China's Shandong Gold Mining Co. Ltd. said March 15 that it has completed its takeover of Ghana-focused gold mine developer Cardinal Resources Ltd. via the previously announced all-cash offer of A$1.075 per share.

Cardinal has become a wholly owned subsidiary of the Chinese state-owned miner.

Shandong Gold won a bidding war with Russia's Nord Gold SE for Cardinal, the owner of the Namdini project in Ghana, as it increased its offer from its initial offer price of 60 Australian cents per share. Shandong Gold acquired a controlling stake in Cardinal in December 2020 when Nord Gold said that it would no longer match Shandong Gold's offer.

In 2020, Shandong's bid for TMAC Resources Inc. was rejected by the Canadian government on national security grounds. TMAC was acquired by Agnico Eagle Mines Ltd. for C$286.6 million in February.