Lundin and Chinas’s Zijin strenghten positions on West-African gold market — Stockhead

Two of the world's main mining concerns have strengthened their positions among West-African gold miners, Stockhead said. Lundin and China’s Zijin companies bought the 10% stack in Predictive Discovery, which owns the Bankan gold project in Guinea. One of the corporations' intentions is to develop and launch a mine in Côte d'Ivoire with an annual production capacity of more than 300,000 ounces.

According to Stockhead experts, the two firms' drive to monopolize the market could exacerbate the situation in West Africa's mining industry. John Forwood from Lowell Resources Fund declared that the recent shifts in financial architecture of China encourage mining companies to expand their production outside the country.

Africa is currently the main continent in terms of gold production. Since 2004, more than 90 million ounces of metal have been discovered in the region. This figure is significantly higher compared to the volumes of the precious metal mined in Canada and Australia.