CMOC Group (China Molybdenum Company) - one of China's "giants" in mining - has officially taken control of 3 gold mines in Brazil, right at the time when global gold prices exceeded the historical milestone of 5,200 USD/ounce.
This deal worth about 1 billion USD is considered a noteworthy step in Beijing's resource expansion strategy, amid escalating global geopolitical instability and strong demand for gold holdings.
According to CMOC's announcement, the group took over operations from January 23 after Brazilian regulators approved the transfer of ownership. Three gold mines include Aurizona in Maranhao state, Riacho dos Machados in Minas Gerais and Complexo Bahia - a complex including Fazenda and Santa Luz mines.
CMOC affirms that adding gold assets to the portfolio in Brazil helps the group "promote a sustainable growth strategy, diversify business operations and strengthen global presence", while creating synergy with existing assets in this South American country.
The deal was announced from the end of December 2025, when CMOC reached an agreement to acquire gold mines from Equinox Gold Corp of Canada. Accordingly, Equinox received 900 million USD in cash as soon as the transaction was completed and may receive an additional maximum of 115 million USD after about 1 year, depending on operating efficiency and related adjustments.
The move by the CMOC takes place in the context of China increasing its influence in South America, especially in the fields of resources and infrastructure, while US President Donald Trump's administration publicly considers the Western Hemisphere a "core strategic interest area" of Washington.
The US Department of Defense recently also announced the National Defense Strategy, emphasizing its commitment to protecting US interests throughout the region, ready to act "decisively" when necessary.
The three gold mines in Brazil that CMOC just took over produced about 247,300 ounces of gold in 2024. Total resources are estimated at about 5 million ounces, of which reserves have been proven to be nearly 3.9 million ounces - a significant number in the context of increasingly limited global gold supply.
CMOC is currently one of the largest multi-industry mining corporations in the world, listed in Shanghai and Hong Kong (China), with about 30,000 employees and operating from Asia, Africa to America.
In Brazil, CMOC has been present since 2016 after acquiring niobium and phosphate assets from Anglo American for about 1.5 billion USD, making the corporation the second largest niobium producer globally and an important phosphate fertilizer supplier for Brazilian agriculture.
The gold mine deal took place right when world gold prices exploded. After increasing by more than 60% in 2025, gold prices continued to escalate in January 2026, trading at $5,225.31/ounce at 9:51 am on January 28 Vietnam time.
The reason comes from the re-eruption of US-Europe trade tensions, uncertainty surrounding US interest rate policy, along with a strong wave of physical gold purchases from central banks, including China and India.
Regarding domestic gold prices in Vietnam, SJC gold bar prices at 9 am on January 28 traded at 177.6 - 180.6 million VND/tael (buying - selling). 9999 Bao Tin Minh Chau gold ring price traded at 177.6 - 180.6 million VND/tael (buying - selling).
