Canadian Imperial Bank of Commerce (TSE:CM) Visited Shandong Gold (SHA:600547)
Shandong, Oct 29, 2010 AEST (ABN Newswire) - General Manager of Global Mining Division of Canadian Imperial Bank of Commerce (
TSE:CM) (NYSE:CM) ("CIBC") Mr. Terblanche recently led a team to Shangdong, China, visiting Shandong Gold (SHA:600547) and received a warm welcome.
Both parties exchanged their opinions on the acquisition of mining projects and reached preliminary agreement.
Wang Jianhua, Chairman of the Board of Shandong Gold briefed the guests on the Group's recent achievements in mineral exploration and development, explaining its stategic focus in China's 12th Five-Year Development Plan. Mr Wang wished to have the opportunity of leveraging on CIBC's extensive experience in mergers & acquisition and capital operation in the mining sector to help Shandong Gold build an overseas resource platform.
Mr. Terblanche introduced CIBC's current business development in China as well as their achievement in mining project acquisition and stock underwriting.
About Shandong Gold Mining Company Limited
Shandong Gold is principally engaged in the exploration, mining, refining and sale of gold and non-ferrous metals. Shandong Gold is listed on the main board of both the Shanghai and Hong Kong Stock Exchanges.
Shandong Gold had a market capitalisation of approximately US$14.5 billion as at 18 June 2020. In 2019, Shandong Gold produced mined gold of 1.273 million ounces and generated revenue of US$9.0 billion and EBITDA of US$771 million. As of 31 December 2019, Shandong Gold controlled total resources of 35.5 million ounces. Shandong Gold is 48% owned by Shandong Gold Group Co., Ltd ("Shandong Gold Group"), which is ultimately controlled by the State-owned Assets Supervision and Administration Commission of Shandong Province of China ("Shandong SASAC").
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