Canada’s Eldorado Gold has acquired 11.5 percent of the shares in local miner Probe Metals. The contract was worth some C$ 23.7 million (US$ 19 million), and Eldorado Gold bought 15.04 million common shares of Probe Metals.
Focused on exploration activities in Canada’s Quebec, Probe Metals runs a number of gold properties in close proximity to Eldorado Gold’s Lamaque gold mine. Owing to this, the latest deal could generate various synergies for the Canadian miners.
In addition to this, it is noteworthy that the latest acquisition will enable Eldorado Gold to expand its footprint and landholdings in this area by as much as 550 percent.
Eldorado Gold says it has experience in building and operating mines in Europe, Asia and the Americas. Among others, the Canadian business has operations in Brazil, Greece, Romania and Turkey.