Lingbao Gold Details Use of HK$770.6 Million Share Placement Proceeds for Overseas Gold Expansion
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Lingbao Gold Group Company Ltd. has announced the allocation of approximately HK$770.6 million from its recent share placement, primarily for overseas expansion of its gold mining operations. About 65% of the funds, or HK$500.9 million, will be used for expansion at the Simberi gold mine in Papua New Guinea, with completion expected by late 2027. An additional 5%, or HK$38.5 million, is set aside for future overseas mergers and acquisitions of cash-generative gold projects by 2026. This move supports Lingbao Gold's strategy to enhance its global resource base and operational capabilities.
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