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Shandong Gold's unit to secure US$200M loan for working capital

Shandong Gold Mining Co. Ltd. said Dec. 18 that unit Shandong Gold Mining (Hong Kong) Co. Ltd. will apply for a US$200 million loan from the state-owned China Development Bank.

The parent company will be guarantor of the loan. Shandong Gold and the unit have also been seeking up to US$1.26 billion in bank loans to fund the acquisition of a 50% stake in the Veladero gold mine in Argentina from Barrick Gold Corp.