Wedoany.com Report, On March 17, Jihai Gold Group Limited announced that the underground mine of its Yantai Zhongjia Mining Co., Ltd., located in Yantai City, Shandong Province, China, has resumed production. Previously, the open-pit mine at the same site had resumed operations on March 10.

Yantai Zhongjia Mining Co., Ltd. was established in March 2005, with its headquarters located in Wanggezhuang Town, Muping District, Yantai City. It is primarily engaged in the geological exploration, mining, and processing of gold and other precious metals. The company is 75% owned by Jihai Gold Group, registered in the Cayman Islands, through its wholly-owned subsidiary Majestic Yantai BVI, with the remaining 25% held by Yantai Dahedong Mineral Processing Co., Ltd. The company operates the Songjiagou open-pit mine (commercially operational since May 2011) and an underground mine (commercially operational since September 2019).

The suspension originated from a severe accident at a third-party mine in Zhaoyuan City, Yantai, on February 7. On February 9, the Yantai Emergency Management Bureau verbally notified non-involved mining enterprises, including Yantai Zhongjia, to cease production immediately. The company subsequently suspended all mining operations.

The company's board of directors stated that due to the relatively short duration of the shutdown, it is not expected to have a significant impact on the Group's annual gold production.