BEIJING, April 22 (Reuters) - Shares of China's CMOC Group (603993.SS) , opens new tab, jumped on Tuesday, after the miner said it would acquire Canada-listed Lumina Gold (LUM.V) , opens new tab for C$581 million ($420.7 million) in an all-cash deal.

The acquisition will enable CMOC gain access to the flagship asset of Lumina Gold's Cangrejos gold project , opens new tab, with total mineral reserves , opens new tab of 659 million tons, located in Ecuador's El Oro province, the largest primary gold deposit in the south American country.

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CMOC's Shanghai-listed shares jumped more than 4%, while its Hong Kong shares rose over 8%.

Shares of Lumina Gold soared by 29%.

The acquisition comes at a time when gold prices have staged a rally to multiple historical highs this year, fueled by safe-heaven demand amid uncertainties around the U.S. tariff impact and lingering geopolitical conflicts.

CMOC, headquarted in Luoyang city in central China's Henan province, reported an annual increase of 64% in net profit for 2024 in March, aided by a ramp-up in copper and cobalt output.

The company also has assets of molybdenum, tungsten, niobium and phosphate fertilizer.

($1 = 1.3811 Canadian dollars)

https://www.reuters.com/markets/asia/shares-chinas-cmoc-jump-after-announcing-acquisition-lumina-gold-2025-04-22/