 7 announcement by Zijin Mining.　　The same day, Zijin Mining said that the government-supported China-Africa Development Fund will jointly acquire the Congo to engage in copper and cobalt mine project Platmincongo (BVI) 100% rights and liabilities, the total cost of 284 million U.S. dollars.　　But only one working day-May 10, foreign media reported that the Congo did not approve the deal.　　On the night of 11th, Zijin Mining also issued a notice confirming that it had contacted the counterparty copperbeltmineralslimited to request the implementation of the Congolese deal approval progress.　　Lon Fusseng said yesterday that the Zijin mining industry sought to participate in large-scale overseas projects to achieve future development, and that the company had invested in a number of small projects over the past five years, of which gold has been the most favored.　　But it is obvious that the Zijin mining industry has recently bucked the trend of "project, capacity expansion" is indeed a bumpy road.　　Zijin mining, for example, just issued a notice last week, saying that the bid for Australia's indophilresourcesnl100% stake, announced in the past year, has been pushed back from March 19, 2010 to July 9. According to the information available, Zijin Mining is keen to buy ore at home and abroad under the premise of considerable profit. Domestic, the completion of the Jinji Mountain gold deposits, such as four or five of the acquisition of minerals, foreign, successfully into the Canadian mainland mining companies, the Tibet Xietongmen Copper and gold development of the largest shareholder.