Credit: Shutterstock photoSprott Inc. (SII.TO) has entered into a joint venture agreement with Zijin Mining Group Co., Ltd., one of the largest gold and copper producers in China, to set up an offshore global mining fund.
The fund will focus primarily on investment opportunities in equities and debt instruments of precious metals producers and will be co-managed by affiliates of Sprott and Zijin.
The target size of the fund is US$500 million. Zijin has agreed to make capital contributions of US$100 million, while Sprott will provide initial capital contributions of US$10 million. The fund, which requires regulatory approval in Canada and China, will raise additional commitments from other investors, primarily in China.
SII shares were off five cents at $3.43.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
