Overview Key strengths Key risks Large gold miner in China and mid-to-large sized globally with good-quality mines and a long reserve life. Leverage will remain high on sustained high capital expenditure (capex), despite some improvement in the next 12-24 months. Relatively low-cost producer with integrated operations in gold mining, refining, and processing. Large exposure to the low-margin trading business will exert pressure on margins and test working capital management and risk management capability. Good access to capital markets and solid banking relationships to support adequate liquidity. High dependence on a single commodity, gold, with geographical concentration in China. High likelihood of support from the Shandong government, if needed. As one of the largest gold mining companies in China, Shandong Gold
