| | Published : October 26th, 2012 | 2012 Third Quarter Financial and Operating Results |
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2012 Third Quarter Financial and Operating Results
Eldorado Gold Corporation ("Eldorado", the "Company" or
"We"), reported profit attributable to shareholders of the Company of
$75.8 million for the period, and generated $110.8 million in cash from
operating activities before changes in non-cash working capital.
Q3 2012 Summary Results
- Gold production of 169,565
ounces at an average cash operating cost of $493 per ounce, including
14,442 ounces of Efemcukuru pre-commercial production (Q3 2011 gold
production - 179,195 ounces at $397 per ounce).
- Gold sales of 165,365 ounces at
$1,670 per ounce, including 10,524 ounces of Efemcukuru sales related to
pre-commercial production (Q3 2011 gold sales - 179,513 ounces at $1,700
per ounce).
- Profit attributable to
shareholders of the Company of $75.8 million or $0.11 per share (Q3 2011 -
$102.5 million or $0.19 per share).
- $110.8 million generated in
cash from operating activities before changes in non-cash working capital
(Q3 2011 - $159.7 million).
- Company production guidance for
2012 maintained at 660,000 ounces of gold at cash operating costs of
approximately $465 per ounce.
Financial Results
Net income for the quarter was $75.8 million (or $0.11 per share), compared
with $102.5 million (or $0.19 per share) in the third quarter of 2011. The
decrease in net income year over year was mainly due to lower gold sales
volumes and prices. The Company sold 154,841 ounces in the third quarter of
2012 (not including 10,524 ounces of precommercial sales from Efemcukuru) as
compared with 179,513 ounces in the third quarter of 2011.
Commercial sales volumes by mine
|
3 months ended September 30
|
9 months ended September
30,
|
|
2012
|
2011
|
2012
|
2011
|
Gold
ounces sold
|
154,841
|
179,513
|
438,421
|
490,207
|
-
Kisladag
|
83,750
|
87,121
|
210,905
|
204,345
|
-
Tanjianshan
|
28,944
|
26,935
|
84,932
|
87,405
|
-
Jinfeng
|
25,805
|
44,187
|
86,663
|
139,086
|
-
White Mountain
|
16,342
|
21,270
|
55,921
|
59,371
|
Average
price per oz.
|
$1,670
|
$1,700
|
$1,665
|
$1,546
|
Gold
revenue (millions)
|
$258.5
|
$305.2
|
$729.9
|
$757.6
|
Operating Performance
Kisladag
Kisladag placed 3.2 million tonnes of ore on the leach pad during the quarter
at a grade of 1.05 grams per tonne (Q3 2011 - 3.5 million tonnes of ore at 0.90
grams per tonne). Kisladag produced 84,016 ounces of gold at a cash operating
cost of $334 per ounce in the quarter as compared to 86,788 ounces at a cash
operating cost of $377 per ounce during Q3 2011. Gold production at Kisladag
for the quarter was slightly lower year over year mainly due to the stacking
and leaching schedule. Daily production rates increased during
the quarter and we expect to see an increase in production during the fourth
quarter. Lower cash costs during the quarter were largely a result of higher
grade material being placed on the leach pad during the year.
Tanjianshan("TJS")
TJS processed 283,654 tonnes of ore at a grade of 3.55 grams per tonne in the
quarter compared to 218,330 tonnes at a grade of 4.25 during Q3 2011. The mine
produced 28,944 ounces of gold at a cash operating cost of $396 per ounce in
the quarter as compared to 26,935 ounces at a cash operating cost of $353 per
ounce in Q3 2011. Gold production at TJS during the third quarter of 2012 was
higher than the same quarter of 2011 as a result of increased mill throughput
and slightly higher recovery rates, which offset the lower mill head grades.
The increase in cash costs during the quarter was mainly due to the lower head
grade.
Jinfeng
Jinfeng processed 356,575 tonnes of ore at a grade of 2.43 grams per tonne
during the quarter compared to 379,352 tonnes at a grade of 4.26 grams per
tonne during Q3 2011. The mine produced 25,821 ounces of gold at a cash
operating cost of $946 per ounce during the quarter compared to 44,202 ounces
at a cash operating cost of $424 during Q3 2011. Gold production at Jinfeng in
Q3 2012 was lower than the same quarter of 2011 due to lower head grades and
mill throughput. The open pit is currently in a waste stripping phase and lower
grade stockpile material is being treated to make up for the lack of open pit
ore. Cash costs were considerably higher due to the lower grade and mill
throughput.
