Recently, Chijin International (HK) Limited, a wholly-owned subsidiary of Chifeng Gold, signed a Joint Venture Agreement with ABM, a wholly-owned subsidiary of Ajlan&Bros Holding Group in Saudi Arabia. Both parties will jointly fund the establishment of a joint venture with 50% equity each to carry out gold mine exploration in Saudi Arabia.

Saudi Arabia is rich in gold resources. According to the data released by the World Gold Council, Saudi Arabia’s existing gold reserves rank first in the Arab world and 16th in the world. Ajlan&Bros Holding Group is a leading diversified group in the world. As a prestigious business family in the Middle East, Ajlan&Bros Holding Group ranked 5th in Forbes’ Arab Family List in 2020. With the continuous and in-depth connection between China’s “the Belt and Road” Initiative and Saudi Arabia’s “VISION 2030”, the Group now has become the largest private enterprise of Saudi Arabia in China. At the same time, the Group is actively joining hands with more Chinese enterprises to establish long-term and close partnerships in various fields. Ajlan&Bros Holding Group has reached a series of mutually beneficial and win-win cooperation results with Tencent Holdings, SF Express and Swiftpass respectively. Chifeng Gold’s cooperation with Ajlan&Bros Holding Group in prospecting is an important attempt for the Company to foster potential high-quality projects with lower costs and risks from the perspective of long-term development. If this cooperative prospecting project achieves remarkable results, the Company will obtain a good opportunity to develop gold resources in Saudi Arabia and further expand its international layout.