Eldorado nixes Gencor deal

Blaming a change in market sentiment for gold, Eldorado Gold (eld-t) has opted not to proceed with the proposed US$193.6-million acquisition of two operating gold mines and nine exploration projects in Ghana and South Africa.

The proposed acquisition was first announced on June 5. However, Eldorado and the vendor, South African-based Gencor, were unable to renegotiate the terms of the deal, following the failed merger of the Fairview and ET Cons gold mines. A 45% interest in the proposed merger of the two South African mines was to have been part of deal.

Eldorado says the recent events will not hamper its relationship with Gencor, which, with a 40% interest, remains its largest shareholder.

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