China’s Shandong Yulong drops plan to acquire Australian gold miner

Photo: Pixabay

China’s Shandong Yulong Gold said on Thursday it intended to pull out of a deal to buy Australian gold miner Barto Industry Co, citing recent changes in the international economy and macro environment.

The company announced on March 5 it would acquire Barto from fellow Chinese firm Shandong Tianye by assuming the target company’s debt of 1.22 billion yuan ($188 million).

In a filing to the Shanghai Stock Exchange, Yulong said it had carefully studied the transaction “in light of the recent changes in the international economic situation and external macro environment” and decided to negotiate a termination to protect the interests of the company and its shareholders.

It did not elaborate on the rationale for the pullout, which came a day after already tense Chinese-Australian relations worsened with Canberra’s cancellation of two agreements to cooperate with Beijing’s flagship Belt and Road trade and infrastructure initiative.

Earlier this week, China’s Chifeng Jilong Gold Mining walked away from a deal to buy the Bibiani gold mine in Ghana from Australia-based Resolute Mining, saying it had not received timely information about a termination of the mining lease.

Reuters

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.