https://www.miningweekly.com

Eldorado Gold announces private equity partner for stalled Chinese project

Eldorado Gold announces private equity partner for stalled Chinese project

Photo by Bloomberg

24th February 2014

By: Henry Lazenby

Creamer Media Deputy Editor: North America

  

Font size: - +

TORONTO (miningweekly.com) – Canadian precious metals miner Eldorado Gold Corp on Monday announced that Chinese private equity company CDH Investments would acquire a 20% interest in the stalled Eastern Dragon project for $40-million.

Vancouver-based Eldorado said that after a private placement, CDH would own a 21.05% interest in Sino Gold Tenya (SGT), Eldorado's Hong Kong subsidiary, which indirectly holds the company's 95% interest in Eastern Dragon.

Eldorado’s Eastern Dragon project had been on care and maintenance pending receiving outstanding permit approvals from 2011.

The company said that it expected CDH to help complete the Eastern Dragon project to full production.

During the three months ended December 31, Eldorado booked a $524.9-million charge.

Located in the Heilongjiang province, in China, Eastern Dragon has proven and probable gold reserves of 764 000 oz, measured and indicated gold resources of 852 000 oz, and an inferred gold resource of 190 000 oz.

Output at the $56-million mine was estimated at 70 000 oz/y over an expected 11-year mine life.

Eldorado’s TSX-listed stock traded C$0.19 a share lower on Monday at C$7.77 apiece.

Edited by Creamer Media Reporter

Article Enquiry

Email Article

Save Article

Feedback

To advertise email advertising@creamermedia.co.za or click here

Showroom

Werner South Africa Pumps & Equipment (PTY) LTD
Werner South Africa Pumps & Equipment (PTY) LTD

For over 30 years, Werner South Africa Pumps & Equipment (PTY) LTD has been designing, manufacturing, supplying and maintaining specialist...

VISIT SHOWROOM 
MBE Minerals SA (Pty) Ltd
MBE Minerals SA (Pty) Ltd

Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.046 1.013s - 111pq - 2rq
Subscribe Now