Well-known new Chinese news site The Paper recently reported that, in less than a month, Luoyang Molybdenum Group (603993.SH/03993.HK), a Chinese domestic mining giant, has swiftly acquired four producing gold mines in Brazil.
Luoyang Molybdenum announced that, with the approval of its board, its controlling subsidiary, CMOC Limited, acquired 100 percent equity interests in three gold mining assets in Brazil from Canadian mining company Equinox Gold (TSX: EQX, NYSE-A: EQX), including the Aurizona Gold Mine, the RDM Gold Mine, and the Bahia Complex, for a total US$1.015 billion. The transaction is an all- cash acquisition.
The gold mine assets involved in the transaction comprise a total gold resource of 5.013 million ounces, with an average grade of 1.88 g/t; and gold reserves of 3.873 million ounces, with an average grade of 1.45 g/t. The acquisition will immediately contribute to the company’s production and profits, with a short-expected return on investment. The estimated annualized gold production in 2026 is 6-8 tons.
This acquisition marks another significant strategic move by Luoyang Molybdenum, following its acquisition of the Cangrejos Gold Mine in Ecuador for RMB 3 billion yuan (around US$ 431.75 million) in April 2025. It is expected to start production in 2028, with a designed annual output of 11.5 tons.
Source: The Paper, January 25, 2026
https://www.thepaper.cn/newsDetail_forward_32462402