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On July 22, the online auction for the detailed exploration rights of gold and polymetallic mines in the Daqiao area of ​​Xihe County, Gansu Province was sold at a premium of 648.33% after fierce competition.

Who is the winning bidder? On the evening of July 23, Shandong Gold (600547) issued an announcement to reveal the answer.

01

Starting price: 180 million yuan

From July 19 to July 22, the Shanghai Financial Court conducted an online judicial auction for the detailed exploration and prospecting rights for gold and polymetallic mines in the Daqiao area of ​​Xihe County, Gansu Province (hereinafter referred to as the "Daqiao gold mine detailed exploration and prospecting rights"), with a starting price of 180 million yuan.

It is reported that the Daqiao gold mine has a detailed exploration right with an exploration area of ​​44.64 square kilometers, and the validity period is from September 4, 2020 to September 3, 2025.

The northwest part of the prospecting right is the mining area of ​​Qiuchi Gold Mine, which covers an area of ​​1.29 square kilometers. Currently, the mining right holder is handling the relevant procedures for the Qiuchi Gold Mine to be converted from prospecting to mining. The mining rights to be auctioned this time include Qiuchi Gold Mine.

The total resources registered within the scope of the prospecting rights of the Daqiao Gold Mine (including the demarcated mining area of ​​the Qiuchi Gold Mine) include: 7.72 million tons of gold ore, 23,085 kilograms of gold metal, and an average grade of 2.99 grams per ton. In addition, there are 15.94 million tons of low-grade ore, 17,245 kilograms of gold metal, and an average grade of 1.08 grams per ton.

On July 19, after the auction of the detailed exploration rights of the Daqiao Gold Mine began, no one raised a bid. However, 5 minutes before the deadline, a bid suddenly appeared.

Finally, after 835 rounds of bidding, No. G4968 was sold for 1.347 billion yuan, a premium of 648% over the starting price.

The 835 rounds of bidding delayed the originally planned auction time by nearly an hour.

Who is G4968? According to the announcement on the evening of July 23, Shandong Gold won the detailed exploration rights of Daqiao Gold Mine.

02‍

The target is the delisted Gangtai Assets

The holder of the detailed exploration rights for the Daqiao gold mine is Gansu Daye Geology and Mining Co., Ltd., which is a wholly-owned subsidiary of Gansu Gangtai Holding (Group) Co., Ltd.

Gansu Gangtai Holding (Group) Co., Ltd., located in Lanzhou City, Gansu Province, is an enterprise mainly engaged in non-ferrous metal mining and dressing.

In 2008, Gangtai Group went public on the A-share market by acquiring Huashengda, and was later renamed Gangtai Holdings (600687). It completed its restructuring in 2013 and was once known as the "first Internet jewelry stock."

Gangtai Holdings once had a glorious period. Between July 2014 and June 2015, the company's stock price rose nearly six times in just over a year, with a market value of 36 billion yuan.

In terms of operations, Gangtai Holdings has been suffering losses since 2018: a loss of 1.175 billion yuan in 2018 and a loss of 3.418 billion yuan in 2019.

In May 2019, Gangtai Holdings was investigated. At the same time, the company's actual controller Xu Jiangang, Vice Chairman Zhou Feng, Director Zhao Ruijun, and Independent Director Wang Xiaoming were also investigated by the China Securities Regulatory Commission for suspected violations of information disclosure laws and regulations.

According to the announcement previously disclosed by the delisted Gangtai, as of December 17, 2020, the company’s unresolved amount of illegal guarantees totaled 1.961 billion yuan.

On February 21, 2021, the delisted Gangtai ushered in its last trading day. It finally closed down 3.23% that day, with the stock price fixed at 0.3 yuan per share and a market value of only 447 million yuan.

The reason behind the high premium price of the Daqiao gold mine's detailed exploration and prospecting rights is the sharp rise in gold prices in recent years.

Due to the international situation, central banks of various countries have increased their gold reserves and the international gold price has continued to rise in recent years.

Data shows that the price of gold rose by more than 15% in 2023, reaching an all-time high of $2,444.4 per ounce in 2024, up 17.7% in half a year.

03‍

The second delisting is intended to integrate development

"The successful acquisition of the prospecting right (Daqiao gold mine detailed prospecting right) will help strengthen the company's resource reserves, is of great strategic significance for building the company's Longnan gold resource production base, and further enhance the company's overall strength and influence." Shandong Gold gave a high evaluation of the significance of this mine acquisition.

In May 2023, when the Intermediate People's Court of Lanzhou City, Gansu Province auctioned the mining rights of Daqiao Gold Mine (Daqiao Gold Mine) in Yudong Village, Daqiao Town, Xihe County, Longnan City, Shandong Gold also participated in the auction and finally won the bid for 865 million yuan.

According to the auction information at that time, the mining rights of Daqiao Gold Mine have a ore body resource of 9.6797 million tons, 31,981 kg of gold metal, an average grade of 3.30 g/ton, and 68,280 kg of associated silver metal, with an average grade of 7.05 g/ton. In addition, there are 18.717 million tons of low-grade ore bodies, 20,267 kg of gold metal, an average grade of 1.08 g/ton, and 69,350 kg of associated silver metal, with an average grade of 3.71 g/ton.

Shandong Gold said that its holding subsidiary Jinshun Company has obtained the mining rights of the Daqiao gold mine located in Daqiao Township, Xihe County, Longnan City, Gansu Province. The detailed exploration rights of the Daqiao gold mine acquired this time are located outside the mining rights of the Daqiao gold mine. The area belongs to the eastern section of the West Qinling Orogenic Belt and has excellent geological conditions for mineralization. The exploration rights will be integrated with the mining rights of the Daqiao gold mine in the future.

Editor: Chen Lixiang

Proofreading: Tang Haocheng