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Sino Gold announced the unconditional approval in a statement on Monday, saying the approval satisfied a condition of the scheme implementation deed between the two companies. In August, Eldorado proposed a scrip takeover of Sino Gold -- a "business combination", the companies said -- under a deal that would create a merged company with a market value of about $US6 billion ($A6.9 billion), gold reserves of 12 million ounces, and resources of more than 23 million ounces. At the time, Eldorado was the highest shareholder in Sino Gold with 19.83 per cent. Eldorado has offered 0.55 Eldorado shares for each Sino Gold share, valuing Sino Gold, it said, at approximately $A2.2 billion. Sino Gold's market capitalisation on Monday was $A1.916 billion at $6.55 per share. Sino Gold is involved in three projects in China, the Jinfeng project in Guizhou province and White Mountain in Jilin province, both of which are in production, and the Eastern Dragon project, which is under development in northern China. Sino Gold's board has backed the Eldorado offer. (AAP) bl For full details for SIOGF click here.
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