Shandong Gold Mining , one of China's biggest gold producers, said on Friday it had entered into an agreement to acquire Toronto-listed TMAC Resources for around C$230 million ($164.89 million).
It also comes after the coronavirus outbreak caused panicked investors drive prices for safe-haven gold XAU=to a more than seven-year high last month.
Shandong Gold, based in eastern China’s Shandong province, produced 40.12 tonnes, or 1.29 million ounces of mined gold in 2019.
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