Chinese Mining Giant CMOC to Snap Up Four Brazilian Gold Mines for USD1 Billion
CMOC Group plans to acquire four gold mines in Brazil for up to USD1 billion from Equinox Gold. The acquisition includes the Aurizona, RDM, Fazenda, and Santa Luz mines, expected to increase CMOC's gold output to eight tons annually. This move follows CMOC's recent USD419 million purchase of Ecuador's Cangrejos Project. The acquisition aims to diversify CMOC's portfolio amid historic high gold prices. CMOC's net profit surged 73% in the first three quarters, despite a 6% revenue drop. CMOC's Shanghai and Hong Kong shares have gained significantly this year.