White Mountain
White Mountain processed 210,114 tonnes of ore at a grade of 3.14 grams of gold
per tonne in the quarter compared to 191,157 tonnes at a grade of 4.15 grams
per tonne during Q3 2011. The mine produced 16,342 ounces of gold at a cash
operating cost of $766 per ounce during the quarter compared to 21,270 ounces
at $475 per ounce during Q3 2011. Gold production at White Mountain in the
third quarter of 2012 was lower than in the same period of 2011. This decrease
was largely due to lower grades being mined and processed during the quarter,
which also negatively affected the cash costs.
Efemcukuru
The Efemcukuru mine and mill operated at expected levels with 93,779 tonnes of
ore processed at a grade of 9.31 grams of gold per tonnes in the quarter and
approximately 27,005 ounces of gold recovered in concentrate. The paste fill
system was commissioned during the quarter and the underground crushing system
was completed and is now operational.
During the quarter 14,442 ounces were poured as pre-commercial production
during the commissioning and testing of the Kisladag concentrate treatment
plant. In September, the concentrate treatment plant was not being operated
pending modifications to the circuit. We plan to sell the existing concentrate
and future concentrate production to a third party until the modifications are
completed. At the end of the quarter there were approximately 51,000 ounces of
gold contained in concentrate.
Vila Nova
During the quarter Vila Nova processed 161,859 wet metric tonnes and sold
123,180 dry metric tonnes of iron ore compared to 148,220 wet metric tonnes
produced and 170,781 dry metric tonnes sold in Q3 2011. Iron ore production in
Q3 2012 increased at Vila Nova compared to the same quarter of 2011, mainly as
a result of improved efficiencies in both the mine and treatment plant. Three
shipments were completed in the quarter. These were 2 lump shipments and one
sinter shipment. Operating costs averaged $56 per dry metric tonne (Q3 2011 -
$64 per dry metric tonne).
Stratoni
During the third quarter, Stratoni mined 58,591 tonnes of run-of-mine ore and
produced 14,084 tonnes of lead and zinc concentrate at an average cash cost of
$717 per tonne of concentrate produced. During the same period, Stratoni sold
15,891 tonnes of concentrate at an average price of $913 per tonne.
Development
Eastern Dragon
At Eastern Dragon work continued during the quarter on
the preparation of the Project Permit Approval (PPA) to be submitted to the
National Development and Reform Commission (NDRC). We anticipate that the
application will be submitted by the end of 2012. Construction activities have
been suspended until the PPA is approved.
Tocantinzinho
The Tocantinzinho project was granted the Preliminary
Environmental License (PEL) in September, an important milestone in the
permitting phase. The PEL confirms the environmental feasibility of the project
and allows the Company to apply for the Construction License, the final permit
needed for construction to commence. Work on site was limited to environmental
and hydrology field work in the immediate area, along with geotechnical
drilling of the proposed road corridor. The feasibility study is well advanced
and will be completed in the fourth quarter 2012.
Perama Hill
Drilling activity at the Perama site continued
throughout the quarter. Geotechnical drill holes have been drilled in the plant
site to support geotechnical design analysis for civil structures and
foundations. In addition drilling in the open pit area has been carried out to
obtain drill core for geotechnical analysis for pit slope stability design.
Processing of the Perama Environmental Impact Assessment (EIA) application
through the Ministry of Environment (MOE) continues, with a decision expected
before the end of the year. Public meetings have been held in the district as
prescribed by the MOE. All indications from the government agencies remain
positive towards the project.
Olympias
Rehabilitation of the Olympias underground mine and processing plant continued
during the quarter. In the mine, 406 meters of underground access was
rehabilitated or developed. Development of the tunnel linking Stratoni and
Olympias progressed well during the quarter, with 108 meters of advance.
Metallurgical testwork to evaluate the proposed new processing facility at
Stratoni continued during the third quarter. Commissioning of the Olympias
processing plant was on-going during the quarter.
