Eldorado Gold

Eldorado Gold Corporation
Type	Public
Traded as	TSX: ELD; NYSE: EGO
Industry	Gold
Founded	1991
Headquarters	Vancouver, British Columbia, Canada
Number of locations	Turkey, China, Greece, Brazil, Romania
Key people	Paul N. Wright (CEO); Norm Pitcher (President); Fabiana Chubbs (CFO); Paul Skayman (COO)
Revenue	Over US$ 1 billion (2012)
Number of employees	~7,000 (2012)
Subsidiaries	Tuprag www.tuprag.com.tr; Hellas Gold www.hellas-gold.com
Website	www.eldoradogold.com

Eldorado Gold Corporation is a Canadian-based, intermediate gold mining company with assets in Turkey, China, Greece, Brazil and Romania. Eldorado owns and operates seven mines and is developing a number of projects. Eldorado has over 20 years of international experience in safely building and operating mines.

With headquarters in Vancouver, Eldorado's 18 offices and operations employ over 7,000 people worldwide.^[3] The Company operates as a decentralized business unit with the majority of employees and management being nationals of the country where offices are located.

Eldorado is publicly traded on the Toronto Stock Exchange (TSX: ELD) and on the New York Stock Exchange (NYSE: EGO).

Operations

Eldorado operates five gold mines, two in Turkey and three in China; one iron-ore mine in Brazil; and a small silver-lead-zinc mine in Greece. The company also has a pipeline of projects in different stages of construction, development and exploration.

In 2012, Eldorado produced approximately 660,000 ounces of gold and had proven and probable gold reserves of 25.8 million ounces. The company is on track to meet its 2013 guidance of producing ~745,000 ounces of gold at cash operating costs of $520/ounce.^[4]

Eldorado is the largest foreign gold producer in China and operates the largest gold mine in Turkey: Kişladağ.

Developments

Eldorado has three development projects in Greece, one in Romania and one in Brazil.

In Greece, Eldorado operates under its subsidiaries: Hellas Gold and Thracean Gold Mining. Hellas Gold's assets are located in the Chalkidiki peninsula in northern Greece. Hellas Gold operates Stratoni, an underground, silver-lead-zinc mine and is developing Olympias, a replacement mixed sulfide deposit and Skouries, a gold-copper porphyry. All three projects had full environmental approvals, but under the 2015 elected Syrisa government of Greece, approval for the Skouries project was withdrawn.^[5]^[6]

Thracean Gold Mining is advancing the Perama Hill project, a gold-silver vein deposit in Thrace, in northern Greece.

In Romania, Eldorado is working to develop the Certej project, an epithermal gold-silver deposit in the Apuseni Mountains.

Acquisitions

Eldorado Gold announced in August 2009 that it would buy Sino Gold Mining for C$2.0 billion ($1.84 billion).^[7] The purchase included two gold mines: Jinfeng in Guizhou province and White Mountain mine in Jilin province and one development project: Eastern Dragon mine in Heilongjiang province. All three assets are in China.

In December 2011, Eldorado Gold agreed to buy European Goldfields (EGU) for about C$2.5 billion (US$2.4 billion) in what would be its biggest acquisition.^[8] Through the EGU transaction, Eldorado acquired the Kassandra Mines in Chalkidiki, Greece which include the Stratoni mine, the Olympias project and the Skouries project. Eldorado also acquired the Certej project in western Romania through the EGU transaction.

Operations maps

Worldwide operations
White Mountain Eastern Dragon Tanjinshan Jinfeng Turkey Certej Greece Vila Nova Tocantinzinho
Greece	Turkey
Stratoni Skouries Olympias Perama Hill	Efemcukuru Kisladag
Producing mines Construction Development Multiple operations