Zijin Mining Group launched a bid for Australian gold explorer Phoenix Gold on Monday, the Chinese firm's third planned acquisition of a foreign mining asset in less than a month.
Long-dormant merger and acquisition activity in Australia and other mining-intensive countries is showing signs of a rebirth, with Zijin the most acquisitive to date and with the deepest pockets.
"The company is open to opportunities around the world," said Zijin executive director and vice-president George Fang. "It is a goal to find more gold or other assets."
Last month, Zijin, headed by chairman Chen Jinghe, announced it was issuing shares to raise 10 billion yuan for acquisitions.
Before launching its A$47 million offer for Phoenix, it accumulated a 17.9 per cent interest in the firm.