China's Zijin Mining extends global reach with Barrick, Ivanhoe partnerships; Aus offer

One of China’s largest mining companies Zijin Mining Group has extended its global reach after forming two new long-term mining partnerships with Western miners, while sustaining an aggressive pursuit of an Australian gold miner.  The world’s largest gold producer by output Barrick Gold on Tuesday announced that it had formed a strategic partnership with Zijin that would see the Chinese firm initially acquire a 50% interest in Barrick Niugini (BNL) for $298-million in cash. The transaction was expected to be complete by the third quarter and was subject to customary closing conditions.