Zijin to buy Ridge Mining shares for $120 million

Zijin Mining Group Co Ltd, a Chinese leading gold and base metal producer, announced it will buy the new shares and warrants of England and Wales's resource company - Ridge Mining for £8.2, through its Subsidiaries - Jinshan International MIning.

Zijin said it will buy 16 million new shares of Ridge Mining at the price of £0.45 each share, accounting for 20% of total shares expanded, ; while it purchase 10 million warrants at the price of £0.1 each share. if the deal could be carried on completely, Zijin's share in Ridge Mining will rise to 29.3%.

The main business of Ridge Mining listed in London Stock Exchange AIM are prospecting and exploiture for platinum and related metals, owning many platinum projects in South Africa. Zijin said the deal will provide an opportunity for itself to jion in the overseas mining business.