China’s Zhongrun takes 42pc stake in Australian gold miner Noble

Chinese firm Zhongrun Resources Investment Corp has agreed to buy a 42 percent stake in Noble Mineral Resources Ltd for A$85 million (US$88 million), sending shares of the Australian gold miner soaring 25 percent.

The move by Zhongrun, a US$1 billion company with major stakes in several Toronto- and London-listed mining companies, is the latest in a string of Chinese investments in gold miners.

Demand in China for bullion has jumped, with gold sought for jewellery and as an inflation hedge.

via Business feed http://www.scmp.com/business/companies/article/1048365/china%E2%80%99s-zhongrun-takes-42pc-stake-australian-gold-miner-noble