Skouries
Site work at Skouries during the quarter consisted mainly of tree cutting at
the plant site, construction of access roads, and earthworks for various site
infrastructures.
Certej
The Environmental Permit for Certej was approved by the Timisoara Regional
Department of Environment during the quarter. Construction work advanced during
the quarter on the temporary power line to site and the water pumping station
on the Mures River.
Exploration Update
A total of 54,300 metres of exploration drilling were completed during the
quarter at our exploration projects and mine operations in Greece, Romania,
Turkey, Brazil, and China. With 132,800 meters of drilling completed
year-to-date, we are on track to complete our 2012 exploration programs
according to plan.
Turkey
In Turkey, drilling during the quarter continued at the Efem�ukuru minesite,
and commenced at Kisladag and at three reconnaissance projects (Sebin, Dolek,
and Gaybular).
Exploration drilling resumed at the Kisladag minesite late in the quarter,
testing conceptual targets defined by a combination of three-dimensional
induced polarization/resistivity surveys, detailed ground magnetics, and soil
geochemistry anomalies. This program is directed towards identifying possible
mineralized satellite intrusions to the main porphyry system.
Six drillholes were completed at the Sebin porphyry/epithermal prospect in the
Pontide Belt. The project area covers a large surface alteration zone with
locally anomalous copper, molybdenum and gold values, but no significant
mineralization has been intersected to date in drillholes. Drilling also began
at the Dolek prospect in the Pontide Belt, and at the Gaybular project in
Western Turkey.
At Efemcukuru 32 drillholes (8,440 metres) were completed on the Kestane Beleni
northwest extension (KBNW), South Ore Shoot (SOS), and Kokarpinar vein targets.
At KBNW, drilling defined a new shallowly northwest-plunging lower zone of
mineralization which has been traced for nearly 400 metres along strike and
remains open to the northwest. At the SOS, drilling identified high gold grades
at 50 to 75 metre stepouts from previous mineralized holes. At Kokarpinar,
limited drillsite availability meant that drilling was focused on shallow
targets on the central and southern part of the vein. Selected drilling results
are summarized in the table below:
Selected Q3 drilling results, Efemcukuru:
Hole ID
|
From(m)
|
To (m)
|
Interval(m)
|
Au (g/t)
|
Ag (g/t)
|
Pb (%)
|
Zn (%)
|
Kestane
Beleni Northwest Extension (lower zone)
|
KV-433
|
215.15
|
216.50
|
1.35
|
29.70
|
24.10
|
0.88
|
2.02
|
KV-444
|
170.86
|
172.58
|
1.72
|
27.46
|
19.61
|
1.61
|
2.23
|
KV-447
|
240.27
|
241.48
|
1.21
|
65.59
|
63.40
|
2.26
|
4.56
|
KV-448
|
183.83
|
186.20
|
2.37
|
7.39
|
37.90
|
2.88
|
1.20
|
South Ore Shoot (deep step-out drilling)
|
KV-496
|
223.00
|
224.50
|
1.50
|
4.95
|
3.70
|
0.01
|
0.03
|
KV-497
|
297.60
|
300.91
|
3.31
|
15.67
|
19.78
|
1.00
|
1.73
|
KV-501
|
282.50
|
287.20
|
4.70
|
11.80
|
8.00
|
0.02
|
0.03
|
including
|
286.10
|
287.20
|
1.10
|
44.80
|
26.70
|
0.01
|
0.02
|
Kokarpinar
Vein
|
KV-459
|
222.55
|
227.50
|
4.95
|
6.84
|
Assays not yet completed
|
KV-423
|
225.20
|
226.00
|
0.80
|
283.00
|
110.00
|
0.03
|
0.11
|
Greece
Drilling continued at the Piavitsa prospect, with seven holes completed and
approximately 7,500 metres drilled during the quarter. The primary target at
Piavitsa is polymetallic, gold-silver rich, carbonate
replacement sulfide mineralization along the Stratoni fault zone, similar to
