Canada’s Eldorado Gold (TSX:ELD) (NYSE:EGO), until recently the largest foreign producer of the precious metal in China, is officially out of that country as the miner completed the sale of its interest in three assets to an affiliate of China’s Yintai Resources (SHSZ:000975) for $600 million.
Sale marks the conclusion to Eldorado's 11-year history in China.
The transaction, first announced in May, refers to Eldorado’s stake in the White Mountain and Tanjianshan mines, as well as the company’s interest in the Eastern Dragon development project.
The closing of the deal marks the conclusion to Eldorado's 11-year history in China. Earlier this year, the Vancouver–based miner — which used to have three of its six producing mines operating in the Asian country — had sold its 82% stake in the Jinfeng mine to a wholly-owned subsidiary of China National Gold Group for $300 million in cash.
Eldorado, which also has mines and projects in Turkey, Romania, Brazil and Greece, was granted last week a long-awaited permit to build a plant at its Skouries gold mine in northern Greece, one of four major operations the firm has in that country
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