Shandong Gold Mining to Buy Xiling Gold Mine from Controlling Shareholder's Subsidiary; Shares Down 3%

MT Newswires Live05-30

Shandong Gold Mining (HKG:1787, SHA:600547) plans to acquire the exploration and prospecting right of a gold mine at Xiling Village in Laizhou City, Shandong Province, China, the company said in its filing on the Hong Kong Stock Exchange.

The rights will be acquired from Shandong Gold Geological Mine Exploration, a wholly-owned subsidiary of the Chinese miner's controlling shareholder, Shandong Gold Group.

After the completion of the acquisition, the Xiling mine's exploration rights will be merged with the existing mining right of the Sanshandao gold mine, which is owned by the company's subsidiary, Shandong Gold Mining (Laizhou), according to the Wednesday filing.

Shares of the company fell less than 3% on the Shanghai bourse and slid less than 2% on the Hong Kong bourse.

Price (HKD): $17.26, Change: $-0.30, Percent Change: -1.71%

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