Eldorado Canada withdraws from China

According to foreign news on May 16, Canadian mining company Eldorado Gold announced on Monday that its interests in two local mines and one development project will be transferred to Intime Resources for US$600 million in cash. The company is entering China decided to withdraw after 11 years.

Eldorado is the largest overseas gold producer in China and has been looking for opportunities in the past two years to increase the market value of Chinese assets held in his hands, including allowing these assets to be listed in Hong Kong or sold directly.

Errado stated that it would sell its 95% interest in Baishan Mine, 90% of Tanjianshan Mine, and 75% of Dongfanglong Gold Mine Project to Intime Resources. Yintai Resources is a non-ferrous metals mining company listed in Shenzhen and controls the Huaban Baote Polymetallic Mine in Inner Mongolia.

Less than three weeks ago, Errado had just agreed to sell another China-based Jinfeng Mine to China National Gold Corporation for a price of US$300 million.

After the deal was announced, El Rador's share price rose by 5% to 6.65 Canadian dollars on the Toronto Stock Exchange, closing at 6.34 Canadian dollars.

It is expected that the transaction will be completed in the third or fourth quarter.