Zijin Gold Acquires Control of Chinese Rival for $2.6 Billion

The gold unit of Zijin Mining Group Co. will acquire a controlling stake in Chifeng Jilong Gold Mining Co. for 18.26 billion yuan ($2.64 billion), cementing the group’s status as China’s top miner of the precious metal.

Zijin Gold International Co. will buy existing Chifeng shares listed on the mainland, and new shares issued in Hong Kong, taking the group’s holding in the target to nearly 26%, according to statements from the companies.