China’s Zhaojin Targets African Gold Mine Acquisitions As Mining M&A Activity Accelerates

Zhaojin Mining Industry is expanding its search for gold mine acquisitions across Africa as global mining merger and acquisition activity intensifies amid strong gold prices.

According to the company’s chief investment officer, Xu Jianzhuo, Zhaojin is targeting gold assets in politically stable mining jurisdictions, with particular focus on Côte d’Ivoire, Ghana and Guinea in West Africa.

Chinese Miners Expand Global Gold Footprint

Xu said the company is especially interested in acquiring assets being divested by Western mining firms as consolidation reshapes the global gold sector.

“Gold M&As are very active at the moment,” Xu told Bloomberg News.

“The trend will only become stronger. Even under such high gold prices, we still see deals being carried out to boost scale.”

The company is also evaluating opportunities in Central Asia and the Asia-Pacific region as part of its broader international expansion strategy.

Rising Gold Prices Fuel Mining Consolidation

Record gold prices have accelerated acquisition activity across the global mining industry as producers seek to expand reserves, improve production scale and secure long-term supply.

Chinese mining firms have emerged as major participants in the latest wave of global mining consolidation.

Earlier this year, Zijin Mining acquired Allied Gold Corp, gaining exposure to mining operations in Mali, Côte d’Ivoire and Ethiopia.

Côte d’Ivoire Becomes Strategic Entry Point

Zhaojin made its first major international expansion move in 2024 through the acquisition of mining assets in Côte d’Ivoire.

Its Abujar gold mine is expected to produce between four and five tonnes of gold this year, strengthening the company’s growing African portfolio.

West Africa continues to attract significant mining investment due to its large untapped mineral reserves, improving infrastructure and rising global demand for gold and critical minerals.

Copper Expansion Also Under Review

In addition to gold, Zhaojin is exploring opportunities to build a copper portfolio, with smaller projects under consideration in Namibia and Botswana.

However, Xu cautioned that rising capital costs and project development expenses require a cautious investment approach.

Africa Remains Central To Global Mining Strategy

African mining assets are increasingly attracting international investors seeking exposure to gold, copper, lithium and rare earth minerals linked to industrialisation and energy transition demand.

Analysts say growing competition between Chinese, Western and Middle Eastern investors for African mineral resources is expected to intensify as countries seek to secure long-term access to strategic commodities.