China's Kingold Jewelry secures $2.8 billion in loans with gilded copper bars

Section:

What's the big deal here? Being at least copper, those bars are more real than the paper gold that has flooded the world.

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Kingold Jewelry Secures $2.8 billion in Loans with Gilded Copper Bars

By Peggy Sito
South China Morning Post, Hong Kong
Tuesday, June 30, 3030

Kingold Jewelry, a Nasdaq-listed jeweller and producer of household ornaments, has been accused of large-scale fraud in the second major scandal in three months involving a Chinese company listed in the United States.

The Wuhan-based company is alleged to have used fake gold bars as collateral to fraudulently obtain 20 billion yuan (US$2.8 billion) in loans, in a case that risks fuelling a recent drive by American politicians to expel Chinese companies from Wall Street.

... Dispatch continues below ...


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Asante Gold Announces Kubi 3D Model
Extends Gold Mineralizing System

Company Announcement via Globe Newswire
Thursday, July 2, 2020

VANCOUVER, British Columbia, Canada -- Asante Gold Corp. (CSE:ASE / Frankfurt:1A9 / U.S.OTC: ASGOF) has received the results of 3D magnetic modeling completed over its Kubi mining lease in the Ashanti Gold Belt in Ghana.

The results show that the Kubi Main Zone gold resource is intimately associated with and interfingers the western sheared contact of a magnetic high feature that plunges to more than 2 kilometers in depth. Here is the 3D model video:

http://www.asantegold.com/assets/Video/KubiMag3DSEMS.mp4

In Ghana, Africa's largest gold producer, many big mines are located along northeast-trending regional shear systems that exceed 250 kilometers in length. Studies indicate that the hydrothermal gold mineralizing system that generated the Ashanti Gold Belt deposits was "gigantic and extended to at least 10 to 15 kilometers in depth" (Schmidt Mumm et al., 1996). The Ashanti shear zone hosts the largest single gold resource in Ghana, the 66-million-ounce Obuasi mine. This major shear zone cuts Kubi 15 kilometers southwest of Obuasi. ...

... For the remainder of the announcement:

https://www.globenewswire.com/news-release/2020/07/02/2056982/0/en/Asant...


Shares of the Nasdaq-listed gold processor plunged by almost a quarter after the allegations emerged Monday morning on the website of Caixin, a mainland Chinese financial news outlet.

Kingold strongly denies any wrongdoing and is being investigated by the “authorities,” according to Caixin. The company could not be reached for comment by the Post.

Kingold, one of China's largest gold jewellery manufacturers, allegedly used 83 tonnes of gold bars as loan collateral, which later turned out to be gilded copper. Caixin described it as one of the largest gold loan fraud cases China has ever seen. ...

... For the remainder of the report:

https://www.scmp.com/business/companies/article/3091185/kingold-jewelry-...?

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