Shares of Eldorado Gold (EGO) were falling by 8.61% to $3.35 on Monday morning, despite the gold exploration, development and mining company announcing that it will acquire the remaining shares of Integra Gold Corp., which will expand its mining opportunities in Canada's Eastern Abitibi region.
The deal is valued at about C$590 million.
"From previous experience of building and operating gold mines in Canada, I am excited about Eldorado's entry into the Eastern Abitibi region of Canada. With our current balance sheet strength post the sale of our Chinese assets, this acquisition represents a use of the proceeds complementing our existing portfolio of high quality, low cost assets," Eldorado CEO George Burns said.
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