I don't think Zijin will make a scrip offer for PXG, if there...

I don't think Zijin will make a scrip offer for PXG, if there will be an offer likely in cash.

To take Norton private, has some advantages:
1. reduces the risk of share price volatility
2. minimize costs of corporate overheads
3. gives parent direct funding backing to Australian operations, rather than Norton going for funding via banks or raise capital in case of an event of adverse market conditions
4. Zijin can fund directly to Australian operations such as Bullabulling Gold project rather raise cash on the market

I honestly do not think Zijin will take over PXG at this stage, the gold market will be volatile. I think when PXG falls to depressed prices, thats why they will come and take over it.

This reminds me of the 2009 when Santos purchase HGO's 19% stake in Eastern Star Gas (ESG). Immediately everyone got hyped thinking Santos will make a move at premium to buy out the rest of ESG. But Santos didn't... (at that time ESG was trading around 90c to $1)

Only two years later, when ESG fell to 56-65c, Santos came in and offered to buy out the whole ESG for 89c scrip for scrip offer.

I think this will be likely the case for Zijin-PXG when the time comes, unless the only way to avoid that is pray to god, that gold prices are on the way up and lots of market caps of gold companies rise back to where they were at the height of the boom.