Eldorado Gold Corporation reports on gold and base metals mining, development and exploration operations in Canada, Türkiye and Greece. Recurring updates cover operating and financial results, production and cost outlooks, capital allocation, mine development, exploration activity and governance changes across assets such as Lamaque, Skouries, Kisladag, Efemcukuru and Olympias.
The company’s news also includes project and permitting developments, including the Ormaque deposit at the Lamaque Complex, and completed portfolio actions such as the acquisition of Foran Mining, which added the McIlvenna Bay copper-zinc-gold-silver asset in Canada. Eldorado’s common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under EGO in the United States.
Eldorado Gold Corporation released its updated Mineral Reserve and Resource estimates as of September 30, 2021. Proven and Probable gold Reserves totaled 15.3 million ounces, a 14% decrease from the previous year, influenced by the divestiture of Tocantinzinho. Inferred Resources rose to 14.0 million ounces, marking a 3% increase. Key contributors to resource changes included increases at Efemcukuru and Lamaque, while Kisladag and Olympias saw declines. Overall, Measured and Indicated Resources decreased by 9% to 23.5 million ounces post-divestiture.
Eldorado Gold Corporation has announced the completion of its Feasibility Study (FS) for the Skouries project in northern Greece. The study reveals 19% after-tax Internal Rate of Return (IRR) and $1.3 billion after-tax Net Present Value (NPV) based on $1,500/oz gold and $3.85/lb copper prices. The project anticipates producing 2.9 million ounces of gold over a 20-year mine life, with initial capital costs estimated at $845 million. The study aims to secure financing for the project's re-start in mid-2022.
Eldorado Gold Corporation has successfully completed the Triangle-Sigma decline project at Lamaque and the HPGR circuit at Kisladag. The Triangle-Sigma decline, connecting the Triangle mine and Sigma mill, was finished on time and budget, costing approximately $24 million. It aims to reduce costs and GHG emissions. The Kisladag HPGR circuit is expected to increase gold recovery by about 4% and was completed within a $35 million budget. A feasibility study for the Skouries project will be released on December 15, 2021, followed by a conference call.
Eldorado Gold Corporation reports Q3 2021 financial results, highlighting gold production of 125,459 ounces, an 8% decrease from Q3 2020. However, production increased 8% over Q2 2021, prompting the company to boost its annual guidance by 6% to 460,000-480,000 ounces. Free cash flow was $29.7 million, down from $114.7 million a year prior, attributed to lower production and gold prices. Net earnings fell to $8.5 million, or $0.05 per share, reflecting higher finance costs from debt refinancing. Capital spending reached $64.4 million, with ongoing investments at Kisladag and Lamaque.
Eldorado Gold Corporation has successfully finalized the sale of its Tocantinzinho Project to G Mining Ventures Corp. for an upfront payment of US$20 million and deferred consideration of US$60 million. In exchange, Eldorado acquired a 19.9% equity stake in GMIN, totaling approximately 46.9 million common shares. An Investor Rights Agreement ensures Eldorado retains rights for future equity offerings as long as it maintains a stake above 10%. This strategic move offers Eldorado immediate value while allowing ongoing involvement in the project's development.
Eldorado Gold Corporation has announced the execution of a $250 million revolving senior secured credit facility, with an option to increase credit by $100 million. This agreement replaces the previous $450 million credit facility and offers better financial flexibility for the development of Kassandra assets in Greece. The interest rate on the new facility ranges from LIBOR + 2.125% to 3.25%. The company continues to strengthen its balance sheet and improve its financial position as it enhances funding alternatives for its projects.
Eldorado Gold Corporation announced a preliminary gold production of 125,459 ounces for Q3 2021, marking an 8% increase from 116,066 ounces in Q2 2021. The company plans to review its 2021 production guidance, with further updates expected on October 28, 2021. Key mines contributed to the production: Kısladag (51,040 oz), Lamaque (37,369 oz), Efemcukuru (23,305 oz), and Olympias (13,745 oz). Turkey's effective tax rate is anticipated to reduce the current income tax expense by $8-11 million due to investment credits.
Eldorado Gold Corporation has announced significant exploration updates from its Lamaque and Efemcukuru operations. Notable results include:
- Infill drilling at Ormaque confirming grade continuity, with intercepts such as 2.2 metres at 21.3 g/t gold and major new mineralized zones.
- At Bonnefond, results include 50.2 metres at 6.0 g/t gold.
- At Efemcukuru, Kokarpinar drilling yielded intercepts including 1.6 metres at 18.3 g/t gold.
These findings underscore strong growth potential in Eldorado's resource base and ongoing exploration success.
Eldorado Gold Corporation has successfully completed a US$500 million offering of 6.250% senior notes due 2029. The proceeds will be utilized to redeem US$234 million in outstanding 9.500% notes due in 2024, repay existing loans, and cover related expenses. This move enhances the company’s financial flexibility and reduces its debt costs, allowing for expanded funding opportunities for the Kassandra assets in Greece. The notes have been sold to qualified institutional buyers and comply with U.S. securities regulations.
Eldorado Gold Corporation has successfully priced an offering of US$500 million in senior notes with a 6.250% interest rate, maturing in 2029. The funds will be used to redeem US$234 million of higher-interest notes due in June 2024, repay existing loans, and cover related expenses. The offering is set for settlement around August 26, 2021, and is geared towards qualified institutional buyers as per regulatory exemptions. Eldorado operates mines across multiple countries, including Turkey and Canada, and its shares trade on the TSX and NYSE under the symbol EGO.