GEORGETOWN, Guyana, (CMC) — The Chinese mining company Zijin Mining Group Company Ltd (Zijin) said earlier this week it had reached an agreement with the Canadian-owned Guyana Goldfields Inc (GCI) to acquire the operations of Aurora Gold Mines (AGM). In a joint statement, the companies said they were pleased to announce the completion of the previously announced statutory plan of arrangement under the Canada Business Corporations Act involving Guyana, Zijin and Canada Inc, an indirect, wholly owned subsidiary of Zijin following receipt of all required regulatory approvals and satisfaction of all closing conditions.

The statement said that pursuant to the arrangement, Zijin acquired all of the issued and outstanding common shares of GCI not already owned by Zijin.

“Each Guyana shareholder is entitled to receive cash consideration of C$1.85 (One Canadian dollar-US$0.75 cents) per share held,” the statement said, noting that registered Guyana shareholders should send their completed and executed letters of transmittal and certificates representing their shares to the depositary, TSX Trust, in accordance with the instructions contained in the letter of transmittal, as soon as possible.

GCI and Zijin said they expect the shares to be delisted from the Toronto Stock Exchange within one to three business days and that Zijin will also apply for GCI to cease to be a reporting issuer under applicable Canadian securities laws.

Guyana Goldfields Inc is a Canadian-based gold producer primarily focused on the exploration, development and operation of gold deposits in Guyana, South America, while Zijin formed in 1993 and is a leading global mining company specialising in gold, copper, zinc and other mineral resource exploration and development.

Zijin said it manages an extensive portfolio, primarily consisting of gold, copper, zinc, and other metals, through investments in China and overseas across eleven countries. It is listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange.

GCI in 2019 began underground mining before it announced earlier this year that it was selling its operations, but the major concern has been the future of staff employed by the company.