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MarketScreener Homepage  >  Equities  >  SHANGHAI STOCK EXCHANGE  >  Shandong Gold Mining    600547   CNE000001FR7

SHANDONG GOLD MINING (600547)
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Shandong Gold Mining : Canada's Barrick, China's Shandong Gold to deepen ties, look at acquisitions

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07/09/2018 | 09:56am CEST
Dump trucks and bulldozers operate at Barrick Gold Corp's Veladero gold mine in Argentina's San Juan province

MELBOURNE (Reuters) - Canadian miner Barrick Gold Corp and China's Shandong Gold on Monday said they would deepen cooperation beyond their Argentinian joint venture, potentially working together on acquisitions.

Barrick Gold, the world's largest producer of bullion, last year signed a near billion-dollar deal to sell Shandong a 50-percent stake in its Veladero mine in Argentina. The development is one of Barrick's top five gold mines.

"The parties have agreed to consider opportunities to work together on acquisition opportunities or potential asset sales, if both parties agree it is in their collective best interests," Barrick and Shandong said in a joint statement on Monday.

The move comes as acquisitions in the metals mining sector have begun to pick up, with an increase in joint ventures between Western and Chinese mining firms.

China's Chifeng Jilong Gold Mining last month bought the Laos copper and gold operations of MMG the Australian arm of China's MinMetals for $275 million.

Global miner Rio Tinto also in June signed a joint venture agreement with China Minmetals Corp, as the companies look to explore mineral deposits in China.

Shandong and Barrick in their statement said they would share expertise in areas such as mining technology and information management, as well as giving each other access to their respective supplier networks, service providers, investors and capital providers.

Prior to the announcement, Shandong had also been assessing whether to join Barrick in a potential partnership at its Pascua-Lama operations, on the border between Argentina and Chile.

Barrick put that gold and silver project on hold in 2013 due to environmental issues, political opposition, labor unrest and development costs that had ballooned to $8.5 billion.

(Reporting by Melanie Burton; Editing by Joseph Radford)

Stocks mentioned in the article
ChangeLast1st jan.
GOLD 0.40% 1204.195 Delayed Quote.-8.00%
SHANDONG GOLD MINING 1.91% 22.95 End-of-day quote.-27.77%
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Financials (CNY)
Sales 2018 52 492 M
EBIT 2018 1 747 M
Net income 2018 1 310 M
Debt 2018 -
Yield 2018 0,66%
P/E ratio 2018 32,64
P/E ratio 2019 26,70
Capi. / Sales 2018 0,80x
Capi. / Sales 2019 0,76x
Capitalization 41 822 M
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Mean consensus OUTPERFORM
Number of Analysts 7
Average target price 25,5  CNY
Spread / Average Target 13%
EPS Revisions
Managers
NameTitle
Pei Yue Wang General Manager, CFO & Director
Guo Hong Li Chairman
Xiao Ping Li Chairman-Supervisory Board
Xiao Ling Wang Director
Qi Tang Secretary & Director
Sector and Competitors
1st jan.Capitalization (M$)
SHANDONG GOLD MINING-27.77%6 012
NEWMONT MINING CORPORATION-18.34%16 343
BARRICK GOLD CORP-25.74%12 081
NEWCREST MINING LIMITED-15.51%10 762
POLYUS PAO--.--%8 055
AGNICO EAGLE MINES LTD-23.48%7 977