HK Stock Market Move | The Kinross Gold Corporation (03939) rose by more than 6%, raising 1.38 billion Hong Kong dollars net through the issuance of shares to its subsidiary, Jinshan. The company has abundant resource reserves.

Gold group Wan Guo (03939) rose more than 6%, rising 6.49% as of the time of this report, to 9.85 Hong Kong dollars, with a turnover of 81.736 million Hong Kong dollars. On the news front, Wan Guo Gold Group announced that it would sell 166 million shares to Zijin Mining Group's wholly-owned subsidiary Jinshan (Hong Kong) International Mining, accounting for about 15.28% of the enlarged share capital. The price per share is 8.33 Hong Kong dollars, a discount of about 9.95% from the closing price of 9.25 Hong Kong dollars on September 20. The company stated that the net proceeds from the sale are expected to be approximately 1.379 billion Hong Kong dollars, with 50% intended for funding related to the exploration and development project of the Gold Ridge mine in the Solomon Islands, and the remaining 50% for general operating funds. Minsheng Securities research report pointed out that the company owns three mines: the Yifeng Xinzhuang copper polymetallic mine in Jiangxi, the Gold Ridge gold mine in the Solomon Islands, and the Wager silver-lead mine in Tibet, with abundant resource reserves. The Yifeng mine steadily contributes to profit, the Gold Ridge gold mine continues to ramp up, with great potential for increased production in the future, and exploration and development at the Wager silver-lead mine continues. Coupled with the bullish trend in copper and gold prices, a rise in both volume and price is anticipated.