HONG KONG, 22 Dec 2023 - (ACN Newswire) - Persistence Resources Group Ltd ("Persistence Resources" or the "Group"), the third largest gold miner1 in Shandong Province, China, has listed on the Main Board of The Stock Exchange of Hong Kong Limited ("SEHK") today, under stock code 02489.
The Group plans to expand its mineral resources and increase the gold concentrate processing capacity of its ore processing plant by acquiring high-quality gold mining assets. It will use 55.0% of net proceeds from the global offering for the selective acquisition of gold mining assets; 20.4% for further construction of mining infrastructure; and 12.6%, 10.0%, and 2.0% for the repayment of existing bank loan guarantees, working capital, and additional exploration activities to upgrade gold reserves, respectively.
This global offering represents a milestone for the Group's entry into the Hong Kong capital market. Looking ahead, the Group will actively seize growth opportunities in the gold mining market leveraging Hong Kong's international capital platform and the brand value brought by the listing, continuously improve its technology and operation management capabilities, and enhance its competitiveness in the market, so as to become a benchmark for gold companies in Yantai, Shandong Province, and reward its shareholders and investors.
Photo captions
Photo 1
Dr. SHAO Xuxin, Chairman, Executive Director and Chief Executive Officer (left), and Mr. MACKIE James Thomas, Executive Director (right) of Persistence Resources strike the gong together, marking the official listing of the Group on the Main Board of SEHK
Photo 2
Dr. SHAO Xuxin, Chairman, Executive Director and Chief Executive Officer deliver the speech
Persistence Resources Group Ltd
The Group is a gold exploration, mining and processing company established in 2005. It owns two gold mines in Yantai City, Shandong Province, China, mining infrastructure such as mineral processing plants and a tailings dam. It sells gold bullion made from gold concentrates that it processes in-house. According to a Frost & Sullivan report, the Group was the third largest gold mining company in Shandong Province in 2022 in terms of mine production volume, with a market share of 2.6%.
Media Enquiry
Strategic Financial Relations Limited
Vicky Lee, +852 2864 4834, vicky.lee@sprg.com.hk
Christina Cheuk, +852 2114 4979, christina.cheuk@sprg.com.hk
Iris Fan, +852 2864 4817, iris.fan@sprg.com.hk