It is reported that Zijin Mining Group will obtain 138 million shares of Norton Gold Fields Limited for CNY 193 million. The investment accounts for less than 0.89% of Zijin Mining audited net assets in 2010.

Zijin Mining says the transaction will give it a foothold in the Australian market.

Specifically, the firm and its affiliate, Virgin Islands registered Luminous Gold Limited purchased 138 million shares at AUD 0.2 yuan per share for a total of AUD 27.67 million.

Norton Gold is listed on the Australia Exchange and is engaged in mining and exploration businesses. Its major assets include the Paddington gold mine project in Kalgoorlie Town and the Mount Morgan processing plant in Queensland.

Norton produced 140,000 ounces of gold, equivalent to 4.35 tonnes in 2010. The Paddington mine consists of several deposits and it is able to process three million tons of ores annually.

(Sourced from China Securities Journal)