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RTRS:Chinese investors aim for majority in Gold One
 
JOHANNESBURG (Reuters) - A Chinese consortium has taken steps to take a majority stake in Australia and South Africa-listed Gold One International, the latest drive from investors in the Asian giant into African resources.

"... the consortium is seeking to become the long-term strategic partner of Gold One and its major shareholder," Gold One said in a statement.

"Through a series of interdependent transactions including an offer for existing Gold One shares and a minimum A$150 million (1.1 billion rand) capital injection into Gold One, the Consortium plans to achieve a 60 percent to 75 percent shareholding in the company," it said.

Gold One shares were up 10.5 percent to 3.75 rand at 0718 GMT, compared to a 0.56 percent fall in the wider all-share index in Johannesburg.

The consortium of long-term strategic partners includes Baiyin Non-Ferrous Group, a subsidiary of the CITIC Group, which is China's biggest state-owned investment company, and the China-Africa Development Fund.

It is offering 55 Australian cents a share or 4.08 rand a share, a premium of 27.9 percent to the closing price on May 12 in Australia. The offer has been recommended by the Gold One board of directors and is subject to the opinion of an independent expert.

The company said it will keep its current listings but may also seek one in Hong Kong.

Gold One is a small miner and its flagship mine is the Modder East operation near Johannesburg. In the March quarter the company produced 26,188 ounces of gold, up almost 22 percent on the previous quarter.
Source