• 146 days Could Crypto Overtake Traditional Investment?
  • 151 days Americans Still Quitting Jobs At Record Pace
  • 153 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 156 days Is The Dollar Too Strong?
  • 156 days Big Tech Disappoints Investors on Earnings Calls
  • 157 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 159 days China Is Quietly Trying To Distance Itself From Russia
  • 159 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 163 days Crypto Investors Won Big In 2021
  • 163 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 164 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 166 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 167 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 170 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 171 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 171 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 173 days Are NFTs About To Take Over Gaming?
  • 174 days Europe’s Economy Is On The Brink As Putin’s War Escalates
  • 177 days What’s Causing Inflation In The United States?
  • 178 days Intel Joins Russian Exodus as Chip Shortage Digs In
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

Mining.com

Mining.com

Mining.com

MINING.com is a web-based global mining publication focusing on news and commentary about mining and mineral exploration. The site is a one-stop-shop for mining industry…

Contact Author

  1. Home
  2. Markets
  3. Other

Shandong to borrow $1.26B to buy half of Argentinian gold mine

Top Chinese gold producer Shandong Mining will have to arrange financing before unlocking its half of the Veladero mine in Argentina.

The precious metals miner said today it is seeking up to $1.26 billion in loans to fund the acquisition of a 50% stake in Barrick Gold's operation.

Reuters reports the loans are being sought from two Chinese state-owned banks, with $960 million to be put towards the acquisition and the remaining $300 million as working capital.

In April Canada’s Barrick Gold (TSX, NYSE:ABX), the world’s No.1 producer of the precious metal by value, sold a  50% stake in Veladero to Shandong Gold Group in a transaction worth $960 million.

As part of the deal, the Shandong province-based gold miner will help Barrick move forward with the long delayed Pascua-Lama gold, silver and copper project, straddling the border between Chile and Argentina.

Both companies will also evaluate additional investment opportunities in the area, known as the El Indio Gold Belt.

State-owned Shandong Gold Group is China's largest gold producer, both in terms of output and reserves.

In March Shandong said it discovered what is expected to be the largest gold mine in China, the Xiling gold mine in Shandong province. The company says the deposit has a deliverable gold resource of up to 550 tons after completion of exploration, according to a press release. That converts to 16.041 million troy ounces.

By Mining.com

Back to homepage

Leave a comment

Leave a comment