Vancouver-based gold miner Goldcorp Inc. (TSX:G) isn’t a Chinese takeover target, according to chair Ian Telfer.
In a panel discussion at Vancouver’s recent Bloomberg Canada-Asia dialogue, Telfer was asked if he saw the company as a target for a Chinese takeover.
“I don’t, I really don’t,” he responded.
Telfer described China’s investment patterns and connection with the gold market.
“The Chinese up to now have been most interested in the commodities that get consumed in the development of their economy whereas gold, it gets mined and it gets fabricated and it gets worn, but it never actually gets consumed,” he said.
“So while [China is] the largest market for gold and we hope it will stay that way for a long time, they’ve also become an important gold producer. So they’re important to our industry, but I don’t see them out there looking for gold assets the way they are for resources they consume or oil and gas.”
See next week’s Business in Vancouver for Telfer’s thoughts on why Canada has yet to produce a global mining giant such as Rio Tinto.
