Summary by Futu AI
SD Gold Mining Co., Ltd. (the "Company") announced on June 19, 2024 that it will provide a guarantee of up to $300 million to its wholly-owned subsidiary, Shandong Gold Mining (Hong Kong) Co., Ltd. ("Shandong Gold Hong Kong Company"), of which $30 million will be disbursed in the form of equivalent RMB. The guarantee aims to support Shandong Gold Hong Kong's application for a bank credit from the Hong Kong Branch of China Development Bank for operational purposes. As of the date of this announcement, the company has provided a cumulative balance of guarantees of $1,345,000.00 to Shandong Gold Hong Kong, accounting for 28.93% of the company's last audited net assets attributable to shareholders of listed companies. As of the end of December 2023, Shandong Gold Hong Kong's asset-liability ratio was 69.15%, close to 70%. The board of directors of the company believes that the guarantee risk is controllable and no counter-guarantee has been provided. This guarantee will not have any adverse impact on the normal operations and business development of the Company.