The transaction, scheduled to close in July, is expected to create $515 million in cost-savings over about two decades of production.
Much of the reason the M+I resources grew was due to reclassifying inferred material in areas immediately beyond the current reserve boundary.
The company will split the division into two divisions and appoint a new division president.
Local residents reported a lack of clean drinking water.
Under the agreement, initial production from Crean Hill would be shipped to Vale's Clarabelle mill in Sudbury for processing.
Cerium is a rare earth metal that is used in some types of lightbulbs and flat-screen TVs.
Inaugural production of bullion bars, branded “First Strike”, will be commemorated and sold as collectibles.
Nominees are distinguished by their leadership and achievements, having made significant contributions to Canada’s prominence in the global mining industry.
Eldorado expects its production profile to swell about 45% over the next four years to 703,250 oz. gold per year, CEO George Burns says.
