Shandong Gold Mining, a subsidiary of China’s state-owned enterprise Shandong Gold Group, intends to purchase a 70% stake in Baotou Changtai Mining, the operator of the Tolgoi Gold Mine in Inner Mongolia.

The acquisition, valued at CNY 471 million (USD 66 million), will provide Shandong Gold with over 16 tons of proven gold reserves, expected to grow to more than 20 tons through ongoing exploration. This move marks Shandong Gold’s third gold mine acquisition this year, following investments in China’s largest single gold mine and Osino Resources, a Canadian gold exploration company.