REPORT: Canadian Mining Company Continental Gold To Be Taken Over By China’s Zijin Mining Group

The takeover is valued at $1.37 billion.

Continental Gold, a Canadian mining company, won’t be Canadian much longer.

It’s being taken over by China’s Zijing Mining Group Co., one of China’s largest gold mining companies.

According to reports, “The acquisition would give Zijin control of the Buritica gold project in Colombia, which is currently being developed. Output at Zijin Mountain, China’s top gold mine which the producer is named for, is dropping because of depleting resources.”

The move will be a big boost to China’s strategic interests, as China gains access to a gold mine that can supplement their depleting homegrown-supply.

However, considering how closely connected all large Chinese companies are to the Communist Party, many will wonder why a Canadian company is even allowed to let a company from China buy them out.

On the positive side for Canada, Canadian mining company Kirkland Lake Gold Ltd recently bought Detour Gold Corp., in an acquisition valued at over $4 billion CAD.

Spencer Fernando

Photo – YouTube

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Joe
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Joe

China knows that hard assets are easy to export as inflation keeps on increasing.
No doubt now that it has its foot in the door, the rest of the mining sectors will be looked at very hard.
Many sectors also bring in their own workers as well.

Joe
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Joe

One thing about solid resources, once it’s gone, that is forever…
As we’re finding too, it gets more expensive and difficult to reach other resources.

Marlin
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This is not good! Canada is doomed.

Joe
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Joe

I find it very alarming how Trudeau’s family trust accept Chinese donations and impose all these restrictions and pushing the Climate Change agenda while China totally gets a pass and they are the world’s greatest polluter and still growing…

Sandra
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Sandra

Wrong.
Should not be allowed to have foreign companies any major interests in our natural resources. None! Small investments, but no ownership.

photonstream
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photonstream

Trudeau does not care what happens to Canada or Canadians at all. He only cares about himself and his agenda. The Canadians who voted him back in must be as morally and ethically corrupt as he is.

old white guy
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old white guy

China continues to but up Canada, Spencer has several articles that show what is occurring.

old white guy
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old white guy

buy, not but.

Jaba
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Jaba

Disgusting.

Brian Dougan
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Here we go again. Let me re-word the headline: “REPORT: Canada To Be Taken Over By China.”

Don
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Don

We will see more sales like this as Trudeau’s government begins to run short of cash. Of course, it could be rectified by developing our oil resources. But that’s another story in a universe far away.