• 20 hours Banksy’s Littered ‘Monet’ Sells for $10M
  • 3 days Three Renewable Energy IPOs To Watch
  • 4 days Bitcoin Nears $13,000 As PayPal Joins The Crypto Fray
  • 5 days DOJ Declares The Obvious: Google Is A “Monopoly”
  • 7 days Alibaba Is About To Make History Again
  • 8 days Robinhood Users Are Latest Target Of Pandemic Hackers
  • 10 days The Hydrogen Boom Will Provide A $200B Boost To Wind And Solar Energy
  • 11 days Will The 5G Rollout Overshadow This Major Merger?
  • 12 days Corporate Bitcoin Holdings Boost Crypto Confidence
  • 12 days Indonesia Rolls Out Augmented Reality Innovation To Combat COVID
  • 13 days Banks Are Getting Rich On Pandemic Overdrafts
  • 13 days The Real Reason China Is Betting Big On Renewables
  • 14 days Europe Wants To End The Big Tech Monopoly
  • 14 days New Breakthrough Could Transform Rare Earth Mining
  • 15 days Waymo Set To Roll Out Fully Self-Driving Vehicles
  • 16 days Aramco Dividend Won’t Cover Saudi Budget Gap
  • 17 days Credit Card Debt Plummets Amid COVID
  • 18 days Biden Plan Targets “Wealthy” Taxpayers
  • 19 days McAfee Arrested In Spain On Tax Evasion Charges
  • 19 days South Asia Is Set To Unleash A Flurry Of IPOs
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