Zara Mine Stake Sale Expected to Complete by August

Bloomberg reported that Chalice Gold (ASX:CHN) anticipates completion of the sale of a stake in the Eritrea-based Zara mine by August 2012.

As quoted in the market news:

China SFECO, a unit of Shanghai Construction Co. (600170), 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.

Click here to read the full Bloomberg report.