Miner sells Brazilian gold project

Photo: Eldorado

Canada’s Eldorado Gold Corporation has an-nounced it entered into a definitive agreement with G Mining Ventures Corp. with the aim to divest its Tocantinzinho gold project in Brazil.


Under the deal, Eldorado is to obtain a “minimum upfront considera-tion of US$50 million, comprised of a minimum US$20 million in cash and 19.9% of GMIN shares upon closing of the transaction” and a “deferred consideration of US$60 million in cash to be paid subject to TZ commencing commercial production, payable on the first anniver-sary of commercial production,” the miner said in a statement.


“This transaction provides Eldorado with immediate value for TZ, while also retaining meaningful exposure to future value creation through our equity stake in GMIN,” according t George Burns, the president and chief executive of Eldorado.


Eldorado says it owns mining, development and exploration opera-tions in Turkey, Canada, Greece, Romania, and Brazil.