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BUSINESS & TECH

Chinese Group Prospects Into Russian Gold

By Yang Ge
The Olimpiada gold mine in Krasnoyarsk territory, Russia. A Chinese group   has agreed to pay $887 million for 10% of leading Russian gold miner   Polyus. Photo: IC
The Olimpiada gold mine in Krasnoyarsk territory, Russia. A Chinese group has agreed to pay $887 million for 10% of leading Russian gold miner Polyus. Photo: IC

(Beijing) — A Chinese group led by private equity buyer Fosun International Ltd. has agreed to pay $887 million for 10% of leading Russian gold miner Polyus, extending a nascent rush into similar overseas investments by the world’s biggest producer and consumer of the precious metal.

The move marks one of the first by one of China’s most aggressive global buyers into commodities, following its previous high-profile purchases mostly focused in the financial and tourism sectors. Fosun was joined in the purchase by Chinese miners Hainan Mining and Zhaojing Mining, according to a statement released by Fosun late on Wednesday.

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