Shandong to acquire Cardinal Resources from Gold Fields for $221m.

Shandong Gold Company, a state-owned Chinese gold mining company, is set to acquire Cardinal Resources, a West Africa‐focused gold exploration and development company, from Gold Fields, a gold mining firms, for A$321m ($221m). The company was engaged in a bidding war against Nordgold and Dongshen Investments. “We have tremendous respect for the Cardinal organization for the manner in which it has advance Namdini to its current development status. We are conscious of the strong working relationship Cardinal has developed with its local Ghanaian community over many years and how important the development of Namdini is to both the local community and to the country of Ghana. We look forward to continue to build on this close relationship for the benefit of all stakeholders of the Namdini Project," Li Guohong, Shandong Gold Chairman. On December 23, 2020 Dongshan Investments, an Emirati-Russian joint venture that has been established by a common effort of Emirati and Russian business circles to develop high potential mining projects in different countries, announced its intention to also launch an offer to acquire Cardinal Resources. On December 24, 2020 Shandong announced that it has acquired control of Cardinal Resources.