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.
