Eldorado Gold Selling Minority Stake in Stalled Eastern Dragon Project

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Eldorado Gold Corp  has been making plans. The company “plans to sell a minority stake in its stalled Eastern Dragon project to Chinese private equity firm CDH Investments, the Canadian miner said on Monday,” reports Reuters.

“CDH will acquire 20 percent of the gold mine in the northern Chinese province of Heilongjiang for $40 million in cash.”

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“Eldorado said it expected CDH to help complete the development of Eastern Dragon.”

“The mine was nearly finished in 2011 when a key permit was delayed, and construction is now on hold. Eldorado took a $524.9 million charge on the carrying value of the project in the fourth quarter.”

In metal price news for precious metals…

Japanese palladium bar saw a 2.8 percent drop on Monday, February 24, making it the biggest mover of the day. Prices for US palladium bar have gained increasing momentum since Tuesday, February 18. After climbing 1.0 percent, the metal closed. Chinese palladium bar held its value on Monday.

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After falling for two days, the price of Japanese platinum bar rose 1.1 percent. US platinum bar finished the day up 0.8 percent. The price of Chinese platinum bar increased 0.5 percent.

US gold bullion prices inched up 1.2 percent. Following a two-day drop, the price of Japanese gold bullion increased by 0.9 percent. Chinese gold bullion gained 0.3 percent to finish. The price of Indian gold bullion was essentially unchanged.

US silver prices rose 1.8 percent. The price of Chinese silver declined 0.7 percent. After a 0.3 percent increase, Indian silver finished the day. The price of Japanese silver showed little movement yesterday.