China Gold Gains 5% on Rumored Merger with Minmetals

SHANGHAI, Jun. 18 (SMM) - China Gold International Resources Corp. Ltd. (TSX: CGG; HKEx: 2099) rose 5.26% July 18 on top of rumors that China is considering a merger between China Minmetals Corp and China National Gold Group, according to sina.com.

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It was reported the two state-owned firms have been in negotiations for months, though no agreement has been reached. Minmetals said it did not hear any discussions over the said merger. China National Gold declined to comment.

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MMG (01208) rose 1.02% to 2.98 yuan, with 40.34 million shares traded for 120 million yuan. 

China’s Pengxin Resources said it will develop gold business with relatively low cost. 

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