Chinese bidders line up for Eldorado Gold mines
Eldorado Gold Corp (TSE:ELD) stock was a rare winner in the sector on Wednesday, gaining 4% into the teeth of fresh falls in the gold price.
The gains for the $4.3 billion Vancouver-based company came after it was revealed that a handful of Chinese miners, including the country's largest, China National Gold, are interested in picking up its three operating mines in China.
The mines which produce roughly 300,000oz/year could fetch as much as $1.5 billion ahead of a proposed listing of Eldorado's Chinese assets in Hong Kong that could raise $250 million.
Exploring both a sale and an IPO, known as a dual-track process, can help propel a deal by pressuring buyers to act before a stock offering puts the company in public investors’ hands.
via The Globe and Mail.