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Gold

“Better to Wait”: Chinese Mining Leader Cautious on Acquisitions Despite Record Gold Rally

Gold Pulls Back After Record Run — What Comes Next?
Gold Pulls Back After Record Run — What Comes Next?

Chinese gold company Chifeng Gold is looking for acquisition opportunities worldwide but is being cautious due to recent price fluctuations.

The company has grown rapidly, increasing its gold output from 2 tons in 2019 to 15.2 tons in 2023 through mines in China, Ghana, and Laos.

After raising $361 million in its Hong Kong listing in March (which saw shares jump 80%), the company is well-positioned for acquisitions.

However, with gold prices recently dropping 8% from record highs, CEO Lydia Yang says they’re taking a careful approach to deals until market conditions stabilize.

Eight more from the desk

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