that typical of the Olympias deposit. All 23 drillholes completed in this
year's program have intersected the fault zone near the projected depth, and
have cut intervals in the fault zone with some combination of massive sulfide,
disseminated sulphide, or oxide material. Selected drilling results are
summarized in the table below:
Selected Q3 drilling results, Piavitsa Project:
Hole ID
|
From(m)
|
To (m)
|
Interval(m)
|
Au (g/t)
|
Ag (g/t)
|
Pb (%)
|
Zn (%)
|
Stratoni
Fault replacement-style zones
|
PHG065
|
436.00
|
440.00
|
4.00
|
2.05
|
19.20
|
0.35
|
0.46
|
PHG066
|
207.00
|
210.00
|
3.00
|
9.57
|
18.10
|
0.02
|
0.03
|
PHG067A
|
62.00
|
66.00
|
4.00
|
2.12
|
3.50
|
0.02
|
0.05
|
and
|
81.00
|
83.00
|
2.00
|
5.33
|
4.20
|
0.00
|
0.01
|
PHG070
|
209.00
|
232.00
|
23.00
|
4.35
|
85.30
|
2.92
|
1.68
|
including
|
215.00
|
223.00
|
8.00
|
11.89
|
228.40
|
8.27
|
4.65
|
PHG071
|
160.70
|
168.20
|
7.50
|
1.21
|
14.30
|
0.19
|
0.76
|
PHG072
|
182.00
|
188.00
|
6.00
|
1.38
|
7.70
|
0.06
|
0.11
|
PHG073
|
42.00
|
54.00
|
12.00
|
2.21
|
37.00
|
0.44
|
1.70
|
including
|
48.00
|
52.00
|
4.00
|
4.98
|
49.10
|
0.98
|
3.43
|
PHG074
|
80.00
|
87.00
|
7.00
|
1.20
|
7.40
|
0.02
|
0.23
|
PHG076
|
150.00
|
156.70
|
6.70
|
1.80
|
37.10
|
0.90
|
2.76
|
|
184.90
|
185.40
|
0.50
|
42.40
|
25.00
|
0.11
|
0.29
|
Hangingwall
epithermal vein zones
|
PHG078
|
86.70
|
107.00
|
20.30
|
2.32
|
11.40
|
0.31
|
0.56
|
|
142.00
|
164.00
|
22.00
|
1.61
|
3.10
|
0.06
|
0.09
|
|
197.80
|
210.00
|
12.20
|
1.00
|
13.90
|
0.06
|
0.04
|
At Skouries, 17 drillholes (6,500 metres) were completed in the quarter,
representing roughly half of the planned infill and confirmation programs.
Infill drillholes have documented low but consistent copper and gold grades
within the in-pit inferred resource halo of the deposit including 94.0 metres
at 0.3 grams per tonne gold and 0.27% copper in hole SOP-99; and 92.0 metres at
0.32 grams per tonne gold and 0.31% copper in hole SOP-100. Confirmation
drillholes have intersected the intensely stockwork veined potassically-altered
deposit core, with copper and gold grades similar to that predicted by the
resource model.
At the Fisoka copper-gold porphyry prospect, two holes were completed during
the quarter on the northern stock, and drilling has now shifted to the untested
central stock area. The northern stock drilling further defined the shallow
supergene zone outlined in previous drilling programs.
At Perama Hill geotechnical, metallurgical and infill drilling was conducted on
the main deposit and infrastructure sites. Exploration drilling of targets
outside of the existing resource model and at Perama South will commence in Q4
2012.
Romania
At the Certej deposit, drill programs were completed
during the quarter in the West Pit and Link Zone target areas. In the West Pit
area, drilling tested for extensions of the high-grade Hondol and Kaiser vein systems, which were historically exploited in
underground openings. Although this drilling failed to identify continuous
high-grade veins, it outlined an approximately 50 metre wide, tabular west by
northwest-striking zone of lower grade material which will be further tested in
2013. The Link Zone program, targeting underdrilled areas of the deposit
between the West and Main zones, was completed during the quarter with 14 holes
(5,700 metres) drilled. Most of these holes intersected zones of strong gold
mineralization, which has positively impacted the deposit resource model.
