Zijin Mining (HKG:2899, SHA:601899) subsidiary Jinteng (Singapore) Mining obtained Chinese and Canadian regulatory approval for the acquisition of two mines in Peru, according to a Thursday filing with the Hong Kong Exchange.
Jinteng proposed to buy the entire stake in Peruvian company La Arena, including rights to the La Arena Gold Mine and the La Arena II copper-gold project, the filing said.
The acquisition price is $245 million, plus a $50 million contingent payment to Pan American, the indirect owner of the La Arena project.
Pan American will retain 1.5% in net smelter returns for the La Arena II project the filing said.
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