China Knowledge reported that Zijin Mining Group Co Ltd the largest listed gold miner in China by output has invested AUD 27.67 million to raise its shareholding in Australia Norton Gold Fields to 16.98%.

Zijin Mining Group said in a statement that the firm had 5.9 million shares of Norton Gold Fields before the investment.

The deal came after Zijin Mining last month announced plans to buy a 60% stake in central Asian goldminer Altynken and related loans to boost its gold reserves.

Mr Fan Cheung-Man Zijin Mining secretary said the deal would allow the company to expand its presence overseas and secure more gold reserves, adding that Zijin Mining will assign a director to Norton Gold's board.

He said that Zijin Mining will continue to seek gold and copper investment opportunities outside China.

Norton Gold which is mainly engaged in producing gold and exploring the West Australian goldfields near Kalgoorlie has main assets including the Paddington gold mines and Mount Morgan project.

(Sourced from China Knowledge)