HK Stock Market Move | CMOC Group Limited (03993) rose nearly 4% in the afternoon, planning to spend $1 billion to acquire a gold mining project in Brazil. The annual gold production is expected to increase by about 8 tons.

CMOC Group Limited (03993) rose nearly 4% in the afternoon, up 3.22% to HK$18.62 as of the time of writing, with a trading volume of HK$4.21 billion. On the news front, CMOC Group Limited recently announced the acquisition of 100% equity in three gold mine assets in Brazil owned by Canadian mining company Equinox Gold, with a total consideration of US$1.015 billion. These assets include the Aurizona gold mine, RDM gold mine, and Bahia Complex. The company is optimistic about the long-term market prospects for gold assets, and the purchase of Brazilian business assets is a major step in implementing the company's "dual-copper and gold" merger and acquisition strategy. Galaxy Securities released a research report stating that this transaction is the company's second gold mine project in South America after the Caijiakou gold mine, which will have good synergies with the company's existing silver-phosphate assets in Brazil, further enhancing the company's gold asset portfolio. If this transaction is successfully completed, the company's gold production is expected to reach 8 tons annually; and with the Odin Mine in Ecuador in production, the company's gold production is expected to exceed 20 tons per year.