Allied Gold Deserves Re-Rating Following Deal With Leading Chinese Gold Producer
The spate of Chinese companies becoming involved with Australian junior mining companies is gathering force. A week or so ago China’s biggest iron ore importer, Sinosteel, announced a potential A$40 million joint venture with PepinNini. The aim is to develop the Crocker Well uranium deposit which has been listed as a possible mine since Esso and Shell kicked a few rocks at the site as far back as the 1960s. They eventually proving up 14.85 million pounds of uranium, not enough for a big mine back then, and uneconomic for the past 20 years because of low uranium prices. Now Zijin Mining Group has outed itself as being the hitherto unnamed investor which is taking a 10 per cent stake in Allied Gold by subscribing for 3.2 million fully paid shares at a price of not less than A$0.60 per share .. more ..
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