European Goldfields halted after report of Eldorado bid approach

The company has signed an additional LOI with Export Development Canada worth $300 million.

The company can now move forward the construction and operation of the underground mine, which is expected to deliver 164,000 oz. of gold production annually.

The company changed its board of directors and plans to spin out non-core assets La Verde, Capricho, and Paco Orco into a new company.

The miner may cut its labor costs by 10%, which could involve layoffs among its 35,000 staff.