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Veladero Gold Mine Project in Argentina Developed by SD-Gold in Cooperation with Barrick Gold Corporation Turned over
On June 30 local time in Canada, Veladero Gold Mine of the world’s largest gold enterprise Barrick Gold Corporation, which was acquired by SD-Gold, was officially turned over. SD-gold will hold 50% of the project’s rights and interests, since the date of settlement. Both parties held the first board meeting of the joint venture at Buenos Aires, the capital of Argentina, a milestone event for SD-Gold’s entry into the mining industry of Argentina and its internationalization, marking the official involvement of SD-Gold in the operation and management of this project.
On July 3 and 4 local time in Argentina, the memorial for strategic cooperation between Barrick Gold Corporation and SD-gold was unveiled at Veladero gold mine and the hand-over ceremony was held. Mr. Li Guohong, General Manager of SD-GOLD and Chairman of Shandong Gold Mining Co., Ltd. (600547), attended the unveiling and handover ceremony and made a speech. Li Xiaoping, member of the Standing Committee of CPC SD-Gold Party Committee and chairman of the board of supervisors of Shandong Gold Mining Co., Ltd. (600547), and Pei Dianfei, deputy general manager of SD-Gold, participated in the ceremony along with relevant managers of Barrick Gold Corporation and Veladero Gold Mine, officials from Argentinian government, representatives of local chamber of commerce and trade union.
Mr. Li Guohong, on behalf of SD-Gold chairman Chen Yumin, expressed thanks to the government of Argentina, the government of San Juan Province, and all circles of San Juan for their welcome and support to SD-Gold in its entry into Veladero Gold Mine. He said what Veladero accomplishes today is the result of the hard work of all sectors of society, and the successive management and staffs of Veladero. Veladero now boasts responsible and efficient management and professional and hard-working staffs. The shareholders of both parties will work to keep the stability of the project management and staff teams. He called for the staffs to work together to build Veladero Gold Mine into one of the best mines in the world, to let the shareholders from the two sides and all employees benefit and to make greater contribution to the economic development of San Juan Province and Argentina.
During his visit, the party led by Mr. Li Guohong met with the employee representatives of Veladero Gold Mine, went to the employees’ camps, adit sites, head leaching fields and open mining pits, checked the functional areas like food & beverage area, dormitories, leisure area and fitness area, listened to the report of the operation team on recent work, and made detailed arrangement for the second half year’s work.
It is learned that Veladero Gold Mine, situated in northwestern Argentina and on EL Indio gold mine belt, is the largest gold mine in production in Argentina and the second largest one in South America. The gold mine, whose construction began in 2003, was put into operation in September, 2005. It has great potential to increase reserves.