Eldorado Gold

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Eldorado Gold Corporation
Traded as TSXELD
Industry Gold
Founded 1991
Headquarters Vancouver, British Columbia, Canada
Number of locations
Brazil, China, Greece, Romania, Turkey
Key people
Paul N. Wright (CEO)
Paul Skayman (COO)
Fabiana Chubbs (CFO)
Revenue US$1.067 billion (2014)[1]
US$256.92 million (2014)[2]
US$106.54 million (2014)[3]
Total assets US$7.393 billion (2014)[4]
Total equity US$5.272 billion (2014)[5]
Number of employees
7,200 (2012) [6]
Subsidiaries Tuprag www.tuprag.com.tr
Hellas Gold www.hellas-gold.com
Website www.eldoradogold.com

Eldorado Gold Corporation is a Canadian-based, intermediate gold mining company with assets in Turkey, China, Greece, Brazil and Romania. Eldorado operates six mines and is developing a number of projects. Eldorado has over 20 years of international experience in building and operating mines. The company is dedicated to responsible operations, the highest safety and environmental standards and working with stakeholders to enhance the communities where it operates.

With headquarters in Vancouver, Eldorado's 18 offices and operations employ over 7,200 people worldwide.[7] 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).


Eldorado operates five gold mines, two in Turkey and three in China; and a small silver-lead-zinc mine in Greece. The company also has a pipeline of projects in different stages of construction, development and exploration.

Over the past three years, Eldorado has produced an average of approximately 750,000 ounces of gold per year. At the end of 2014, the company had proven and probable gold reserves of approximately 26 million ounces.[8] The company estimates it will produce between 565,000-630,000 ounces of gold at cash operating costs between $585–620/ounce in 2016.[9]

Eldorado is the largest foreign gold producer in China and operates the largest gold mine in Turkey: Kişladağ.[10] Eldorado operates in Turkey under its subsidiary: Tuprag.


Eldorado has three development projects in Greece, one in Romania and one in Brazil.

In Greece, Eldorado operates under its subsidiaries: Hellas Gold and Thracean Gold Mining. Hellas Gold's 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 replacement massive sulfide deposit and Skouries, a gold-copper porphyry. All three projects have full environmental approvals, that have been challenged and upheld on multiple occasions by the Council of State, Greece’s Supreme Court on environmental and administrative affairs.[11]

Thracean Gold Mining was advancing Perama Hill, a gold-silver vein deposit in Thrace, northern Greece.

Eldorado has experienced lengthy permitting and licensing delays in the development of its Skouries, Olympias and Perama Hill projects. In March 2015, the Syriza government suspended the application for the building enclosure permit at Skouries from the approval process.[12] Then in August 2015, the government suspended technical studies pertaining to Skouries and Olympias.[13] The Greek Council of State issued a temporary ruling in favour of Eldorado Gold in October 2015 and a final ruling in January 2016.[14][15]

However, on January 11, 2016, Eldorado Gold announced it would suspend development activity at its Skouries project and put Perama Hill on care and maintenance. This was "a result of the actions and/or inactions of the Ministry and other agencies regarding the timely issuance of routine permits and licenses, which is not only a legal responsibility, but also a contractual obligation of the Greek State".[16]

In Romania, Eldorado is working to develop the Certej project, an epithermal gold-silver deposit in the Apuseni Mountains. In Brazil, Eldorado is developing the Tocantinzinho gold project in the Tapajos district in Para State.


Eldorado Gold announced in August 2009 that it would buy Sino Gold Mining for C$2.0 billion ($1.84 billion).[17] The purchase included two gold mines: Jinfeng in Guizhou province and White Mountain mine in Jilin province and one development project: Eastern Dragon mine in Heilongjiang province. All three assets are in China.

In December 2011, Eldorado Gold agreed to buy European Goldfields (EGU) for about C$2.5 billion (US$2.4 billion) in what would be its biggest acquisition.[18] Through the EGU transaction, Eldorado acquired the Kassandra Mines in Halkidiki, Greece which include the Stratoni mine, the Olympias project and the Skouries project. Eldorado also acquired the Certej project in western Romania through the EGU transaction.

Eldorado acquired the Sapes gold project in Thrace from Glory Resources in 2014.[19]

Operations maps[edit]

Worldwide operations
Eldorado Gold is located in Earth
White Mountain
White Mountain
Eastern Dragon
Eastern Dragon
Vila Nova
Vila Nova
Greece Turkey
Eldorado Gold is located in Greece
Perama Hill
Perama Hill
Eldorado Gold is located in Turkey
Blue pog.svg Producing mines Yellow pog.svg Construction Green pog.svg Development Red pog.svg Multiple operations


  1. ^ https://finance.yahoo.com/q/is?s=ego&annual
  2. ^ https://finance.yahoo.com/q/is?s=ego&annual
  3. ^ https://finance.yahoo.com/q/is?s=ego&annual
  4. ^ https://finance.yahoo.com/q/is?s=ego&annual
  5. ^ https://finance.yahoo.com/q/is?s=ego&annual
  6. ^ "Eldorado Gold Sustainability Report 2014" (PDF). Retrieved 9 Feb 2016. 
  7. ^ "Eldorado Gold Sustainability Report 2014" (PDF). Retrieved 9 February 2016. 
  8. ^ "Eldorado Gold Annual Report 2014" (PDF). Retrieved 9 February 2016. 
  9. ^ "Eldorado Gold Announcement". Retrieved 9 February 2016. 
  10. ^ "Eldorado Gold Website". Retrieved 9 February 2016. 
  11. ^ Psaropoulos, John (17 Jan 2016). "Greek gold miners prepare to fight Syriza". Al Jazeera. Retrieved 9 February 2016. 
  12. ^ Casey, Simon (2 Mar 2015). "Greece blocks construction at Eldorado's Skouries mine". Globe and Mail. Bloomberg News. Retrieved 12 July 2015. 
  13. ^ "Eldorado Gold Announcement". Retrieved 9 February 2016. 
  14. ^ Bochove, Danielle (2 Oct 2015). "Eldorado Surges After Greek Court Rejects Mining Halt". Bloomberg L.P. Retrieved 9 February 2016. 
  15. ^ Koutantou, Angeliki (20 Jan 2016). "Eldorado Gold wins appeal over Greek mining ban". Reuters. Retrieved 9 February 2016. 
  16. ^ "Eldorado Gold Announcement". Retrieved 9 February 2016. 
  17. ^ "Eldorado to buy Sino Gold for $2 billion". Reuters. 2009-08-26. 
  18. ^ "Eldorado Falls the Most in Two Years Amid Plan to Buy European Goldfields". Bloomberg. December 20, 2011. 
  19. ^ "Eldorado Gold Announcement". Retrieved 9 February 2016. 

External links[edit]