Address:No. 2503, Jingshi Road, Licheng District, Jinan City, Shandong Province Postcode:250101 Tel: +86 531 67710000 Fax: +86 531 67710038
Business transaction of Veladero gold mine project in Argentine developed jointly by SD-GOLD and Barrick Gold completed
Business transaction of SD-GOLD purchasing Argentine Veladero gold mine project, which is affiliated to the world’s largest gold producer Barrick Gold Corporation, completed on Canadian time June 30. From then on, SD-GOLD held 50% of rights and interests of this project. Two enterprises convoked the first board meeting of the joint venture company in the capital of Argentine Buenos Aires, marking that SD-GOLD officially participates in the operation and management of the project, having great significance for SD-GOLD marching into the Argentine mining industry and stepping into the course of internationalization.
Barrick Gold and SD-GOLD unveiled their strategic cooperation commemorative plaque in Veladero gold mine and conducted the business transaction delivery ceremony on Argentine time July 3 and 4. Mr. Li Guohong, General Manager of SD-GOLD and Chairman of Shandong Gold Mining Co., Ltd. (600547) attended the ceremony and gave an speech, and Mr. Li Xiaoping, member of Standing Committee of CPC of SD-GOLD and Chairman of Board of Supervisors of Shandong Gold Mining Co., Ltd. (600547), Mr. Pei Dianfei, vice General Manager and relevant administrative staff of Barrick Gold and Veladero gold mine, Argentine government officers, representatives of local chamber of commerce and labor union etc. attended the ceremony as well.
Li, on behalf of Mr. Chen Yumin, Chairman of SD-GOLD showed gratitude to the federal government of Argentine Republic, government of San Juan and all sectors of society in San Juan for their warm welcome and support for SD-GOLD’s engagement in Veladero gold mine. Li said that today’s achievements obtained by Veladero gold mine is derived from the unremitting efforts made by all sectors of the society, successive management team of the gold mine and all employees. Veladero gold mine current has responsible and high efficient management team and professional and diligent employees, and shareholders of both parties wish to maintain the stabilization of projection management team and employees. Li appealed to all employees to make joint efforts to make the Veladero gold mine one of the best mines over the world, to benefit all employees and both parties and to contribute more for economic development of San Juan and Argentine.
During the delivery, Mr. Li Guohong and other officers met with the employee representatives of Veladero gold mine, visited the employees’ camp, tunnel construction site, heap leaching plant and open mining pit, looked through the dining area, dormitory, leisure area, workout area and other functional areas, listened to the recent work report of operational teams and made detailed arrangement for the work in the next half year.
It is learned that the Veladero gold mine is located in northwest of Argentine Republic and is the largest gold mine in production of Argentine and the second largest gold mine in production of the South America. The mine was started construction from 2003 and put into operation since September 2005, which is located on the EL Indio gold mine belt with expansive prospect to increase reserves.