Shandong Tianye buys Hanking Australia for A$330m

China’s Shandong Tianye Group has acquired unlisted Hanking Australia and its Southern Cross gold project, in Western Australia, for A$330-million. Hanking Australia, which is a subsidiary of Hong Kong-listed China Hanking Holdings, acquired the Southern Cross mine in 2013. The project is estimated to host a 34.7-million-tonne resource, grading 4.1 g/t gold for 4.5-million ounces, and a reserve of 8.7-million tonnes, grading 3.4 g/t gold for 960 000 oz.