Chinese billionaire Wang Wenyin looks at investing in tiny Kiwi goldmine

New Talisman hopes to secure a major Chinese backer for its plans to reopen Talisman gold mine.

New Talisman hopes to secure a major Chinese backer for its plans to reopen Talisman gold mine.

A businessman said to be China's ninth richest man has shown interest in a small New Zealand goldmining operation.

Tiny dual-listed mining company, New Talisman Gold Mines (NTL) says it visited Amer International last November and has been in talks ever since about the Chinese company taking a "potentially significant stake".

Amer is a major supplier of copper products and cables which last year made US$43.6 billion (NZ$62.4b) in sales.

Horizontal drilling at New Talisman's Coromandel mine.
STUFF NZ

Horizontal drilling at New Talisman's Coromandel mine.

Its founder is Wang Wenyin​, who is estimated by Forbes magazine to have a net worth of US$8.3 billion, placing him at 165th on its list of global billionaires.

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It noted that Wang accompanied China's President Xi Jinping to the United Nations' 70th anniversary summit in New York last September.

New Talisman, which has a market capitalisation of just $7.3 million, is working to reopen the Talisman gold and silver mine in the Coromandel.

On Monday, it revealed Amer was the party it was talking to, and said the Chinese company had indicated it would visit New Zealand in the next month to advance investment talks.

It described Amer as having "significant expertise in the manufacturing and metals industry".

"Both parties are working closely with one another to deliver an outcome which is beneficial to Amer and our existing shareholders," NTL said.

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According to media reports Wang's fortune began with his own powercord business which expanded into mining and factories. He reportedly set up a trading platform in Singapore two years ago to trade metals and buy mining assets.

New Talisman has carried out preliminary survey work and been granted a mining permit to re-open the Talisman mine, once one of New Zealand's most productive mines.

The company, which has more than 1900 shareholders, also has a heads of agreement with Newcrest on an adjacent exploration permit alongside the mine.

Shares in the company rose 22 per cent to 1.1 cents on the news.

 - Stuff

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