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 has announced an extension and increase of its senior secured credit facility with a syndicate of lenders. The new agreement extends the four-year term and increases the revolving credit facility to US$350 million, up from US$250 million, with an additional US$100 million accordion feature.
This move replaces the previous credit facility, which was set to mature in 2025. The interest rate for the credit facility ranges from SOFR plus 2.125-3.250% depending on Eldorado's net-leverage ratio.
As of June 27, 2024, no amounts are drawn under this new facility, but availability is reduced by €126.2 million due to an outstanding letter of credit for the Skouries project. The facility aims to provide financial flexibility as the Skouries project is fully funded and expected to commence production in Q3 2025.
Eldorado Gold announced the election of its board of directors at the Annual Meeting of Shareholders held on June 4, 2024. All nominees listed in the Management Proxy Circular were elected. The election results showed significant support from shareholders, with all directors receiving over 98% of votes in favor. Key approvals during the meeting included the appointment of independent auditors, authorizing the board to set auditor pay, and an advisory resolution on executive compensation.
Steven Reid, Chair of Eldorado Gold's Board, thanked shareholders for their support and acknowledged Pamela Gibson for her contributions as she did not stand for re-election. Eldorado remains focused on advancing its Skouries project and delivering value in its existing operations.
Eldorado Gold has released its 2023 Sustainability Report, detailing its environmental, social, and governance (ESG) performance. The report highlights significant achievements such as a 20% reduction in potentially fatal occurrences and the lowest lost-time injury frequency rate (LTIFR) in 12 years. The company also received top ratings for biodiversity and tailings management at its Olympias site and launched its first Supplier Code of Conduct. Additionally, Eldorado committed to local employment, achieving 79% local workforce participation and made $4.29 million in community investments. The report underscores the company's commitment to reducing greenhouse gas emissions by 30% by 2030.
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