Eldorado Gold

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Eldorado Gold Corporation
Traded asTSXELD
Founded1992 but amalgamated as Eldorado Gold Corporation in 1996
Number of locations
Canada, Brazil, Greece, Romania, Serbia, Turkey
Key people
George Burns (President & CEO)
Paul Skayman (COO)
Timothy Garvin (EVP and General Counsel)
Jason Cho (EVP Strategy & Corporate Development)
RevenueUS$650.2 million (2016)[1]
US$(344.2) million (2016)[2]
Total assetsUS$4.797 billion (2016)[3]
Total equityUS$3.482 billion (2016)[4]
Number of employees
4,871 (end 2016) [5]
SubsidiariesTuprag www.tuprag.com.tr
Hellas Gold www.hellas-gold.com

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

With headquarters in Vancouver, British Columbia, Canada, Eldorado operates in five countries and operations employ over 4,800 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 has over 25 years of experience in building and operating mines globally. The company is dedicated to responsible operations, the highest safety and environmental standards and working with stakeholders to enhance the communities where it operates.

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


Eldorado has two operating gold mines, Kisladag, and Efemcukuru in western Turkey. Together, these produce about 40% of Turkey's total annual gold production.

Eldorado also has two operating mines in the Halkidiki Peninsula in northern Greece. A small silver-lead-zinc mine, Stratoni, and Olympias, a gold-silver-lead-zinc mine.

Eldorado produced just over 285,000 ounces of Au in 2017 at average cash operating costs of US$509 per ounce and all in sustaining costs expected to be $900 per ounce.[6]

At the end of 2016, the company had proven and probable gold reserves of approximately 19 million ounces.[7]

The company estimates it will produce between 365,000-400,000 ounces of gold at cash operating costs between $485–535 per ounce in 2017.[8]

Eldorado operates in Turkey under its subsidiary: Tuprag and in Greece under its subsidiaries: Hellas Gold and Thracean Gold Mining.

Eldorado produced 486,025 ounces of gold in 2016 at all-in sustaining costs of approximately $900 per ounce. The Company generated $650.2 million in revenue, and reported a loss of $344.2 million for full year 2016. [9]

In Q1 2017 Eldorado produced 75,172 ounces of gold at all-in sustaining cash costs of $791 per ounce. The Company reported adjusted net earnings for the quarter of $8 million and also announced it had commissioned phase II development at its Olympias gold mien in Greece. [10]


Eldorado has one development phase project in Canada: Lamaque. Lamaque is an underground gold project in Val-d’Or, Quebec. Commercial production is forecasted for 2019.

Eldorado has two development projects in Greece, Skouries which is a high-grade gold-copper porphyry deposit and Perama Hill, an epithermal gold-silver deposit. Eldorado announced its intention to begin moving its Skouries project into care and maintenance on 9 November 2017. Ongoing permitting delays have negatively impacted Eldorado’s project schedules and costs, ultimately hindering the Company’s ability to effectively advance development at Skouries. Further, in 2016 Eldorado announced Perama Hill was put on care and maintenance

In Romania, Eldorado has one project, Certej. Certej is an epithermal gold-silver project located in the Apuseni Mountains of Transylvania in western Romania.

In Brazil, Eldorado operates the Vila Nova iron ore mine and are advancing the Tocantinzinho gold project. Vila Nova is an open pit, iron ore mine located in Amapá State in northern Brazil. Vila Nova is currently on care and maintenance pending a recovery in iron ore prices. Tocantinzinho is a non-refractory gold project is located in the prolific Tapajos district in northern Brazil.

Greece Hellas Gold's three assets are located in the Halkidiki peninsula in northern Greece. Hellas Gold operates Stratoni, an underground, silver-lead-zinc mine and is developing Olympias, a polymetallic deposit and Skouries, a gold-copper porphyry.

Thracean Gold Mining holds Perama Hill, a gold-silver vein deposit in Thrace, which is currently on care and maintenance pending receipt of the Environmental Impact Assessment permit.


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


In May 2017 Eldorado announced it would acquire junior explorer Integra Gold Corp. in a cash and share transaction valued at CA$590 million. The plan of arrangement was completed in July 2017. [11]


  1. ^ https://s2.q4cdn.com/536453762/files/doc_news/2017/17-02-YE-Q4-Results-(Final).pdf
  2. ^ https://s2.q4cdn.com/536453762/files/doc_downloads/Shareholder_Materials/2017/2016-Audited-Financial-Statements-MD-A.pdf
  3. ^ https://s2.q4cdn.com/536453762/files/doc_downloads/Shareholder_Materials/2017/2016-Audited-Financial-Statements-MD-A.pdf
  4. ^ https://s2.q4cdn.com/536453762/files/doc_downloads/Shareholder_Materials/2017/2016-Audited-Financial-Statements-MD-A.pdf
  5. ^ "Focus on the future" (PDF). Retrieved 13 March 2018.
  6. ^ "Eldorado Announces Preliminary 2017 Operational Results and Partial 2018 Guidance". www.eldoradogold.com. January 16, 2018.
  7. ^ "Eldorado Gold Year in Review Report 2016". Retrieved 13 March 2018.
  8. ^ "Eldorado Gold Announcement". Retrieved 14 February 2017.
  9. ^ "Eldorado Gold Reports 2016 Year in Review" (PDF). Retrieved 2018-03-13.
  10. ^ "Eldorado Gold Reports 2017 First Quarter Results". www.juniorminingnetwork.com. Retrieved 2017-04-27.
  11. ^ "Eldorado Gold to Acquire Integra Gold For CA$590 Million". www.juniorminingnetwork.com. Retrieved 2017-05-15.

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