The China Mail - WallStreetPR Releases Report on China’s Gold Purchases and African Mining Investment

Report Highlights

According to the report:

• The People's Bank of China added roughly 15 tonnes of gold in June, its largest monthly purchase in nearly three years and its 20th consecutive month of buying — the longest streak since the bank began publishing regular reserve data in 2015.
• The purchase came as spot gold fell more than 11% in June, posting its worst month since the 2008 financial crisis and briefly dropping below $4,000 an ounce for the first time since November, pressured by a stronger dollar and a more hawkish Federal Reserve.
• Western institutional investors pulled back even as China accelerated its buying every month this spring. The report states that analysts link the divergence to a broader push by sovereign buyers to diversify reserves away from the U.S. dollar, though no official policy tying the purchases to a gold-backed currency has been announced.
• Chinese mining companies have moved into African gold production over the past year. Zijin Mining agreed in January to acquire Toronto-listed Allied Gold in a deal worth roughly $4 billion, targeting producing mines in Mali and Côte d'Ivoire along with a development project in Ethiopia. The companies mutually terminated the acquisition agreement on July 29, 2026, after failing to secure Chinese regulatory approval in time; Zijin instead took a 9.2% stake in Allied Gold for roughly $295 million through a private placement.
• A subsidiary of Chinese defense contractor Norinco separately raised its stake in a gold project in Sudan.
• Global exploration spending on discoveries has fallen to its lowest level on record, while spending near existing mines has climbed, according to data cited in the report. Africa was one of the few regions where exploration budgets grew last year.
• The report profiles companies operating in Tanzania's Geita gold belt, where Chinese capital and Western mining activity increasingly overlap. Barrick Mining (NYSE: B) and AngloGold Ashanti (NYSE: AU) both operate major mines in the region. TRX Gold (NYSE: TRX) reported record quarterly production and a 59% margin in its most recent results. Lake Victoria Gold (TSXV: LVG) (OTCQB: LVGLF) has moved personnel and contractors onto its Imwelo project ahead of a targeted construction start this quarter, backed in part by a gold-denominated loan facility.
• Goldman Sachs has trimmed its 2026 gold price forecast but remains above current spot levels, the report noted, citing analysts who described their outlook as structurally constructive despite near-term caution.

About the Report

The full report details the financing, production data and analyst commentary behind the shift, along with a broader look at the companies positioned across Africa's gold belt as Chinese demand continues.

Read the full report at WallStreetPR

About WallStreetPR

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Read the complete analysis at WallStreetPR.

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Source article: https://financewire.com/2026/08/12/wallstreetpr-releases-report-on-chinas-gold-purchases-and-african-mining-investment/

W.Cheng--ThChM