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 (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.
Eldorado Gold Corporation will release its 2020 Year-End and Fourth Quarter Financial and Operational Results after the market closes on February 25, 2021. A conference call will follow on February 26, 2021 at 11:30am ET. Investors can access the call through the company's website. Eldorado is a producer of gold and base metals with operations in multiple countries, including Turkey and Canada. The company's shares are traded on both the TSX and NYSE under the ticker EGO.
Eldorado Gold Corporation (NYSE: EGO) has announced an acquisition of QMX Gold Corporation (TSX-V: QMX) for approximately C$132 million, offering C$0.30 per QMX share, representing a 39.5% premium. Eldorado aims to enhance its landholdings in the Abitibi Greenstone Belt by 550% and leverage QMX’s assets for growth near its existing operations. QMX shareholders will gain ongoing exposure to Eldorado’s portfolio, receiving cash and shares as part of the deal. The transaction, approved by both boards, awaits shareholder and regulatory approvals with a meeting scheduled for March 2021.
Eldorado Gold Corporation announced its 2021 production and cost guidance, forecasting gold production between 430,000 and 460,000 ounces with AISC of $920 to $1,150 per ounce. Key highlights include ongoing commissioning of high-pressure grinding rolls at Kisladag, improved production at Lamaque, and a strong liquidity position for debt reduction. The five-year outlook shows increasing production rates across major mines, including Kisladag, Lamaque, Efemcukuru, and Olympias. Eldorado is actively engaging with the Greek government for the Skouries project, aiming for future growth.
Eldorado Gold Corporation announced its preliminary production results for 2020, reporting a 34% increase in gold production to 528,874 ounces, within its guidance range. The fourth quarter yielded 138,220 ounces, a 16% rise year-over-year. Despite challenges such as a COVID-19-induced shutdown, operations at the Lamaque mine exceeded expectations, though labor shortages affected Kisladag. The company has appointed Steve Reid as the new Chair of the Board, succeeding George Albino, who will remain a Director.
Eldorado Gold Corporation announced its updated Reserve and Resource estimates as of September 30, 2020. The Proven and Probable gold Reserves rose to 17.7 million ounces, a 1.3% increase from 17.5 million ounces in the previous year. The improvements were driven by increases at Kisladag, Lamaque, and Perama Hill. However, decreases were noted at Olympias and Efemcukuru due to mining assumptions and depletion. Inferred resources saw a modest increase. The Company adjusted its resource reporting methodology, resulting in a 7% decrease for Measured + Indicated ounces and an 18% decrease for Inferred ounces.