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MarketScreener Homepage  >  Equities  >  Toronto Stock Exchange  >  Continental Gold Inc.    CNL   CA21146A1084

CONTINENTAL GOLD INC.

(CNL)
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Chinese Miner to Pay C$1.4 Billion For Continental Gold

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12/02/2019 | 07:41am EST

By Micah Maidenberg

Zijin Mining Group Co. has agreed to take over Continental Gold Inc. (CNL.T), a Toronto-based company that has been developing a gold project in Colombia.

Zijin has agreed to acquire Continental for $5.50 Canadian dollars a share in cash, resulting in what the companies said Monday was an equity deal value of about C$1.4 billion. Shares of Continental closed Friday at $4.87 and are up 116% so far this year.

Continental owns and has been developing the Buritica gold mine in northwest Colombia. The property has an estimated 3.71 million ounces of gold and 10.7 million ounces of silver in reserve, according to a description of feasibility study of the project posted on Continental's web site.

"With production on the horizon in 2020, the timing is right for Continental to sell to a more experienced mine operator," Continental Chief Executive Ari Sussman said.

Fujian, China-based Zijin, which trades on the stock exchanges in Hong Kong and Shanghai, lists a range of mining assets on its website, including copper mines in Serbia and China, a lead and zinc property in China and smelters.

Write to Micah Maidenberg at micah.maidenberg@wsj.com

Stocks mentioned in the article
ChangeLast1st jan.
CONTINENTAL GOLD INC. -0.19% 5.36 Delayed Quote.137.78%
GOLD 0.20% 1463.91 Delayed Quote.13.86%
LME COPPER CASH 2.00% 5985 End-of-day quote.2.50%
LME ZINC CASH -0.76% 2233 End-of-day quote.-9.30%
SILVER 0.34% 16.647 Delayed Quote.7.30%
ZIJIN MINING GROUP COMPANY LIMITED 2.56% 3.2 End-of-day quote.8.47%
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Latest news on CONTINENTAL GOLD INC.
12/02CONTINENTAL GOLD : China's Zijin Mining to buy Canada's Continental Gold for $1 ..
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11/13CONTINENTAL GOLD : Granted Key Exploration Title; Drilling to Commence on Two Ro..
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10/10CONTINENTAL GOLD : Announces High-Grade Gold Channel Sampling Results from Under..
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Financials (USD)
Sales 2019 10,0 M
EBIT 2019 -
Net income 2019 -44,7 M
Debt 2019 -
Yield 2019 -
P/E ratio 2019 -21,3x
P/E ratio 2020 40,5x
Capi. / Sales2019 82,2x
Capi. / Sales2020 8,49x
Capitalization 822 M
Chart CONTINENTAL GOLD INC.
Duration : Period :
Continental Gold Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends CONTINENTAL GOLD INC.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 6
Average target price 4,21  $
Last Close Price 4,05  $
Spread / Highest target 12,7%
Spread / Average Target 4,14%
Spread / Lowest Target 2,25%
EPS Revisions
Managers
NameTitle
Ari B. Sussman Chief Executive Officer & Director
León E. Teicher G. Non-Executive Chairman
Donald P. Gray Chief Operating Officer
Paul P. Begin Chief Financial Officer
Claudia Jimenez Jaramillo Independent Director
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NEWCREST MINING LIMITED35.37%15 077
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AGNICO EAGLE MINES LIMITED46.78%14 178