Chinese Gold Mining Giant Targets Overseas Buys as Demand Gains
Shandong Gold Group Co., owner of China’s second-largest gold miner by market value, is seeking to expand overseas to feed rising local demand following bullion’s best quarter in almost three decades.
The Jinan, Shandong province-based miner is targeting assets in countries that have good legal systems and stable political environments, according to General Manager Li Guohong. The focus is both across the One Belt One Road region and in North America, Li said in an interview in Shanghai.
Shandong Gold’s ambitions signal that mining companies in Asia’s top economy are intent on extending their reach as retail demand rises and the country’s central bank boosts its bullion holdings. While China is already the world’s largest gold producer, it’s also the biggest bullion user -- and demand far outstrips local supply. Consumption per person remains below the global level, according to Xu Zhong, deputy director of the financial market department at the People’s Bank of China..
Link: http://www.bloomberg.com/news/articles/2016-04-20/chinese-gold-mining-giant-targets-overseas-buys-as-demand-gains
Quelle: stockcharts.com
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