Zijin Mining Group launched a bid for Australian gold explorer Phoenix Gold on Monday, the Chinese company's third planned acquisition of a foreign mining asset in less than a month.

Long-dormant M&A activity in Australia and other mining-intensive countries is showing signs of a rebirth, with Zijin the most acquisitive to date and with the deepest pockets.

"The company is open to opportunities around the world," Zijin Executive Director and Vice President Fang Qixue told Reuters. "It is a goal to find more gold or other assets."

In May, Zijin announced it was issuing shares to raise 10 billion yuan ($1.61 billion) for acquisitions.

Before launching its A$47 million ($36.55 million) offer for Phoenix, it accumulated a 17.9 percent interest in the company.

Zijin, one of China's largest gold mining companies, unveiled two acquisitions in May for more than $700 million, one in Papua New Guinea and one in Democratic Republic of Congo.

Zijin already mines gold next door in a Phoenix deposit after paying A$240 million for another Australian miner, Norton.

"Gold is our game," Fang said. "Our team has the experience in gold mining."

Until Zijin started shopping around, Chinese interest in the Australian sector briefly flickered after China Molybdenum Co paid $820 million in 2013 for Rio Tinto's stake in the Northparkes gold and copper mine, but it soon died out.

But now, a weakening currency and cheap labor is putting polish back on Australian gold miners.

Gold bullion denominated in US dollars has fallen around 38 percent since a late 2011 peak, while the Australian dollar gold hit a two-year high in February.

Gold output in Australia - the world's second biggest producer after China - reached a decade high in 2014 and is tipped to rise further in 2015.

The S&P/ASX All Ordinaries Gold index tracking Australian gold producers has risen more than 30 percent this year.

Evolution Mining in May paid Barrick Gold $550 million for an Australian mine, instantly making it the country's second biggest gold producer listed on the Australian Securities Exchange.

A bidding war for the mine attracted 17 parties, according to people familiar with the sales process.

Zijin has made the withdrawal of a placement of 61.9 million Phoenix shares by Evolution, which is awaiting a shareholders' vote on Tuesday, a condition of its offer.

Phoenix is advising shareholders not to take any action as it solicits alternative proposals.