Zhongrun Resources Investment Corp has agreed to buy a 42 percent stake in Noble Mineral Resources Ltd for A$85 million ($88 million), sending shares in the Australian gold miner up 25 percent, to A$0.15, though still well short of a record A$0.805 the company's shares touched last year.
The deal is the latest in a string of investments in gold miners by Chinese companies, keen to meet soaring domestic demand for gold at home, particularly to be spent on jewelry, which is often seen as a good hedge against inflation.
Zhongrun agreed to pay A$0.16 and A$0.18 a share for two sets of shares to be issued to two different arms of Zhongrun.
China Daily-Agencies
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