Eldorado Gold to sell remaining assets in China to Yintai Resources for $600 million

Canada’s Eldorado Gold (TSX:ELD) (NYSE:EGO), until now the largest foreign gold producer in China, said Monday it’s selling its stakes on two mines and development project to an affiliate of China’s Yintai Resources (SHSZ:000975) for US$600 million in cash.

The transaction, expected to close in the third to fourth quarter 2016, includes Eldorado’s interest in the White Mountain and Tanjianshan mines, as well as its stake in the Eastern Dragon development project.

The Vancouver–based miner, which used to have three of its six producing mines operating in China, inked a deal last month to sell its 82% stake in Jinfeng mine to a wholly-owned subsidiary of China National Gold Group for US$300 million in cash.

The deals mark the end of Eldorado’s reign in China, but the company still has several foreign operations in Turkey, Greece, Romania and Brazil.

 

More to come…

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