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Zijin Mining Group Calls Off Platmin Congo Acquisition

By Joel ScanlonSep 7 2010

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.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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