Eldorado to buy Sino Gold for $2 billion

Canada's Eldorado Gold Corp (ELD.TO) said on Wednesday it will buy Sino Gold Mining Ltd (SGX.AX) for C$2.0 billion ($1.84 billion) in an all-share deal that will more than double the size of its gold production in China.

China is already the world's largest producer of gold, but gold consumption within the country has surged, and China is expected to overtake India as world's largest consumer of gold in 2009.

The acquisition of Australia and Hong Kong-listed Sino Gold will boost Eldorado's annual gold production to about 550,000 ounces, from 330,000 ounces. The deal also expands the company's project pipeline with annual production expected to rise to 850,000 ounces by 2011 and over 1 million ounces by 2013.

Read Full Article from Reuters

- Posted: 2009-08-26 11:12:27

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