Shandong Gold Group is a state-owned

Chinese Chinese can refer to: * Something related to China * Chinese people, people of Chinese nationality, citizenship, and/or ethnicity **''Zhonghua minzu'', the supra-ethnic concept of the Chinese nation ** List of ethnic groups in China, people of va ...

gold mining company under the provincial government of

Shandong Shandong ( , ; ; alternately romanized as Shantung) is a coastal province of the People's Republic of China and is part of the East China region. Shandong has played a major role in Chinese history since the beginning of Chinese civilizati ...

. The company is the second-largest producer of

gold Gold is a chemical element with the symbol Au (from la, aurum) and atomic number 79. This makes it one of the higher atomic number elements that occur naturally. It is a bright, slightly orange-yellow, dense, soft, malleable, and ductile met ...

in China by output and its publicly-listed subsidiary ranked #1,898 in the

Forbes Global 2000 The ''Forbes'' Global 2000 is an annual ranking of the top 2000 public companies in the world, published by ''Forbes'' magazine. "The Global 2000" annual ranking is assembled by ''Forbes'' using a weighted assessment of four metrics: sales, profi ...

Corporate affairs

Shandong Gold Group is the parent company of Shandong Gold Mining, which is listed on the

Shanghai Stock Exchange The Shanghai Stock Exchange (SSE) is a stock exchange based in the city of Shanghai, China. It is one of the three stock exchanges operating independently in mainland China, the others being the Beijing Stock Exchange and the Shenzhen Stock Exc ...

. Following a pact announced in September 2018 with

Barrick Gold Barrick Gold Corporation is a mining company that produces gold and copper with 16 operating sites in 13 countries. It is headquartered in Toronto, Ontario, Canada. It has mining operations in Argentina, Canada, Chile, Côte d'Ivoire, Democrati ...

, the world's largest gold miner by output, both companies agreed to strengthen ties with each other by cross-investing up to $300 million in each other's shares, with Barrick Gold buy shares in Shandong Gold via the Shanghai Stock Exchange. The cross-investment agreement followed the purchase of a 50% interest by Shandong Gold in

's Veladero mine in

Argentina Argentina (), officially the Argentine Republic ( es, link=no, República Argentina), is a country in the southern half of South America. Argentina covers an area of , making it the second-largest country in South America after Brazil, th ...

in April 2017. As a Shandong provincial state-owned enterprise, the company is directly supervised by the Stated-owned Assets Supervision and Administration Commission of the Shandong Provincial Government. The company is a member of the World Gold Council, a trade body that promotes the gold industry and promulgates social and environmental standards for gold mining.

Operations

Domestic gold mining

The company primary gold mining and exploration activity are domestic. The gold production from its 12 domestic mines in Shandong,

Inner Mongolia Inner Mongolia, officially the Inner Mongolia Autonomous Region, is an autonomous region of the People's Republic of China. Its border includes most of the length of China's border with the country of Mongolia. Inner Mongolia also accounts for a ...

Gansu Gansu (, ; alternately romanized as Kansu) is a province in Northwest China. Its capital and largest city is Lanzhou, in the southeast part of the province. The seventh-largest administrative district by area at , Gansu lies between the Tibet ...

, and Fujian account for 6.6% of national output. A gigantic discovery was announced in September 2018 when the company found a site with at least 382 tonnes of gold worth an estimated $22 billion in the Laizhou- Zhaoyuan area of the Shandong Peninsula.

International gold mining

In April 2017 Shandong Gold purchased a 50% interest in

's Veladero mine in

for US$960 million and also formed a partnership to explore joint-development of the Pascua-Lama deposit. In May 2020, Shandong Gold entered into an agreement to purchase a gold mining project in

Nunavut Nunavut ( , ; iu, ᓄᓇᕗᑦ , ; ) is the largest and northernmost Provinces and territories of Canada#Territories, territory of Canada. It was separated officially from the Northwest Territories on April 1, 1999, via the ''Nunavut Act'' ...

. In October 2020, the Canadian government commenced a national security review of Shandong Gold's proposed purchase agreement in Nunavut. The Canadian government rejected Shandong Gold's bid for national security reasons in December 2020. In 2021, Shandong Gold Group announced to have acquired Ghana-focused gold mine developer Cardinal Resources Ltd., after winning a bidding war with Russian gold miner Nordgold SE.

Non-gold businesses

The company has several non-gold related businesses including nonferrous metal, tourism and real estate. It has financial services subsidiaries in both China and Hong Kong (SD Gold Financial Holdings Group and SDG Asset Management (HK) Limited).

References

External links

* {{Gold mining companies of China Gold mining companies of China Companies based in Jinan Government-owned companies of China 1975 establishments in China Companies established in 1975