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Shandong Gold acquires gold assets for RMB 3.78 bln

Jun. 4, 2012 (China Knowledge) - Shandong Gold Group Co, the parent company of Shandong Gold Mining Co<600547>, the third-largest bullion producer in China, has inked agreements to buy large-scale gold mines in Laiwu, Shandong Province for a total of RMB 3.78 billion.

In the agreement, Shandong Gold Group will acquire a 98.5% stake each in Shandong Shengda Mining Co and Shandong Tiancheng Mining Co.

As of Dec. 31, 2010, Shandong Shengda Mining had RMB 2.3 billion in total assets, while Shandong Tiancheng Mining's total assets were RMB 366 million.

The target gold assets, discovered by the Shandong Geology and Minerals Bureau in 2008, have potential reserves of 105 metric tons, said a person familiar with the matter.

An analyst at GF Securities Co Ltd<000776> said the gold assets are expected to produce six or seven metric tons of gold per year, with an annual output value of RMB 2 billion based on the gold price of RMB 320 per gram.

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