Risks and Opportunities of Cross-Border Mergers and Acquisitions in Resource-Based Enterprises—A Case Study of Shanjin International's Acquisition of Osino

Gold has an inherent scarcity, which makes mergers and acquisitions (M&A) one of the most effective ways for mining enterprises to overcome limitations in reserves and production. In recent years, domestic exploration investments have been declining, with a lack of incremental resources, and most of the high-quality mines are controlled by leading enterprises. As a result, seeking mining projects globally has become a common strategy for domestic gold companies. This paper takes the case of Shanjin International's acquisition of Osino as an example to explore the risks and opportunities involved in cross-border mergers and acquisitions for resource-based enterprises. Through M&A, enterprises can achieve capacity expansion, enhance technological innovation, and strengthen financial capabilities. However, they also face a series of potential risks, including political, legal, financial, market, and integration risks. Enterprises need to take proactive measures to mitigate these risks. The analysis provides valuable experience and recommendations for Chinese companies in their cross-border M&A processes.