RE:FP says Eldorado Gold finally getting out of Chinahttps://business.financialpost.com/news/mining/eldorado-gold-corp-to-exit-china-in-us600-million-deal-with-yintai-group-affiliate
FP article says: "....and the company is facing a challenging political environment in Greece that requires management's full attention. Eldorado also believed it was getting insufficient value for the Chinese mines in its stock price."
Would agree with ELD belief that US$900M (600 +300) is a low price for all its producing mines in China. The Chinese environment may be complex to handle, but it should be easier to predict compare to the Greek situation. In think Paul Wright is making a wrong call here. Agree that Greece requires ELD full attention, including perhaps a further investment of approximately $1B to get the two major mines in production (we have no definite confirmation that the $1B is earmarked for Greece though). If this is so then it would be like pouring money in a bottomless pit. Greece is a basket case and there is no cure in sight. The local labour force is not really "stable" there, as there has been recent labour unrest.
It would have been better to hang on to China for a couple of years (to preserve the income, the production of nearly 1/4Moz Au) and put full attention to getting out of Greece all together. They should have talked to the Chinese to them to buy their Greek assets instead. When Greece is resolved then if they need more money, they can sell the assets in China. It looks like ELD did it the wrong way.
It would be a different conclusion, if ELD has some other plan for the $1B (rather than sinking its $$$ in the sinkhole).
GH