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Additional Information
Market: TSX, NYSE
Sector: Gold Mining
Epic: TSX:ELD
News: Latest news
Web Site: Eldorado Gold
Other Articles: 22-03-201019-01-201014-01-2010

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Eldorado Gold

Eldorado Gold

Eldorado Gold Corporation is a gold mining company actively growing businesses in Brazil, China, Turkey, Greece, and surrounding regions. Eldorado Gold is one of the lowest cost pure gold producers, and anticipates production of 700,000 ounces of gold per annum by 2013.
Wednesday, June 03, 2009

Gold Fields sells 19.9 pct Sino Gold stake to Eldorado for US$282 mln

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Gold Fields Ltd (JSE, NYSE, NASDAQ Dubai: GFI) said it is selling its 19.9 percent stake in Sino Gold Mining Ltd (ASX: SGX) to Eldorado Gold Corp (TSX: ELD) for US$282 million, based on Eldorado’s closing price yesterday.

Gold Fields will receive 48 Eldorado shares for every 100 Sino Gold shares, which will result in Gold Fields holding 27,824,654 Eldorado shares or approximately 7 percent of the outstanding capital.

In addition, Gold Fields will hold a top-up right for a period of 18 months, which will apply should Eldorado purchase an additional 5 percent or more of the outstanding shares of Sino Gold at a more beneficial share exchange ratio than that agreed with Eldorado for today’s deal.

Nick Holland, chief executive officer of Gold Fields, said: "After having received several expressions of interest for our stake in Sino Gold, we believe that this transaction is the most value creating for our shareholders because it has enabled us to crystallise the value of our investment while retaining exposure to China as a potential area for the future.”

"We have definitely not changed course and our aspiration to grow production in each of our three international regions, West Africa, South America and Australasia, to at least 1 million ounces per annum, within a three to five year time horizon, remains intact,” he added.

Gold Fields will retain some exploration joint ventures with Sino over the Jinshu project and other nominated properties in China.

The transaction is expected to close at the end of August 2009.

Eldorado president and CEO Paul N. Wright commented: "Eldorado and Sino Gold both have a history of success in China and have become the two largest foreign gold producers in China. We view this stake in Sino Gold as an excellent opportunity to enhance our investment in China. Eldorado will continue to grow in a disciplined and focused manner and we are pleased to have Gold Fields back as a shareholder.”

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