Summary by Moomoo AI
Shandong Gold Mining Co., Ltd. (“Shandong Gold”) announced on 22 March 2024 that its flagship holding subsidiary Yintai Gold and its subsidiaries will engage in a derivatives trading business to reduce the impact of price fluctuations in precious metals and non-ferrous metals markets on production operations and trade and to safeguard operating performance Stable pair. The maximum contract value of the derivatives trading business is expected to be no more than RMB 70 billion, and the required trade margin will not exceed RMB 1 billion. The project was approved at the 57th Shandong Gold Board Meeting on the same day, but is still subject to further approval by the Yintai Gold General Meeting and the Shandong Gold General Meeting. Shandong Gold stressed that while derivatives trading is aimed at reducing risk, there are still market, operational, liquidity, financial and technical risks. Yintai Gold has established the relevant management system and established a professional team and management system to tightly control trading risks.