The China Money Report: China to maintain gold focusSubmitted by Charleston Voice on Tue, 04/10/2012 - 15:37
April 10, 2012 / D.Collins
IT was just the tip of the iceberg. We’re talking about last week’s move by Zijin Mining Group to launch a $299 million bid for Norton Gold Fields (NGF), which operates the Paddington goldmine near Kalgoorlie.
There was some surprise expressed at this: while Chinese companies have been snapping up bulk and base metals projects around the world, it was generally thought they had little interest in picking up gold projects.
Think again. A very reliable source close to several gold companies tells us Chinese interests are not only taking stakes in explorers and miners,they are also buying gold directly from producers and shipping it home.