A view of the Adumbi deposit area. Credit: Loncor Gold.
Canadian explorer Loncor Gold (TSX: LN) agreed to be acquired by Chengtun Mining Group for about $261 million cash in a deal that will hand control of a major gold project in the Democratic Republic of Congo to a deep-pocketed Chinese operator.
Chengtun’s C$1.38 per share offer represents a 16% premium over Friday’s closing price on the Toronto Stock Exchange, and a one-third premium to the 30-day volume weighted average trading price, Loncor said Tuesday. The transaction is expected to close no later than in the first quarter of 2026.
Toronto-based Loncor has been focusing on the Ngayu gold belt in the DRC’s northeast. Its main Imbo project includes the Adumbi deposit, which holds an indicated resource of about 28.2 million tonnes grading 2.08 grams gold per tonne for 1.9 million contained ounces.
“The sale delivers a strong outcome for…
