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 ...

gold mining company under the

provincial government A state government is the government that controls a subdivision of a country in a federal form of government, which shares political power with the federal or national government. A state government may have some level of political autonomy, ...

of Shandong. 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 me ...

in China by output and its publicly-listed subsidiary ranked #1,898 in the Forbes Global 2000.

Corporate affairs

Shandong Gold Group is the parent company of Shandong Gold Mining, which is listed on the Shanghai Stock Exchange. Following a pact announced in September 2018 with Barrick Gold, 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 Barrick Gold'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 The World Gold Council is the market development organisation for the gold industry. It works across all parts of the industry, from gold mining to investment, with the aim of stimulating and sustaining demand for gold. They frequently publish ...

, 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, and

Fujian Fujian (; alternately romanized as Fukien or Hokkien) is a province on the southeastern coast of China. Fujian is bordered by Zhejiang to the north, Jiangxi to the west, Guangdong to the south, and the Taiwan Strait to the east. Its cap ...

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 Laizhou, alternately romanized as Laichow, is a county-level city in the Prefecture-level city of Yantai, Shandong Province, China. As of 2008, Laizhou had a population of 902,000, out of which 188,000 are urban residents. Laizhou traditionally ...

- Zhaoyuan area of the

Shandong Peninsula The Shandong (Shantung) Peninsula or Jiaodong (Chiaotung) Peninsula is a peninsula in Shandong Province in eastern China, between the Bohai Sea to the north and the Yellow Sea to the south. The latter name refers to the east and Jiaozhou. Geo ...

International gold mining

In April 2017 Shandong Gold purchased a 50% interest in Barrick Gold'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. 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 Ghana (; tw, Gaana, ee, Gana), officially the Republic of Ghana, is a country in West Africa. It abuts the Gulf of Guinea and the Atlantic Ocean to the south, sharing borders with Ivory Coast in the west, Burkina Faso in the north, and To ...

-focused gold mine developer Cardinal Resources Ltd., after winning a bidding war with

Russian Russian(s) refers to anything related to Russia, including: *Russians (, ''russkiye''), an ethnic group of the East Slavic peoples, primarily living in Russia and neighboring countries *Rossiyane (), Russian language term for all citizens and peo ...

gold miner

Nordgold Nord Gold S.E., (Nordgold) is a gold mining company with assets in Russia, Kazakhstan, Burkina Faso, Guinea and Canada History Nordgold was established as Severstal Gold, a gold producing subsidiary of Severstal, the Russian steel company owned ...

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