Zijin Spends $710 Million on Deals With Barrick, Ivanhoe

Zijin Mining Group Co. will spend $710 million buying into mines in Papua New Guinea and the Democratic Republic of Congo as China’s most valuable gold producer extends its reach across the globe.

Zijin will buy a 50 percent stake in Barrick Gold Corp.’s Porgera mine in Papua New Guinea for $298 million, according to a statement on Tuesday. Separately, the company based in China’s Fujian province agreed to acquire 49.5 percent of Ivanhoe Mines Ltd.’s Kamoa copper project in Congo for $412 million. Ivanhoe shares jumped as much as 17 percent.