On May 13, 2008, a wholly owned subsidiary of China National Gold Group Corporation acquired a 42 per cent controlling stake of Jinshin Gold Mines from Ivanhoe Mines. China National Gold became Jinshan's largest shareholder, acquiring 67,520,060 common shares of Jinshan and a promissory note of $7.5 million for an aggregate purchase price of $217.7 million.
China National Gold is a large-scale, state-owned Chinese enterprise and is the largest producer of gold in China. It is active in all facets of the gold mining industry, from engineering and fabrication of heavy mining equipment for internal use and export abroad, to exploration, mining, refining and gold and silver bullion sales. China National Gold produces approximately 20 per cent of the total gold production in China and controls more than 30 per cent of the known gold reserves in China.
Jinshan, based in Vancouver, is a Canadian mining company focused on gold production in China. Its Chang Shan Hao Gold Mine is one of China's largest foreign-owned gold mines. Ivanhoe Mines is an international mining company with operations focused in the Asia Pacific region.
China National Gold was represented by Blake, Cassels & Graydon LLP with a team consisting of Peter O'Callaghan, Teresa Budd and Ryan Goodman.
Ivanhoe was represented by the Vancouver office of Goodmans LLP with a team led by David Redford and including Matthew Kirk.
China National Gold is a large-scale, state-owned Chinese enterprise and is the largest producer of gold in China. It is active in all facets of the gold mining industry, from engineering and fabrication of heavy mining equipment for internal use and export abroad, to exploration, mining, refining and gold and silver bullion sales. China National Gold produces approximately 20 per cent of the total gold production in China and controls more than 30 per cent of the known gold reserves in China.
Jinshan, based in Vancouver, is a Canadian mining company focused on gold production in China. Its Chang Shan Hao Gold Mine is one of China's largest foreign-owned gold mines. Ivanhoe Mines is an international mining company with operations focused in the Asia Pacific region.
China National Gold was represented by Blake, Cassels & Graydon LLP with a team consisting of Peter O'Callaghan, Teresa Budd and Ryan Goodman.
Ivanhoe was represented by the Vancouver office of Goodmans LLP with a team led by David Redford and including Matthew Kirk.
