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UPDATE 1-Eldorado Gold exits China with sale of remaining mines, project

Published 2016-05-16, 11:54 a/m
© Reuters. UPDATE 1-Eldorado Gold exits China with sale of remaining mines, project
BMO
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ELD
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(Adds details on China exit and use of deal proceeds, context,
share price move)
VANCOUVER, May 16 (Reuters) - Eldorado Gold Corp ELD.TO
will exit China with the sale of its stakes in two mines and one
development project there to Yintai Resources Co Ltd 000975.SZ
for $600 million in cash, the Canadian company said on Monday.
Eldorado said it would sell its majority interests in the
White Mountain and Tanjianshan mines and the Eastern Dragon
project to Yintai, a nonferrous metals mining company that
controls the Huaaobaote polymetallic mine in Inner Mongolia.
Shares of Eldorado rose nearly 4 percent to C$6.58 on the
Toronto Stock Exchange.
The deal comes less than three weeks after Eldorado agreed
to sell another Chinese asset, its Jinfeng mine, to China
National Gold Group.
Eldorado, which has gold mines and projects in Turkey and
Greece, said it planned to use the proceeds from the sale to
Yintai to expand its business "based on long-lived, low-cost
assets."
BMO Capital Markets BMO.TO and Cutfield Freeman & Co are
financial advisors to Vancouver-based Eldorado on the
transaction.

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