Eldorado Gold

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Eldorado Gold Corporation
Traded asTSXELD
ISINCA2849021035 Edit this on Wikidata
PredecessorSino Gold Mining Edit this on Wikidata
Founded1992 but amalgamated as Eldorado Gold Corporation in 1996
Number of locations
Canada, Turkey, Greece, Romania, Serbia, Brazil
Key people
George Burns (President & CEO)
Philip Yee (EVP & CFO)
Paul Skayman (EVP & COO)
Timothy Garvin (EVP and General Counsel)
Jason Cho (EVP & Chief Strategy Officer)
RevenueUS$459.0 million (2018)[1]
US$(361.8) million (2018)[2]
Total assetsUS$4.629 billion (2018)[2]
Total equityUS$4.629 billion (2018)[2]
Number of employees
4,300 (end 2018)[3]

Eldorado Gold Corporation is a Canadian mid-tier gold and based metals producer. 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 4,300 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 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 produced just over 349,000 ounces of Au in 2018 at average cash operating costs of US$625 per ounce.[4]

At September 30, 2018, the company had proven and probable gold reserves of approximately 28.7 million ounces.[5]

The company estimates it will produce between 390,000-420,000 ounces of gold at cash operating costs between $550–600 per ounce in 2019.[6]

Eldorado produced 349,147 ounces of gold in 2018 at all-in sustaining costs of approximately $990 per ounce. The Company generated $459.0 million in revenue, and reported a loss of $361.9 million for full year 2018.[7]



Subsidiary: Tuprag.

Two operating gold mines in western Turkey: Kisladag and Efemcukuru. Together, they produced almost 268,000 ounces of gold in 2018.


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.


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


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).


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


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


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).[8][9]

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).[10]

Environmental Impact[edit]


The mining operation at Olympiada has been found to be in violation of Greek environmental protection laws by an inspection committee of the Greek Ministry of the Environment and Energy. The inspectors discovered, among other violations, concentrations over the allowed limits of cadmium, lead and arsenic in a water stream used by the mining operation.[11]



  1. ^ "Eldorado Gold Financials 2018" (PDF). Eldorado Gold. Retrieved September 17, 2019.
  2. ^ a b c "Focus on the Future: Eldorado Gold Financials 2016" (PDF). Eldorado Gold. Retrieved September 17, 2019.
  3. ^ "Opportunity" (PDF). Retrieved 17 September 2019.
  4. ^ "Corrected - Eldorado Gold Reports 2018 Year-End and Fourth Quarter Financial and Operational Results". February 22, 2019.
  5. ^ "Resources and Reserves 2016". Retrieved 17 September 2019.
  6. ^ "Eldorado Announces Decision to Resume Mining and Heap Leaching at Kisladag; Provides Consolidated 2019-2021 Outlook". Retrieved 17 September 2019.
  7. ^ "Corrected - Eldorado Gold Reports 2018 Year-End and Fourth Quarter Financial and Operational Results". Retrieved September 17, 2019.
  8. ^ Eldorado Gold Corp. makes $2.5B all-stock bid for European Goldfields Ltd., huffingtonpost.ca 2011/12/18.
  9. ^ Greece to rule on European Goldfields by February, Reuters 2010/10/21.
  10. ^ "Eldorado Gold to Acquire Integra Gold For CA$590 Million". www.juniorminingnetwork.com. Retrieved 2017-05-15.
  11. ^ Special Secretariat for the Environment and Energy Inspectorate. "Act of Confirmation of Infringement" (PDF). antigoldgr.org. Retrieved 2019-12-10.

External links[edit]