Another Week, Another Chinese Gold Mine

"hough the true amounts are debatable, it’s generally conceded that China is importing a lot of gold.

What’s not included in this calculation — but should be — are the deposits its mining companies are acquiring overseas. This gold-in-the-ground is just as much a national monetary asset as is metal accumulated by Chinese investors and — to the extent that the mining companies sell their output to the government — can be expected to add to Chinese central bank gold holdings over time.

Most recently, China’s Zijin Mining Group not only made another Australian acquisition but raised $1.6 billion to keep the M&A binge going:

China’s Zijin targets Australian gold miner in M&A spree

SYDNEY: Zijin Mining Group has launched a bid for Australian gold explorer Phoenix Gold, the Chinese company’s third planned acquisition of a foreign mining asset in less than a month...

at  http://dollarcollapse.com/gold/another-week-another-chinese-gold-mine/