Four overseas mining acquisition funds jointly established
Source: www.zgkyb.com Citation:www.agkyb.com Date: October 26, 2015
CHINA MINING 2015 witnessed the establishment of three mining funds and signing of a series strategic cooperation agreements by mining giants including Beijing International Mining City, Beijing International Mining Exchange, Sprott Group and Shandong Zhaojin Group. Mr. Zhong Ziran, Director of China Geological Survey, attended the signing ceremony.
The International Mining Value Discovery Fund was jointly initiated by Shandong Zhaojin Group, Sprott Group and Beijing International Mining City to mainly invest in precious metals in countries including Canada, the United States and Australia and securities of listed company relating with non-ferrous metal minerals.
BMZJ (Beijing Mining City and Zhaojin Group) Short-term Mining Financing Fund was jointly initiated by Zhaojin Resources, a subsidy of Zhaojin Group, Beijing International Mining Exchange and Beijing International Mining City Capital Management, a unit of Beijing International Mining City. With a total fund of RMB 5billion, the Fund focused on providing short-term financing backed by mining right, equity or asset, to domestic mining companies that own high quality asset and are in need of financing but are not capable for bank loan.
ZJSH(Zhaojin-Shenghua) Overseas Resources Acquisitions Fund was jointly initiated by Zhaojin Resources and Shenghua Capital Management, one of Beijing International Mining City’s capital operating platforms. With a planned scale of $5billion, the fund had raised its first asset of $500million. The fund would focus on overseas non-ferrous metal and precious metal mineral projects and companies. Coordinating with other funds of the two companies, it would take advantage of the sluggish mining industry and make mergers and acquisitions of overseas high-quality mining projects as well as provide asset for domestic mining companies to make overseas mergers and acquisitions.
Zhong Ziran indicated that China is not only a big source of demand for mineral resources but also a big investor now. He affirmed the cooperation model between Sprott Group and Beijing International Mining City and welcomed foreign mining-oriented capital management companies like Sprott Group to establish long-term strategic partnership of mutual trust with China’s mining companies and to boost China`s economic growth and help China’s mining companies to expand business overseas.
Mr. Peter Grosskopf, CEO of Canadian Sprott Group, proposed that Sprott Group would be happy to make open cooperation and establish long-term strategic partnership of mutual trust with China’s mining industries.(Liu Aiying / Pei Lei)
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