London Mining completes China acquisitions

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London Mining has completed the acquisitions of two major resources companies in China.

Alongside its US-based partner Wits Basins Precious Materials, the group has taken over Nanjing Sudan Mining and Maanshan Xiaonanshan through their joint venture China Global Mining Resources for a price of USD$42.25 million (AUD$63.35 million).

When completing the deal, company directors in the UK, US and China could potentially have used an Ansarada secure virtual data room to perform quick due diligence in an online setting.

Director of London Mining, Graeme Hossie, said: "China is the world's largest steel producer and iron ore consumer by a significant margin and provides an excellent environment to grow our initial production platform."

He added that the company's aim was to become a "significant and reliable supplier" to the country's steel industry, both inside of China and through other worldwide businesses.

Meanwhile, the Australian newspaper has reported that the gold miner Newcrest is looking at a number of acquisition opportunities, possibly in its home country and Indonesia.