Posted in | News | Gold | Copper | Mining Business

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 emigrated to Australia in 1995 and worked for five years in the mining industry as an exploration geotechnician, using GIS mapping and CAD software. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm. After that, he ran a successful business providing web services to businesses along the eastern seaboard of Australia. During this time, he developed and launched News-Medical.Net. Joel has been working with AZoNetwork since the company was founded in 2000.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Scanlon, Joel. (2019, March 19). Zijin Mining Group Calls Off Platmin Congo Acquisition. AZoMining. Retrieved on June 01, 2023 from https://www.azomining.com/News.aspx?newsID=303.

  • MLA

    Scanlon, Joel. "Zijin Mining Group Calls Off Platmin Congo Acquisition". AZoMining. 01 June 2023. <https://www.azomining.com/News.aspx?newsID=303>.

  • Chicago

    Scanlon, Joel. "Zijin Mining Group Calls Off Platmin Congo Acquisition". AZoMining. https://www.azomining.com/News.aspx?newsID=303. (accessed June 01, 2023).

  • Harvard

    Scanlon, Joel. 2019. Zijin Mining Group Calls Off Platmin Congo Acquisition. AZoMining, viewed 01 June 2023, https://www.azomining.com/News.aspx?newsID=303.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit