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12/2/2019, 2:04 PM (Source: TeleTrader)
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Zijin Mining Group buying Continental Gold for $1B

Chinese gold mining company Zijin Mining Group Co. Ltd. announced on Monday it entered a definitive agreement to acquire Continental Gold Inc. in an all-cash deal worth approximately $1 billion.

Continental's shares are valued at slighly above $4, a 29% premium over the mining company's volume-weighted average price for the past 20 trading days.

The transaction, which was endorsed by Continental's board of directors, is still subject to regulatory and shareholder approval. Zijin stated it already secured the support of the company's senior management, as well as its largest shareholder Newmont Goldcorp, who own roughly 22% of Continental's shares.

Breaking the News / MD