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Chalice Gold Sees Sale of Eritrea Stake to China SFECO by August

Chalice Gold Mines Ltd., an Australian explorer for the metal, expects China SFECO Group to complete an $80 million purchase of its stake in Eritrea’s Zara mine by August, Chief Executive Officer Doug Jones said.

China SFECO, a unit of Shanghai Construction Co., agreed to buy the 60 percent stake after Chalice faced difficulties raising finance for the project because of United Nations sanctions against the Horn of Africa country, Jones said in an e-mailed response to questions on April 23.