By: Miningmx

China's Zhaojin Mining Industry is scouting for gold mine acquisitions in Africa, Central Asia and the Asia Pacific, with West African countries including Côte d’Ivoire, Ghana and Guinea among its preferred targets, the company’s chief investment officer told Bloomberg News.

Xu Jianzhuo said in an interview with the newswire that Zhaojin was particularly interested in assets being shed by Western miners in politically stable jurisdictions. Consolidation opportunities would persist, he added, with some miners divesting non-core assets following their own acquisitions.

“Gold M&As are very active at the moment,” Xu said. “The trend will only become stronger. Even under such high gold prices, we still see deals being carried out to boost scale.”

Chinese miners have been active participants in the global M&A wave driven by record gold prices. Rival Zijin Mining earlier this year acquired Allied Gold Corp, gaining mines in Mali, Côte d’Ivoire and Ethiopia.

Zhaojin made its first significant overseas move in 2024 with the purchase of assets in Côte d’Ivoire. Its Abujar mine is expected to produce 4-5 tons of gold this year.

The company is also building a copper portfolio, with interest in smaller projects in Namibia and Botswana, though Xu cautioned that high capital costs warranted a careful approach.