Shandong Gold Mining extends inter-company competition pledge, faces tax bill

Shandong Gold Mining Co., Ltd. has extended the commitment period for its parent companies to resolve inter-company competition until November 10, 2030. This extension, approved by the board, addresses assets not yet meeting listing conditions or strategic integration requirements, originally due for resolution by November 10, 2025. The companies reaffirmed their pledge to prioritize Shandong Gold Mining in asset acquisitions or sales to third parties if unable to be integrated.

In a separate announcement, Shandong Gold Mining disclosed that its wholly-owned subsidiary, Shandong Gold Mining (Laizhou) Co., Ltd., will need to pay outstanding corporate income tax of 508,405,441.41 yuan and late payment fees of 229,934,918.44 yuan. These liabilities result from the tax authority's reclassification of prior gratuitous transfers of exploration rights from merged subsidiaries in 2021 and 2022.

The late payment fees are expected to impact the company's 2025 net profit attributable to parent company shareholders as a non-recurring item. The company stressed that the commitment extensions and tax payments will not significantly affect its daily operations or long-term development.