Market Chatter: Zijin Confirms Illegal Mining Operations at Colombia Mine But Downplays Impact; Shares Rise 3%

MT Newswires Live11-15

Zijin Mining (HKG:2899, SHA:601899) said illegal mining operations at its site in Colombia have taken place before the gold producer purchased the mine in 2020, Yicai Global reported Thursday, citing an employee.

The confirmation comes after the Wall Street Journal reported Wednesday that some 3.2 tons of gold worth $200 million were illegally mined from Zijin's mine in Buriticá, the report said.

The gold stolen from the mine was equivalent to 38% of total production, according to The Wall Street Journal.

The Zijin employee said it would be difficult to determine the exact amount of gold stolen. "We don't know where the 'three tons of gold' circulating on the Internet came from," Yicai quoted the employee as saying.

The impact of the theft on Zijin's profitability is minimal, Yicai reported.

Shares rose 3% in Hong Kong during Friday's trading.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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