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September 6, 2016

Eldorado Gold sells 82% stake in Jinfeng mine for $300m

Eldorado Gold has completed the sale of its 82% stake in the Jinfeng mine to a wholly owned subsidiary of China National Gold Group in a deal worth $300m.

Eldorado Gold has completed the sale of its 82% stake in the Jinfeng mine to a wholly owned subsidiary of China National Gold Group in a deal worth $300m.

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The open-pit and underground Jinfeng gold mine is located in China’s southern Guizhou Province. It uses Biox technology and conventional carbon in leach circuit to produce gold dore.

Eldorado Gold president and CEO 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 interest 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."

"These transactions surface meaningful value to Eldorado and further strengthen our financial flexibility to advance our internal project pipeline."

Eldorado said that China National Gold has been the company’s minority partner at Jinfeng for more than 14 years. 

The mine started production in 2007 and has delivered solid operating results.

Eldorado previously disclosed that the company has been evaluating the merits of potentially monetising its assets in China. 

Jinfeng is expected to process 930,000t of ore this year, which will be sourced from the underground operations and a small amount of stockpile. Sustaining capital costs for this year at the mine are estimated to be $15m.

Eldorado has mining, development and exploration operations in Turkey, China, Greece, Romania and Brazil. 


Image: The Jinfeng gold mine in China’s southern Guizhou Province. Photo: courtesy of Eldorado Gold Corp.

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Dig deeper with our mining equipment forecasts

As ore mines ramp up and come on stream, the total number of active surface machines (including trucks, excavators, shovels, loaders, graders and dozers) is forecast to rise from 141,470 in 2020 to 167,367 by 2025. This will be a CAGR of 3.4% from 2020 to 2025. The largest contributor to this growth is expected to be trucks, particularly smaller-sized trucks with shorter lifespans, used extensively in parts of Asia Pacific. Underground mining equipment is similarly expected to see a CAGR of 2.3% in this same time frame, with the number of mining trucks and loaders/LHDs in active underground mines expected to rise to 19,853 by 2025. GlobalData’s extensive mine-site research and equipment models have been used to build a complete view of mobile mining equipment populations globally for trucks, loaders, graders, dozers, excavators and shovels. This report includes informative breakdowns by each major region and key mining country, and also by major commodity. Read GlobalData’s Global Surface and Underground Mining Equipment: Populations & Forecast to 2025 for a complete view of the market, allowing you to best position yourself for the future.
by GlobalData
Enter your details here to receive your free Report.

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