The deadline for finalizing Zijin Mining Group’s (601899.SH, 2899.HK) US$504 million bid for Australia’s Indophil Resources (IRN.ASX) will be extended to May 14 as Chinese regulatory approval is taking longer than expected, Bloomberg reported. "Some of the offer conditions have already been signed off by Zijin, with some key conditions remaining," Melbourne-based Indophil said in a statement to the Australian stock exchange. Zijin agreed to buy Indophil Resources in December. The acquisition would give the Chinese company a stake in Southeast Asia’s largest untapped copper and gold deposits. The World Gold Council said in March that gold consumption in China may double over the next 10 years, leading to a rise in prices as supply fails to keep pace with demand. Zijin’s bid for Indophil is A$1.28 (US$1.17) a share. The Australian company’s stock rose 1.8% to A$1.165 in Sydney on Tuesday.
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