Gold Fields sells Eldorado shares

Vancouver — Gold Fields (GFI-N) has sold its entire equity interest in Eldorado Gold (ELD-T) into the market.

Gold Fields’ predecessor, Gencor, acquired its initial shareholding in Eldorado in 1996 through Eldorado’s acquisition of a number of Gencor’s assets including the Sao Bento Mine in Brazil.

The major originally held a total of 30.5 million Eldorado shares, or 14.78%, and since late last year has been steadily divesting its interest. On Jan. 23, Gold Fields sold 10.5 million Eldorado shares, thereby reducing its stake to 19.98 million shares, or about 9.8%. Eldorado states that as of June 20, Gold Fields no longer holds shares in the company.

Eldorado operates the Sao Bento mine in Brazil and is currently developing its Kisladag gold deposit near Usak, Turkey. Eldorado has about 234.1 million shares fully diluted.