China
Exploration drilling in China during the quarter included projects in the
Guizhou, Jilin, and Qinghai regions. In Guizhou, exploration drilling was
conducted within the Jinfeng mining license, at the nearby Shizhu prospect, and
at the Weiruo prospect (Jinluo exploration license). At the Jinfeng deposit,
exploration drilling continued to focus on the F3, F6, and F7 mineralized
structures from both surface and underground drill locations. A total of 19
holes representing approximately 5,700 metres of drilling were completed. The
surface drilling program continues to produce high grade intercepts associated
with the F6 structure, with notable intercepts during the quarter including
16.0 metres at 16.49 grams per tonne gold (HDDS0275); 6.0 metres at 15.59 grams
per tonne gold (also HDDS0275), and 22.0 metres at 5.14 grams per tonne gold
(HDDS0282).
In Qinghai (Tanjianshan), the Qinglongtan North and Xijingou drilling programs
were completed during the quarter, with 9 drillholes and 27 drillholes
respectively. At Qinglongtan North, drilling focused on previously untested
areas down dip and along strike from the northern end of the previously mined
deposit. Several of these holes intersected strong mineralization, including
intervals of 26.0 metres at 9.24 grams per tonne gold (QD279) and 9.1 metres at
2.68 grams per tonne gold (QD278). These new intercepts may represent a new
high grade gold zone lying beneath the known deposit, and further drill testing
is planned for the fourth quarter of 2012. At Xinjingou, step-out drilling
tested for extensions to the known zones of high grade mineralization. Notable
results from this program include 11.8 metres at 11.51 grams per tonne gold
(XD073); 4.0 metres at 15.79 grams per tonne gold (XD075), and 9.0 metres at
8.01 grams per tonne gold (also XD075). Results are being compiled to determine
if further drilling is justified at Xijingou. Late in the quarter, a second
phase of drilling was initiated at the Jinlonggou deposit, testing a variety of
near-pit structurally-defined targets.
In the Jilin region (White Mountain), drilling was conducted at the Dongdapo,
Xiaoshiren, and Zhenzhumen prospect areas. No significant results have been
obtained to date.
Brazil
No drilling was conducted during the quarter at the Tocantinzinho project.
Exploration activities focused on reconnaissance-level evaluation of the
adjacent Rubens Zilio license area through systematic soil sampling and
prospecting.
At the Agua Branca project (35 kilometres south of Tocantinzinho) the 2012
drilling program was concluded, with 15 drillholes during the quarter testing
for along-strike extensions of the Camarao zone. Although the mineralized zone
demonstrates continuity to the southwest, grades are erratic, and no
significant wide intercepts were obtained. Additional auger drilling, mapping,
and rock sampling programs are underway to generate new drill targets at Agua
Branca.
Fieldwork commenced during the quarter at the new Chapadinha project, which we
are exploring under an option agreement. The Chapadinha project covers an area
with extensive garimpo workings exploiting narrow veins high gold grades. Our
work program is directed towards defining drill targets that will assess the
potential of the area for a bulk-tonnage style deposit.
About Eldorado
Eldorado is a gold producing, exploration and development company actively
growing businesses in Turkey, China, Greece, Brazil and Romania. With our
international expertise in mining, finance and project development, together
with highly skilled and dedicated staff, we believe that our company is well
positioned to grow in value as we create and pursue new opportunities.
ON BEHALF OF
ELDORADO GOLD CORPORATION
"Paul N.
Wright"
Paul N. Wright
Chief Executive Officer
Conference Call
Eldorado will host a conference call on Friday October 26, 2012 to
discuss the 2012 Third Quarter Financial and Operating Results at 11:30am
EDT (8:30am PDT). You may participate in the conference call by dialling
416-340-9432 in Toronto or 1-877-440-9795 toll free in North America and asking
for the Eldorado Conference Call with Chairperson: Paul Wright, CEO of Eldorado
Gold.
The call will be available on Eldorado's website. www.eldoradogold.com. A replay of the call will be
available until November 2, 2012 by dialling 905-694-9451 in Toronto or 1-800-408-3053
toll free in North America and entering the Pass code: 3971093.
Qualified Person(s)
Dr. Peter Lewis, P.Geo., VP Exploration for Eldorado Gold Corporation, is the
Qualified Person for the technical disclosure of exploration results in this
news release. Dr. Lewis is the Qualified Person as defined in the National
Instrument 43-101 (Standards of Disclosure for Mineral Projects) of the
Canadian Securities Regulators, responsible for preparing or supervising the
preparation of the scientific or technical information contained in this
document and verifying the technical data disclosed in the document relating to
exploration results. Dr. Lewis consents to the inclusion in this news release
of the matters based on his information in the form and context in which it
appears.
