Bloomberg reported that Zijin Mining Group Company of China rose to an almost 3 month high in Hong Kong trading after saying it would buy a stake in a copper and gold mine project from Jinchuan Group Limited.

Zijin climbed as much as 7.3% to HKD 3.84 and traded at HKD 3.79. The benchmark Hang Seng index advanced 0.8%.

The company will pay USD 228 million to Jinchuan for 45% stake in Gold Eagle which controls a gold and copper project in Tibet, according to a statement filed to the Hong Kong stock exchange. It also agreed to pay AUD 175 million to buy a gold project in China from Warrior Advance Private Limited and Dragon Mountain Gold Limited.

Mr Chen Jinghe chairman of Zijin said that the gold miner plans to spend as much as CNY 10 billion a year on acquisitions and expansion as global economic concern drives down valuations.

(Sourced from Bloomberg.net)