Aims to fuel business growth and increase
profitability through exploring mineral resources.
SHENZHEN, China, May 30, 2023
/PRNewswire/ -- TD Holdings, Inc. (Nasdaq: GLG) (the
"Company"), a commodities trading service provider in China, today announced that it has signed a
partnership agreement (the "Agreement") with Achieve Prosper
Limited("AP"), the owner of high-quality gold mines in the Republic
of Indonesia ("Indonesia"), to establish a joint venture (the
"JV") in Lombok, Indonesia for
mining three local large gold deposits. As part of the Company's
globalization initiative, the JV marks the Company's stepping into
the gold mining industry in Indonesia and is expected to position the
Company well to integrate upstream mineral resources to fuel its
long-term business growth and increase profitability.
Pursuant to the Agreement, the JV will engage in exploring,
extracting, beneficiating, and selling the gold deposits. The
Company, AP and local cooperative community will own 80%, 10%, and
10% equity interest of the JV, respectively. The Company is
responsible for gold exploration, mining, beneficiation, equipment
and technology investment, and daily operation, and AP is
responsible for handling relevant certificate procedures and
coordinating government relations.
The JV will focus on three gold mines located in Lombok, an
island located in the western region of Nusa Tenggara Province, Indonesia. Gold Mine 1 is situated in the
southwest of the island, while Lead-Zinc-Gold Mines 2 and 3 are
positioned in the south. These mining sites boast close proximity
to the sea, with Gold Mine 1 and 3 located within 2.4 kilometers
from the coastline. Geological conditions in the area are highly
conducive to mineralization, indicating widespread mineral
resources, thick ore bodies, convenient extraction processes, and
high-grade ore. Exploration of the mines confirms that these three
mines have abundant gold resources and relatively low extraction
difficulties. Lombok is known for its bountiful mineral resources,
including metallic minerals like pyrite, native gold, and limonite,
as well as vein minerals such as quartz, feldspar, and sericite.
Gold mining in the region contributes to an increase in local
economic activity, employment, income, and opportunities.
Ms. Renmei Ouyang, the CEO of the
Company, commented, "Venturing into Indonesia's mineral resources marks a
significant step forward in our globalization strategy. We are
thrilled about the cooperation with AP. Moving ahead, we plan to
further intensify our efforts in the global exploration of clean
energy resources, such as petroleum and natural gas, along with
diversified commodities. We believe this move will pave the way for
boosting business growth in the long run."
About TD Holdings, Inc.
TD Holdings, Inc. is a service provider currently engaging in
the commodities trading business and supply chain service business
in China. Its commodities trading
business primarily involves purchasing non-ferrous metal products
from upstream metal and mineral suppliers and then selling to
downstream customers. Its supply chain service business primarily
has served as a one-stop commodity supply chain service and digital
intelligence supply chain platform integrating upstream and
downstream enterprises, warehouses, logistics, information, and
futures trading. For more information, please visit
http://ir.tdglg.com.
Safe Harbor Statement
This press release may contain certain "forward-looking
statements" relating to the business of TD Holdings, Inc. and its
subsidiary companies. All statements, other than statements of
historical fact included herein are "forward-looking statements."
These forward-looking statements are often identified by the use of
forward-looking terminology such as "believes," "expects" or
similar expressions, involving known and unknown risks and
uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they
do involve assumptions, risks and uncertainties, and these
expectations may prove to be incorrect. The following factors,
among others, could cause actual results to differ materially from
those described in these forward-looking statements: there is
uncertainty about the spread of the COVID-19 virus and the impact
it will have on the Company's operations; the demand for the
Company's products and services, global supply chains and economic
activity in general; the occurrence of any event, change or other
circumstances; and other risks and uncertainties described herein,
as well as those risks and uncertainties discussed from time to
time in other reports and other public filings with the Securities
and Exchange Commission by TD Holdings, Inc. Investors should not
place undue reliance on these forward-looking statements, which
speak only as of the date of this press release. The Company's
actual results could differ materially from those anticipated in
these forward-looking statements as a result of a variety of
factors, including those discussed in the Company's periodic
reports that are filed with the Securities and Exchange Commission
and available on its website at http://www.sec.gov. All
forward-looking statements attributable to the Company or persons
acting on its behalf are expressly qualified in their entirety by
these factors. Other than as required under the securities laws,
the Company does not assume a duty to update these forward-looking
statements.
For more information, please contact:
Ascent Investor Relations LLC
Ms. Tina Xiao
Email: tina.xiao@ascent-ir.com
Tel: +1 917 609 0333
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SOURCE TD Holdings, Inc.