China s Shandong Yulong Gold to buy Australia s Barto for $188 million in debt Reuters 5/03/2021
(Reuters) - Shandong Yulong Gold Co said on Friday it had agreed to acquire Australian gold miner Barto Industry Co from fellow Chinese firm Shandong Tianye by assuming the target company s debt of 1.22 billion yuan ($188 million).
Shandong Yulong Gold, which used to make steel pipes before changing its name and business focus, said in a statement to the Shanghai Stock Exchange its Lanjing Mining subsidiary would acquire 100% of Barto and control its gold mining operations in Western Australia.
The deal still requires a number of approvals, including from Australia s Foreign Investment Review Board, the filing said. Developed gold-rich countries such as Australia and Canada have increased their scrutiny of transactions made by acquisitive Chinese firms over the past year.