China’s Zijin Gold Surges After $4 Billion Africa Mines Deal

Zijin Gold International Co., a unit of China’s largest precious metals miner, surged to an all-time high after agreeing to buy Allied Gold Corp. to boost output and reserves, with prices of the commodity near a record.

Shares in the Zijin Mining Group Co. affiliate rose as much as 19% in Hong Kong, after the $4 billion deal was announced on Monday. Canadian-registered Allied owns mines in Africa that produced about 12 tons of bullion last year.