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 announced plans to offer up to $500 million in senior notes due in 2029. The funds will be used to redeem existing $234 million senior secured notes due June 2024, repay term and revolving credit facilities, and cover associated fees. The offering is subject to market conditions and will be conducted under Rule 144A and Regulation S of the Securities Act.
Eldorado Gold operates in Turkey, Canada, Greece, Romania, and Brazil and trades on the TSX and NYSE under the symbol EGO.
Eldorado Gold Corporation has entered a definitive agreement to divest its Tocantinzinho Project in Brazil to G Mining Ventures Corp., with a total expected value of up to US$110 million. Eldorado will initially receive a minimum of US$50 million, including US$20 million in cash and a 19.9% equity stake in GMIN upon closing. An additional US$60 million is contingent on the project achieving commercial production. The transaction is expected to close in Q4 2021, subject to regulatory approvals. Eldorado retains rights related to its equity stake in GMIN.
Eldorado Gold Corporation reported its Q2 2021 financial results, showing gold production of 116,066 ounces, down 16% from Q2 2020. Despite a 4% increase from Q1 2021, the company maintained its annual production guidance of 430,000-460,000 ounces. The all-in sustaining cost rose to $1,074 per ounce, and a net loss of $55.7 million was reported, compared to a profit of $49.1 million in the same quarter a year prior. Adjusted net earnings were $29.3 million. Free cash flow was negative by $36.6 million, attributed to higher capital spending.
Eldorado Gold Corporation announced the acquisition of 15,041,746 common shares of Probe Metals Inc. at $1.575 per share, totaling approximately $23.69 million. This purchase gives Eldorado a 11.5% ownership stake in Probe, acquired through a private transaction. The company intends to hold these securities for investment purposes and may adjust its ownership based on market conditions. The acquisition aligns with Eldorado's strategic growth objectives in the mining sector, particularly in gold and base metals.
Eldorado Gold Corporation announced second quarter 2021 preliminary gold production of 116,066 ounces, aligning with its annual guidance of 430,000 to 460,000 ounces. Key performance highlights include:
- Kısladag produced 44,016 ounces this quarter.
- Lamaque achieved 35,643 ounces.
- Efemcukuru yielded 23,473 ounces.
- Olympias resulted in 12,934 ounces.
Despite operational challenges at Olympias, the company is confident in its ongoing transformation efforts.
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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.