Eldorado Gold Corporation has completed the sale of its 82% interest in the Jinfeng Gold Project in Guizhou Province of southern China. The stake has been sold to a wholly-owned subsidiary of China National Gold Group Corporation.
The company announced the sale of Jinfeng in April this year and shortly after also announced the sale of its other Chinese assets – White Mountain in Jilin Province, Tanjianshan in Qinghai Province and Eastern Dragon in Heilongjiang Province.
Eldorado’s president and chief executive officer Paul Wright said, “We are pleased to have completed the sale of our interest in the Jinfeng mine and expect the previously announced sale of our interests in the White Mountain and Tanjianshan mines and the Eastern Dragon Development Project to continue on schedule and close in the fourth quarter.
“These transactions surface meaningful value to Eldorado and further strengthen our financial flexibility to advance our internal project pipeline,” he added.
Canadian-based Eldorado is a TSX and NYSE listed low-cost gold producer with mining, development and exploration operations in Turkey, Greece, Romania and Brazil.
The company’s success to date is based on a low cost strategy, a highly skilled and dedicated workforce, safe and responsible operations, and long-term partnerships with the communities where it operates.