Wer, wenn er das Nachstehende gelesen hat (da steht ja jetzt nichts wirklich Neues drin, ist aber mal auf den Punkt gebracht), immer noch von Dividende fabuliert, dem ist wirklich nicht mehr zu helfen.
FUTURE PLANS
See section headed ‘‘Business — Business strategies’’ in this document for a detailed description
of our business strategies and future plans.
REASONS FOR THE [REDACTED]
Our business is capital intensive and will require substantial expenditure for, among other things,
the construction of our mining infrastructure, purchase of machinery and equipment and other
operational capital expenditure. Our expansion plan is also capital intensive as we have planned to
consolidate quality gold mine resources through mergers and acquisitions. In order to implement our
strategic goal to maintain our leading position in the gold mining industry in the Shandong Province and
meet our capital needs, our Directors consider that the separate [REDACTED] of our Group on the
Stock Exchange will provide us with sufficient funds because immediate implementation of these
business strategies would place undue financial burden on our Group in terms of cashflow if we are to
use all our cash on hand for business growth purposes. Please also refer to the section headed ‘‘History,
reorganisation and corporate structure — Reasons for [REDACTED]’’ in this document for the reasons
of spin-off and separate [REDACTED] of our Group from that of our Controlling Shareholder. Our
Directors consider that the [REDACTED] will benefit our Group as follows:
(i) Funding our expansion plans
Based on our current estimate, our expansion plans to, among others, further construction of
mining infrastructure in accordance with our mine optimisation plan, upgrade our gold reserves to
extend LoM through additional exploration activities and expand our business through selective
acquisitions will involve an investment of approximately [REDACTED]. Such expansion plans as
detailed in the paragraph headed ‘‘Business — Business strategies’’ in this document and
‘‘[REDACTED]’’ in this section will ramp up our operations and scale up our gold concentrate
production output in a rapid and effective manner to boost our revenue growth, as well as to upgrade
our gold reserves to support our sustainable growth in the longer run. Although we were able to
successfully expand our business organically using internally generated funds and bank borrowings
during the Track Record Period and had been able to repay bank loans as they fell due in the past, going
forward, we require working capital to maintain our current capacity, fund our acquisitions and
construction costs of new mining infrastructure and exploration activities, as well as extra funding to
finance our business strategies for expansion. We believe that it is crucial to maintain a robust liquidity
position at all times, particularly in the form of steady and strong level of cash balance, to ensure
smooth business operations and be able to devote sufficient resources in the implementation of our
business plans upon [REDACTED]
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