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Zijin Mining Group Calls Off Platmin Congo Acquisition

The Zijin Mining Group Company has called off the acquisition of Platmin Congo Ltd. after it was saddled with regulatory probes in China over a recent toxic spill.

Chairman Cehn Jinghe said that his plan to make two overseas acquisitions this year had been hampered by the acid laced waste leakage that took place on July 3.

The regulatory probes and clean up drive on the river in Shanghang was necessitated due to the killing of fish. The company had thus allowed the deal for Platmin Congo Ltd to expire after failing to complete the purchase by the August 31 deadline.

The gold mining company had hoped to buy Platmin Congo Ltd jointly with China-Africa Development Fund Co. In fact in May Zijin Mining had said that the company and the fund would acquire US $284 million worth of copper mines in Africa to expand their overseas mining business.

The mining company did not give the preconditions in the statement that it filed to the Shanghai stock exchange for not completing the deal. However the deal is now off.

Joel Scanlon

Written by

Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.


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