Shandong Yulong Gold to buy Australia’s Barto for $188m in debt

The deal still requires a number of approvals, including from Australia’s Foreign Investment Review Board, the filing said. Developed gold-rich countries such as Australia and Canada have increased their scrutiny of transactions made by acquisitive Chinese firms over the past year.

Barto’s operations, in the Southern Cross greenstone belt, are currently managed on behalf of Shandong Tianye by West Perth-based explorer Minjar Gold, which is targeting producing gold from the assets at an annualised rate of 160,000 ounces by this year.

($1 = 6.4945 Chinese yuan renminbi)

(Reporting by Tom Daly Editing by Paul Simao)

This content was originally published here.

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