Overview Key strengths Key risks Mid to large scale globally and integrated business model, with operations in mining, refining, and processing. Credit metrics to temporarily breach downside trigger this year amid a production halt. Good-quality and long-life mines, with relatively low cost on normalized operations from 2022. Financial leverage to stay elevated on significant capital expenditure (capex). Good access to capital markets and adequate liquidity supported by solid banking relationships. Geographical and product concentration. High likelihood of support from the Shandong government if needed. We forecast mined gold output of 29 tons for SDG in 2021, compared with 44.7 tons in 2020. Mining companies in Shandong province started safety inspections in February 2021, as required by the local authorities, after
