• 722 days Will The ECB Continue To Hike Rates?
  • 722 days Forbes: Aramco Remains Largest Company In The Middle East
  • 724 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,124 days Could Crypto Overtake Traditional Investment?
  • 1,129 days Americans Still Quitting Jobs At Record Pace
  • 1,131 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,134 days Is The Dollar Too Strong?
  • 1,134 days Big Tech Disappoints Investors on Earnings Calls
  • 1,135 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,137 days China Is Quietly Trying To Distance Itself From Russia
  • 1,137 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,141 days Crypto Investors Won Big In 2021
  • 1,141 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,142 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,144 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,145 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,148 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,149 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,149 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,151 days Are NFTs About To Take Over Gaming?
Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

What's Behind The Global EV Sales Slowdown?

What's Behind The Global EV Sales Slowdown?

An economic slowdown in many…

Zombie Foreclosures On The Rise In The U.S.

Zombie Foreclosures On The Rise In The U.S.

During the quarter there were…

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