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Article: Australia : Eldorado Bids C$2 Billion for Remainder of Sino Gold.
- Article from:
- TendersInfo
- Article date:
- August 28, 2009
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Byline: sanjayV03
Eldorado Gold Corp., a Canadian producer of the metal in China, agreed to buy the shares of Sino Gold Mining Ltd. it doesn t already own for about C$1.54 billion ($1.4 billion).
Eldorado offered 0.55 share for each share of Sino, the companies said in a joint statement today. That values Sino at A$7.24 a share based on Eldorado s closing stock price yesterday in Toronto, 21 percent higher than Sino s last closing price, the companies said.
Eldorado is expanding output after gold prices rose, global production fell and reserves dwindled. Sydney-based Sino says it owns the second-largest gold mine in China. The nation surpassed ...