Eldorado Gold

Eldorado Gold Corporation is a Canadian mid-tier gold and base metals producer. It has assets in Canada, Turkey, Greece, Romania and Brazil. Eldorado's activities involve all facets of mining, including exploration, development, production and reclamation.

Eldorado Gold Corporation
Public
Traded asTSX: ELD
NYSE: EGO
ISINCA2849021035 
IndustryMining
Founded1992 but amalgamated as Eldorado Gold Corporation in 1996
Headquarters
Vancouver, British Columbia
,
Canada
Number of locations
Canada, Turkey, Greece, Romania, Brazil
Key people
George Burns (President & CEO)
Philip Yee (EVP & CFO)
Joseph Dick (EVP & COO)
Timothy Garvin (EVP and General Counsel)
Jason Cho (EVP & Chief Strategy Officer)
RevenueUS$617.8 million (2019)[1]
US$80.6 million (2019)[2]
Total assetsUS$4.648 billion (2019)[3]
Total equityUS$4.648 billion (2019)[4]
Number of employees
4,300 (end 2018)[5]
Subsidiaries
Websiteeldoradogold.com

With headquarters in Vancouver, British Columbia, Canada, Eldorado operates in five countries and operations employ over 4,300 people worldwide. The company operates as a decentralized business unit with the majority of employees and management being nationals of the country where offices are located.

Eldorado is publicly traded on the Toronto Stock Exchange (TSX: ELD) and on the New York Stock Exchange (NYSE: EGO).

Operations

Eldorado produced just over 395,331 ounces of Au in 2019 at average cash operating costs of US$608 per ounce.[6]

As of September 30, 2019, total proven and probable reserves of 384 million tonnes at 1.32 grams per tonne gold containing 16.4 million ounces were reported.[7]

The company's 2020 production guidance is 520,000-550,000 ounces of gold, an increase over the 390,000-420,000 ounces of gold forecast for 2019.[8]

Eldorado produced 395,331 ounces of gold in 2019 at all-in sustaining costs of approximately $1,034 per ounce. The Company generated $617.8 million in revenue, and reported net earnings of $80.6 million for full year 2019.[9]

Developments

Turkey

Subsidiary: Tuprag.

Two operating gold mines in western Turkey: Kisladag and Efemcukuru. Together, they produced almost 244,000 ounces of gold in 2019.

Greece

Subsidiaries: Hellas Gold, Thracean Gold Mining and Thrace Minerals.

Two operating mines in Chalkidiki, northern Greece: Stratoni (underground silver/lead/zinc mine) and Olympiada (underground gold/silver/lead/zinc mine).

One development project in Chalkidiki, northern Greece: Skouries (open-pit/underground high-grade gold/copper porphyry mine). On November 9 2017, Eldorado announced its intention to begin moving its Skouries project into care and maintenance. Ongoing permitting delays have negatively impacted the schedules and costs, ultimately hindering the Company’s ability to effectively advance with the project.

One development project in Thrace, northern Greece: Perama Hill (epithermal gold/silver deposit). In 2016 Eldorado announced Perama Hill was put on care and maintenance.

Romania

One development project in Transylvania, central Romania: Certej (epithermal gold-silver deposit in the Apuseni Mountains).

Brazil

One operating mine in Amapá, northern Brazil: Vila Nova (open-pit iron ore mine). Currently on care and maintenance pending a recovery in iron ore prices.

One development project in Pará, northern Brazil: Tocantinzinho (non-refractory gold mine).

Canada

One operating mine in Quebec, eastern Canada: Lamaque (underground gold mine). Commercial production was declared on March 31, 2019.

Divestitures

Eldorado completed the sale of its four Chinese assets in Q3/Q4 2016.

Acquisitions

In December 2011 Eldorado announced it would acquire the EU-focused Canadian mining company European Goldfields. The plan of arrangement was completed in February 2012. New assets: Certej mine (Romania), Stratoni mine/Olympiada project/Skouries project (Greece).[10][11]

In May 2017 Eldorado announced it would acquire the Canadian junior explorer company Integra Gold Corp. in a cash and share transaction valued at CA$590 million. The plan of arrangement was completed in July 2017. New assets: Lamaque mine (Canada).[12]


References
  1. "Eldorado Gold Financials 2019" (PDF). Eldorado Gold. Retrieved December 31, 2019.
  2. "Eldorado Gold Financials 2019" (PDF). Eldorado Gold. Retrieved December 31, 2019.
  3. "Eldorado Gold Financials 2019" (PDF). Eldorado Gold. Retrieved December 31, 2019.
  4. "Eldorado Gold Financials 2019" (PDF). Eldorado Gold. Retrieved December 31, 2019.
  5. "Opportunity" (PDF). Retrieved 17 September 2019.
  6. "Eldorado Gold Reports 2019 Year-End and Fourth Quarter Financial and Operational Results" (PDF). February 20, 2020.
  7. "Eldorado Gold Reports 2019 Year-End and Fourth Quarter Financial and Operational Results" (PDF). February 20, 2020.
  8. "Eldorado Gold Reports 2019 Year-End and Fourth Quarter Financial and Operational Results" (PDF). February 20, 2020.
  9. "Eldorado Gold Reports 2019 Year-End and Fourth Quarter Financial and Operational Results" (PDF). February 20, 2020.
  10. Eldorado Gold Corp. makes $2.5B all-stock bid for European Goldfields Ltd., huffingtonpost.ca 2011/12/18.
  11. Greece to rule on European Goldfields by February, Reuters 2010/10/21.
  12. "Eldorado Gold to Acquire Integra Gold For CA$590 Million". www.juniorminingnetwork.com. Retrieved 2017-05-15.
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