You are here
Chinese company buys full control of Eldorado's Jinfeng mine
China keeps trading fiat for metal.
* * *
Eldorado Announces Agreement to Sell Jinfeng Mine
Company Press Release
PR Newswire via Yahoo Finance
Tuesday, April 26, 2016
VANCOUVER, British Columbia, Canada -- Eldorado Gold Corp. is pleased to announce that it has reached an agreement to sell its 82 percent interest in the company's Jinfeng mine to a wholly-owned subsidiary of China National Gold Group for US$300 million in cash, subject to certain closing adjustments.
"We are pleased to have reached an agreement which we believe mutually benefits both companies. China National Gold has been our minority partner at Jinfeng for over 14 years is the logical buyer as the operation transitions fully into the underground," said Paul Wright, president and chief executive officer of Eldorado Gold. "Since commencement of production in 2007, Jinfeng has consistently delivered solid operating results and has been a strong contributor in Eldorado's global portfolio."
... Dispatch continues below ...
The Committee to Destroy the World:
Inside the Plot to Unleash a Super Crash
This new book by Michael E. Lewitt is a passionate and informed analysis of the struggling global economy. Lewitt, one of Wall Street's most respected market strategists and money managers, updates his groundbreaking examination of the causes of the 2008 crisis and argues that economic and geopolitical conditions are even more unstable today. Lewitt explains how debt has overrun the world's productive capacity, how government policies have created a downward vortex sapping growth and vitality from the American economy, and how greed and corruption are preventing reform.
For more information:
http://www.wiley.com/WileyCDA/WileyTitle/productCd-1119183545,subjectCd-...
The transaction is expected to close in the third quarter 2016 and is subject to obtaining various regulatory and other approvals and other customary closing conditions.
As previously disclosed, Eldorado has been evaluating the merits of potentially monetizing its Chinese assets. The company continues to advance this process and has been in discussions with various parties and will update shareholders as appropriate. ...
... For the remainder of the announcement:
https://finance.yahoo.com/news/eldorado-announces-agreement-sell-jinfeng...
* * *
Support GATA by purchasing recordings of the proceedings of the 2014 New Orleans Investment Conference:
https://jeffersoncompanies.com/landing/2014-av-powell
Or by purchasing DVDs of GATA's London conference in August 2011 or GATA's Dawson City conference in August 2006:
http://www.goldrush21.com/order.html
Or a colorful poster of GATA's full-page ad in The Wall Street Journal on January 31, 2009:
http://gata.org/node/wallstreetjournal
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
