China Knowledge reported that Zijin Mining Group Co Ltd the largest listed gold miner in China by output has inked an agreement to acquire a 60% stake in a Kyrgyzstan gold miner at a consideration of USD 66 million.

Pursuant to the agreement, Zijin Mining will buy the target equities of Altynken LLC to have mining and production licenses for the Taldy Bulak Levoberejny field gold mine in Kyrgyzstan. However, the Chinese gold miner said the acquisition is still waiting for approvals from the Chinese and Kyrgyzstan governments.

Altynken had CNY 848 million in total assets and CNY 1.45 billion in total liabilities at the end of last year and the company suffered a net loss of CNY 149 million in 2010 and CNY 252 million in 2009.

(Sourced from China Knowledge)