Welcome to our dedicated page for Eldorado Gold news (Ticker: EGO), a resource for investors and traders seeking the latest updates and insights on Eldorado Gold stock.
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.
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Eldorado Gold Corporation announced the successful election of all director nominees during its Annual Meeting of Shareholders held on June 10, 2021. Notable voting results include George Albino with 98.21% votes in favor and George Burns with 99.30%. Additionally, shareholders approved the appointment of auditors, setting auditor pay, and a non-binding advisory vote on executive compensation. The meeting also saw the appointment of Paul Ferneyhough as Senior Vice President and Lisa Wilkinson as Vice President of Investor Relations, strengthening the management team.
Eldorado Gold Corporation reported its Q1 2021 results, achieving gold production of 111,742 ounces, down 4% year-over-year. Despite this, the company maintains its annual guidance of 430,000-460,000 ounces at an all-in sustaining cost of $920-$1,150 per ounce. Notable developments include the ratification of an amended investment agreement with Greece and approval for using dry stack tailings at Skouries. Q1 2021 net earnings reached $8.3 million or $0.05 per share, compared to a net loss in Q1 2020.
Eldorado Gold Corporation announced that the Greek Ministry of Energy approved modifications to the Kassandra Mines Environmental Impact Assessment, allowing dry stack tailings disposal at the Skouries project. This method offers significant benefits, including a 50% reduced environmental footprint, enhanced safety against extreme weather, water recycling, and expedited reclamation post-mining. George Burns, President and CEO, emphasized that this is a key step toward restarting construction at Skouries. The project is designed to operate for approximately 23 years, enhancing value for investors and local communities.
Eldorado Gold Corporation reported its preliminary gold production for Q1 2021, totaling 111,742 ounces, aligning with its annual guidance of 430,000 to 460,000 ounces. The production breakdown includes 46,172 ounces from Kisladag, 28,835 ounces from Lamaque, 23,298 ounces from Efemcukuru, and 13,437 ounces from Olympias. The company is on track with its operational plans, including key developments at Lamaque and Kisladag. Eldorado announced the completion of the acquisition of QMX, boosting its land position by 550% around Lamaque.
Eldorado Gold Corporation (NYSE: EGO) has successfully completed the acquisition of QMX Gold Corporation (TSX-V: QMX), making QMX a wholly-owned subsidiary. This acquisition increases Eldorado's holdings in the Abitibi Greenstone Belt and supports its strategy of investing in prime mining locations. Shareholders of QMX will receive C$0.075 in cash and 0.01523 of Eldorado's shares per QMX share, totaling C$0.30 based on prior share prices. Eldorado plans to delist QMX shares from the TSX Venture Exchange, effective immediately.
Eldorado Gold Corporation announced the Greek Parliament's approval of an amended Investment Agreement signed on February 5, 2021, enhancing legal and financial frameworks for the Skouries, Olympias, and Stratoni/Mavres Petres mines in Greece. The Agreement allows for the construction completion at Skouries, expansion at Olympias to 650,000 tonnes per annum, and upgraded port facilities at Stratoni. It aims to secure investor protection and generate fiscal benefits for Greece, signaling a commitment to foreign investment. The amendments will take effect after publication in the Greek Government Gazette.
Eldorado Gold Corporation reported significant financial and operational progress for 2020, achieving a 34% increase in gold production to 528,874 ounces. This growth led to net cash from operations of $425.6 million and a free cash flow of $236.2 million, rebounding from negative cash flow in 2019. The average realized gold price rose to $1,783 per ounce. However, a non-cash write-down of $40 million impacted net earnings, which were $104.5 million for the year. The company also signed an Amended Investment Agreement with Greece to advance its Skouries project, enhancing its prospects for future growth.
Eldorado Gold Corporation announced a maiden resource estimate for the Ormaque deposit near its Lamaque operations in Quebec, reporting 2,620,000 tonnes with a grade of 9.53 g/t gold, totaling 803,000 ounces of contained gold. This discovery highlights the growth potential at Lamaque, with plans for in-fill and expansion drilling in 2021. Eldorado aims to leverage its infrastructure and expertise to enhance its resource pipeline in the Abitibi Greenstone Belt. The Ormaque deposit is strategically located near existing operations, facilitating future development.
Eldorado Gold Corporation's subsidiary, Hellas Gold S.A., has amended its Investment Agreement with the Hellenic Republic, enhancing development at the Kassandra Mines in Greece. The updated agreement introduces investor protection and a permitting framework, facilitating the completion of construction at Skouries and expansion at Olympias. Key benefits include increased fiscal revenues, job creation (approximately 3,000 jobs), and an $80 million commitment to community projects. The agreement awaits ratification by the Greek Parliament, marking a significant milestone for Eldorado's operations in Greece.