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BEIJING — Zijin Mining Group Co Ltd , one of China’s biggest gold miners, has agreed to buy Canadian miner Continental Gold Inc for $1.33 billion, saying the purchase would increase its gold reserves and boost cash flow as well as profit.

Zijin will pay $5.50 per share in cash for Continental, a premium of about 13 per cent to the Canadian company’s closing price on Friday, as it aims to secure Continental Gold’s flagship Buritica gold project, the Chinese company said in a filing with the Shanghai Stock Exchange.

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The Buritica project, located in Colombia, has measured and indicated gold reserves of 165.47 tonnes and an inferred reserve of 187.24 tonnes, Zijin said.