Zijin Mining is to buy assets and pursue long-term ventures with two western miners, underscoring China’s importance as a strategic partner for some of the industry’s leading companies.
Zijin, one of China’s largest miners, is paying $298m for a joint venture with Barrick Gold whereby each company will own 47.5 per cent of Porgera, a gold mine in Papua New Guinea.
The wider significance is the companies’ partnership to collaborate on further investments. Barrick, the world’s largest gold miner by annual output, has been expected to try to find a Chinese partner since John Thornton, who is well connected in Beijing, took over as chairman last year.
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