Zijin Mining Group Co Ltd, China's largest listed gold producer, is buying nearly a 10 percent stake in Pretium Resources Inc, a small Canadian miner developing one of the highest grade gold finds in recent times. Zijin will purchase a 9.9 percent stake in Pretium for C$80.9 million ($70.56 million), the two parties said on Monday. In the transaction, a private placement, Pretium will issue 12.8 million shares to Zijin at C$6.30 a share.Pretium's shares added 2 Canadian cents to C$6.52 on the Toronto Stock Exchange.The financing comes as miners struggle to raise funds for building new mines due to weaker metals prices and following several high-profile cost blow-outs on mine developments in recent years.Pretium is in the process of permitting its Brucejack project in British Columbia and said it would use the money to fund capital expenses such as camp infrastructure.
Pretium Resources Inc. is engaged in the acquisition, exploration and development of precious metal resource properties. Shares of PVG traded higher by 0.35% or $0.02/share to $5.72. In the past year, the shares have traded as low as $4.07 and as high as $8.85. On average, 457523 shares of PVG exchange hands on a given day and today's volume is recorded at 372065.
Pretium Resources Inc. is engaged in the acquisition, exploration and development of precious metal resource properties. Shares of PVG traded higher by 0.77% or $0.05/share to $6.55. In the past year, the shares have traded as low as $4.60 and as high as $9.43. On average, 286890 shares of PVG.TO exchange hands on a given day and today's volume is recorded at 518308.
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