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China’s Zijin invests A$27.7m in Australian miner Norton
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26th July 2011
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PERTH (miningweekly.com) − Gold miner Norton Gold Fields has raised A$27.67-million through a subscription agreement with China’s Zijin Mining Group to cut the company’s debt.

The miner said on Tuesday that it had privately placed some 138.3-million shares, at 20c a share to Zijin, giving the company a 16.98% shareholding in Norton.

“We are very pleased to welcome Zijin as a strategic shareholder of Norton. Zijin has a strong technical and operational background in gold mining, which will complement our own expertise,” said Norton MD Andre Labuschagne.

The share placement would consist of two tranches, with the first 72.1-million shares being conditional on Zijin receiving the necessary Chinese regulatory approvals.The first tranche is expected to be issued within the next three days.

The second tranche, consisting of 66.25-million shares, would be issued no later than September 16, and would be subject to Zijin receiving regulatory approval, as well as shareholder approval.

Labuschagne noted that the funds raised from the placement would be used to reduce Norton’s debt levels from the current A$80-million to A$50-million.
 

Edited by: Mariaan Webb

 

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