Assay results reported in this release district were Diamond drill core samples
prepared at Eldorado's sample preparation facilities in Turkey and China. The
prepared samples were sent to and assayed at various ACME and ALS analytical
facilities worldwide. For all projects, analyses were done on sawn half core
samples. Analysis for gold used fire assay (AA finish
or Gravimetric Finish) whereas AA and ICP methods were used for Ag, Cu, Pb and
Zn analyses. Assay quality was monitored and controlled by the regular
insertion of standard reference materials, blank samples and duplicate samples
prior to shipment from the respective sample preparation site.
Certain of
the statements made herein may contain forward-looking statements or information
within the meaning of the United States Private Securities Litigation Reform
Act of 1995 and applicable Canadian securities laws. Often, but not always,
forward-looking statements and forward-looking information can be identified by
the use of words such as "plans", "expects", "is
expected", "budget", "scheduled",
"estimates", "forecasts", "intends",
"anticipates", or "believes" or the negatives thereof or
variations of such words and phrases or statements that certain actions, events
or results "may", "could", "would",
"might" or "will" be taken, occur or be achieved.
Forward-looking statements or information herein include, but are not limited,
to the Company's Q3, 2012 Financial and Operating Results.
Forward-looking statements
and forward-looking information by their nature are based on assumptions and
involve known and unknown risks, uncertainties and other factors which may
cause the actual results, performance or achievements of the Company to be materially
different from any future results, performance or achievements expressed or
implied by such forward-looking statements or information. We have made certain
assumptions about the forward-looking statements and information and even
though our management believes that the assumptions made and the expectations
represented by such statements or information are reasonable, there can be no
assurance that the forward-looking statement or information will prove to be
accurate. Furthermore, should one or more of the risks, uncertainties or other
factors materialize, or should underlying assumptions prove incorrect, actual
results may vary materially from those described in forward-looking statements
or information. These risks, uncertainties and other factors include, among
others, the following: gold price volatility; discrepancies between actual and
estimated production, mineral reserves and resources and metallurgical
recoveries; mining operational and development risk; litigation risks;
regulatory restrictions, including environmental regulatory restrictions and
liability; risks of sovereign investment; currency fluctuations; speculative
nature of gold exploration; global economic climate; dilution; share price
volatility; competition; loss of key employees; additional funding
requirements; and defective title to mineral claims or property, as well as
those factors discussed in the sections entitled "Forward-Looking
Statements" and "Risk Factors" in the Company's Annual
Information Form & Form 40-F dated March 30, 2012
There can be no assurance
that forward-looking statements or information will prove to be accurate, as
actual results and future events could differ materially from those anticipated
in such statements. Accordingly, you should not place undue reliance on the
forward-looking statements or information contained herein. Except as required
by law, we do not expect to update forward-looking statements and information
continually as conditions change and you are referred to the full discussion of
the Company's business contained in the Company's reports filed with the
securities regulatory authorities in Canada and the U.S.
Eldorado Gold Corporation's common shares trade on the Toronto Stock Exchange
(TSX: ELD) and the New York Stock Exchange (NYSE: EGO).
