Acquisition of RGM by Zijin completed

The acquisition of Rosebel Gold Mines N.V. (RGM), announced in October 2022, by Zijin Mining Group Co. Ltd (Zijin), was completed on Wednesday, Feb. 1, 2023. The conditions set forth in the Share Purchase Agreement for the completion of the share transfer have generally been met. With the completion of the acquisition, Zijin, through its subsidiary Silver Source Group Ltd. now owns 95% Class A shares and 100% Class B shares of RGM. The company remains in production and is expected to produce about 6.1 tons of gold from February to December this year.

The total mineral resource estimate of the Rosebel Gold Mine Project (including 12 deposits and low-grade ore heaps) is 196 million tons at an average grade of 1.11 g/t Au for 6.992 million ounces Au (about 217 tons). Of these, 4 deposits have more than 1 million ounces each. Reserves include 7 deposits and low-grade ore deposits, totaling 3.829 million ounces of gold metal (about 119 tons) with an average grade of 1.09 g/t Au. The total investment of the project is estimated at USD570 million. The project’s average annual gold production volume is expected to be 10.17 tons when it reaches designated production capacity.

Zijin is a multinational mining group dedicated to the exploration and development of gold, copper, zinc and other minerals worldwide, as well as related refining, processing, trading and other activities. Its operations include projects and activities in 15 provinces in the People’s Republic of China (PRC) and in 14 overseas countries in Europe, Central Asia, Africa, Oceania and South America. It is one of the largest Chinese mining companies distinguished by its significant domestic and international copper and gold reserves and production.

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