Zijin Mining completes asset sale, independent director resigns

Zijin Mining Group Co., Ltd. (SSE:601899) announced the completion of the sale of its Australian subsidiary Norton Gold Fields Pty Ltd's (Norton Gold Fields) wholly-owned subsidiary, Bullabulling Gold Pty Ltd, to Minerals 260 (ASX:MI6), effective January 1, 2025. The transaction involved cash consideration of AUD 156.5 million and 83.33 million shares of MI6 stock, valued at AUD 10 million. Bullabulling Gold Pty Ltd holds 100% of the Bullabulling Gold Mine, which has gold reserves of 72 tons with an average grade of 1.2 g/t. The sale aligns with Zijin Mining's strategy to focus on core assets, and will optimize Norton Gold Fields’ asset structure and improve operational efficiency. As of the end of 2024, the target company had total assets of AUD 40.56 million and net assets of AUD 10.97 million.