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
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.
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.
This is not good! Canada is doomed.
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…
Wrong.
Should not be allowed to have foreign companies any major interests in our natural resources. None! Small investments, but no ownership.
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.
China continues to but up Canada, Spencer has several articles that show what is occurring.
buy, not but.
Disgusting.
Here we go again. Let me re-word the headline: “REPORT: Canada To Be Taken Over By China.”
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.
He doesn’t need cash. Canada currently has a decent credit rating so Trudeau just keeps increasing the debt by borrowing. This year’s deficit is estimated to be over $28 BILLION, with no intention of ever paying it down. He truly doesn’t care. The thousands of pathetic climate protesters are going to be forced to hand over much of their paycheque in tax deductions if they even have one,
As I understand it, the Feds, meaning Trudeau, must approve the sale of a Canadian company for $1 billion or more. He failed to do that with Anbang Insurance which owned Retirement Concepts. The incompetence of that company that has forced BC Health to take over the failing operation of at least two Senior’s Retirement homes in BC. Another Trudeau success story. His failures to act in the best interests of Canada and Canadian companies just go on and on. Even when he doesn’t do anything he messes up. He wants to control the climate of the world? What a… Read more »