Chinese companies are snapping up overseas gold mines in their quest to become international giants like Canada’s Barrick Gold Corp. even as prices for the metal hit a two-year low.
Driven by strong domestic demand for gold, Chinese miners are taking advantage of depressed company valuations to boost gold reserves by acquiring mines. The challenge they face is that most of the mines that are large enough to pique their interest are either not for sale, already developed with dwindling reserves, or in politically unstable countries.
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