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China’s CMOC Group (HK:3993), one of the country’s largest mining companies, has announced a major move into the precious metals sector with a $1 billion agreement to acquire Equinox Gold’s mining assets in Brazil. The transaction highlights CMOC’s strategy to diversify away from its traditional focus on base metals such as copper and cobalt, and capitalize on the strong momentum in gold and silver markets.
Under the terms of the deal, CMOC will pay Equinox Gold Corp. (TSX: EQX) an upfront cash consideration of $900 million. In addition, Equinox could receive up to $115 million in contingent payments tied to specific production targets at the acquired operations. The agreement grants CMOC 100% ownership of the Aurizona Gold Mine, the RDM Gold Mine, and the Bahia Integrated Mining Area, all located in Brazil and considered key gold-producing assets.
The companies said the transaction is expected to close in the first quarter of 2026, subject to regulatory approvals from authorities in both China and Brazil. Once completed, the acquisition will significantly strengthen CMOC’s exposure to gold production at a time when precious metals are attracting heightened investor interest amid price rallies and global economic uncertainty.
For Equinox Gold, the sale represents a strategic step toward balance sheet improvement and operational streamlining. The Canadian miner stated that a substantial portion of the proceeds will be used to address its debt obligations, improving financial flexibility. Equinox also noted that divesting its Brazilian assets will help simplify its portfolio and allow management to concentrate on core operations in Canada and the United States.
Market reaction to the announcement was positive, with CMOC shares rising 1.1% in Hong Kong trading following the news. The deal underscores a broader trend among global mining companies seeking to rebalance portfolios toward precious metals as gold prices remain resilient and investor demand continues to grow.
