The acquisition is part of the company’s efforts to expand its gold mining portfolio with the transaction comprising of the Marvel Loch underground mine and a 2.2 million tonne per annum processing plant.
A portfolio of potential exploration leases with an approximate value of $10m is also part of the agreement.
Commenting on the acqusition China Hanking chief executive officer Dr. Pan Guocheng said that the transaction further diversifies the company’s product range and geographical reach.
"The acquisition demonstrates the firm position of the company to become an international mining player.
"The addition of a gold asset into the resource portfolio of the company will strengthen the company’s capacity for a sustainable growth and create values for its shareholders in a long run," Guocheng said.
Closure of the transaction is subject to an approval from the Foreign Investment Review Board of Australia.
