Minmetals, China National Gold Group 'may merge'

Updated 2017-07-19 10:19:21 Global Times/Agencies

China is considering a merger between miners and metals trader China Minmetals Corp and China National Gold Group as part of a broader consolidation of State-owned enterprises (SOEs), citing sources close to the matter.

Three sources with knowledge of the discussions said that the two SOEs have been in negotiations for months, although any agreement could still be some time away, said the report.

Minmetals Resource, the Hong Kong-listed unit of China Minmetals, saw its share price rally after the news. Its shares closed at HK.99 (38 cents), up 1.36 percent from Tuesday's opening.

The stock price of Hong Kong-listed China Gold International jumped to a high of HK.32 in the wake of the report. The price stood at HK at Tuesday's close, up 5.26 percent from the opening.

But a spokesperson from Minmetals told the Global Times on Tuesday that she had not been informed of the reported merger. "The news is inaccurate," she added. China National Gold had not answered calls from the Global Times as of press time.

The State Assets Supervision and Administration Commission, which oversees SOEs, did not respond to Reuters' requests for comment.

The talks between two of China's largest metals producers are part of the country's broad efforts to shake up its indebted and inefficient State sector, streamline the number of companies and create globally competitive companies in sectors including power generation, shipping and metals, according to the report.

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