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.

Long-dormant merger and acquisition (M&A) activity in Australia and other mining-intensive countries is showing signs of a rebirth, with Zijin the most acquisitive to date and with the deepest pockets.