http://www.businessweek.com/news/2012-03-29/zijin-plans-overseas-...

http://www.businessweek.com/news/2012-03-29/zijin-plans-overseas-financing-platform-for-acquired-assets

"Zijin Mining Group Co. (2899), China’s biggest gold producer by value, plans to set up an overseas financing “platform” for its foreign assets, Chairman Chen Jinghe said.

“We’ll transfer our foreign assets, including the Kyrgyzstan project, gradually into the new platform at a proper time,” Chen said, without elaborating. “We may seek a dual listing of these assets.”

Chen plans to spend as much as 10 billion yuan ($1.6 billion) a year on expansion and acquisitions as global economic growth concerns reduce valuations, he said in November. China is set to displace India as the biggest gold user this year amid demand for jewelry and investments, the producer-funded World Gold Council said.

The company yesterday posted an 18 percent increase in full-year profit as increasing gold demand drove prices higher. Zijin may spend 12.4 billion yuan, including 5.5 billion yuan on buying gold mines and companies, mainly overseas, Chen said.

The company said in November it will pay $228 million to China’s Jinchuan Group Ltd. for a 45 percent stake in Gold Eagle, which controls a gold and copper project in Tibet. Zijin owns stakes in Australia’s Norton Gold Fields and Altynken LLC, a company based in Kazakhstan with access to a gold mine in Kyrgyzstan...."