Eldorado to sell Chinese gold mine for $300 million

Canada’s Eldorado Gold (TSX:ELD) (NYSE:EGO) has signed an agreement to sell its 82% stake the Jinfeng mine in China to a wholly-owned subsidiary of China National Gold Group for US$300 million in cash.

The company’s president and CEO Paul Wright said China National Gold has been its minority partner at Jinfeng for over 14 years and is the logical buyer for the operation, which he says has “consistently delivered solid results” since it began production in 2007.

The Vancouver-based miner, which also has operations in Turkey, Greece, Romania and Brazil, noted it continues evaluating the potential of monetizing its Chinese assets, adding it has been in discussions with various parties.

The deal is expected to close in the third quarter of the year and is subject to various approvals.

More to come…

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