The $1.3 billion gold miner Emerald Resources NL (ASX:EMR) is understood to have received acquisition approaches for its Cambodia mining developments from Chinese suitors, as dealmakers continue to shop miners to the opportunistic group. Speculation is mounting at the Diggers & Dealers conference in Kalgoorlie this week that Emerald's chairman, Simon Lee, could be soon departing the company. Emerald is run by Morgan Hart, a former Regis Resources executive, and the company is in the process of taking over Bullseye Mining, of which it already owns about 60%.

The company's key focus is Cambodia, and management owns about 20%, with other institutional investors groups such as BlackRock Inc. (NYSE:BLK) and Van Eck Associates Corporation. DataRoom understands that Chinese groups have put forward offers for the mine. However, the understanding is that Emerald still sees upside in the mine, which makes it hesitant to sell.

Another complication is that the Foreign Investment Review Board would probably take exception at a Chinese group buying a mine off an Australian company. But it demonstrates that the focus for Chinese suitors is now gold mining assets outside Australia. It is understood that Emerald, which is presenting at the Diggers & Dealers in Kalgoorlie this week, is also assessing a number of opportunities quietly being offered to it by investment bankers, including groups with gold mines offshore, but is disciplined on price.