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Last Updated : 04 September 2009 at 17:15 IST

Gold Fields sells ELD stake for CAD $323 mln

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Commodity Online
South African gold miner Gold Fields Ltd. (JSE: GFI) NYSE:GFI) has announced that it has set-out its holding in Eldorado Gold Corp. (TSE:ELD). GFI disposed of 27,824,654 ELD shares at CAD11, 61/share for a consideration of CAD323 million in totals.

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Gold Fields Ltd. is a South Africa-based gold producing entity. Eldorado Gold Corp. is a gold producer engaged in gold mining and related activities including exploration and development.

The proceeds of this disposal are poised to be utilized for debt repayments. GFI gained 4.02% at New York Stock Exchange closing at 13.73. It touched a 52-week high of 14.21 and low of 4.64. ELD gained 3.62% closing at 12.3 at Toronto Stock Exchange as on Thursday.