HK Stock Movement | CMOC (03993) Rises Nearly 4% in Afternoon Session, Plans $1B Acquisition of Brazilian Gold Mine Projects to Add ~8 Tons Annual Gold Output

Stock News14:18

CMOC (03993) gained nearly 4% in afternoon trading, rising 3.22% to HK$18.62 by the time of writing, with a turnover of HK$421 million. The company recently announced its agreement to acquire a 100% stake in three Brazilian gold mining assets from Canadian miner Equinox Gold for a total consideration of $1.015 billion. The assets include the Aurizona, RDM, and Bahia gold mines.

CMOC expressed optimism about the long-term market outlook for gold assets, stating that this acquisition aligns with its "copper-gold dual-core" M&A strategy. Galaxy Securities noted in a research report that this marks CMOC's second gold mining project in South America following the acquisition of the Khoemacau mine. The new assets are expected to synergize well with CMOC's existing Brazilian phosphate and silver operations, further strengthening its gold portfolio.

Upon completion of the deal, CMOC's annual gold production is projected to increase by approximately 8 tons. With the upcoming commencement of operations at the Odin Mining project in Ecuador, the company's total gold output could potentially exceed 20 tons per year.

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