Contact
Nancy Woo, VP Investor Relations
Eldorado Gold Corporation
Phone: 604.601-6650 or 1.888.353.8166
Fax: 604.687.4026
Email: nancyw@eldoradogold.com
1188, 550 Burrard Street
Vancouver, BC V6C 2B5
Web site: www.eldoradogold.com
Request for information packages: laurelw@eldoradogold.com
PRODUCTION HIGHLIGHTS
|
First
Quarter
2012
|
Second
Quarter
2012
|
Third
Quarter
2012
|
Third
Quarter
2011
|
First
Nine Months
2012
|
First
Nine Months
2011
|
Gold
Production
|
|
|
|
|
|
|
Ounces
Sold
|
150,661
|
132,919
|
154,841
|
179,513
|
438,421
|
490,207
|
Ounces
Produced
|
151,242
|
132,472
|
155,123
|
179,195
|
438,837
|
490,201
|
Cash
Operating Cost ($/oz)1,3,4
|
452
|
480
|
493
|
397
|
475
|
401
|
Total
Cash Cost ($/oz)2,3,4
|
529
|
550
|
567
|
463
|
549
|
467
|
Realized
Price ($/oz - sold)
|
1,707
|
1,612
|
1,670
|
1,700
|
1,665
|
1,546
|
Kisladag Mine, Turkey
|
|
|
|
|
|
|
Ounces
Sold
|
65,164
|
61,991
|
83,750
|
87,121
|
210,905
|
204,345
|
Ounces
Produced
|
65,707
|
61,575
|
84,016
|
86,788
|
211,298
|
204,309
|
Tonnes
to Pad
|
3,140,492
|
3,259,574
|
3,245,700
|
3,520,220
|
9,645,766
|
9,055,906
|
Grade
(grams / tonne)
|
1.13
|
1.30
|
1.05
|
0.90
|
1.16
|
0.94
|
Cash
Operating Cost ($/oz)3,4
|
339
|
333
|
334
|
377
|
335
|
383
|
Total
Cash Cost ($/oz)2,3,4
|
374
|
357
|
363
|
401
|
365
|
406
|
Tanjianshan Mine, China
|
|
|
|
|
|
|
Ounces
Sold
|
28,816
|
27,172
|
28,944
|
26,935
|
84,932
|
87,405
|
Ounces
Produced
|
28,816
|
27,172
|
28,944
|
26,935
|
84,932
|
87,405
|
Tonnes
Milled
|
262,793
|
245,456
|
283,654
|
218,330
|
791,904
|
721,098
|
Grade
(grams / tonne)
|
4.00
|
3.73
|
3.55
|
4.25
|
3.75
|
4.12
|
Cash
Operating Cost ($/oz)3,4
|
408
|
432
|
396
|
353
|
411
|
365
|
Total
Cash Cost ($/oz)2,3,4
|
605
|
621
|
593
|
541
|
606
|
552
|
Jinfeng Mine, China
|
|
|
|
|
|
|
Ounces
Sold
|
35,197
|
25,661
|
25,805
|
44,187
|
86,663
|
139,086
|
Ounces
Produced
|
35,235
|
25,630
|
25,821
|
44,202
|
86,686
|
139,116
|
Tonnes
Milled
|
368,756
|
337,560
|
356,575
|
379,352
|
1,062,891
|
1,161,739
|
Grade
(grams / tonne)
|
3.17
|
2.68
|
2.43
|
4.26
|
2.77
|
4.21
|
Cash
Operating Cost ($/oz) 3,4
|
643
|
786
|
946
|
424
|
775
|
418
|
Total
Cash Cost ($/oz) 2,3,4
|
715
|
858
|
1,044
|
509
|
855
|
483
|
White Mountain Mine, China
|
|
|
|
|
|
|
Ounces
Sold
|
21,484
|
18,095
|
16,342
|
21,270
|
55,921
|
59,371
|
Ounces
Produced
|
21,484
|
18,095
|
16,342
|
21,270
|
55,921
|
59,371
|
Tonnes
Milled
|
158,114
|
188,038
|
210,114
|
191,157
|
556,266
|
523,926
|
Grade
(grams / tonne)
|
4.46
|
3.60
|
3.14
|
4.15
|
3.67
|
4.40
|
Cash
Operating Cost ($/oz) 3,4
|
543
|
622
|
766
|
475
|
634
|
475
|
Total
Cash Cost ($/oz) 2,3,4
|
588
|
666
|
813
|
519
|
679
|
517
|
1. Cost figures calculated in
accordance with the Gold Institute Standard.
2. Cash Operating Costs, plus royalties
and the cost of off-site administration.
3.
Cash operating costs and total cash costs are non-GAAP
measures. See the section "Non-GAAP
Measures" of this Review.
4. Cash operating costs and total cash
costs have been recalculated for prior quarters based on ounces sold.
Click here for
the Unaudited Consolidated Financial Statements for the quarter ended Sept 30,
2012 in PDF.
|
Eldorado Gold Corporation
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|
PRODUCER |
CODE : ELD.TO |
ISIN : CA2849021035 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Eldorado Gold is a gold producing company based in Canada. Eldorado Gold produces gold, iron in Brazil, in China, in Mexico and in Turkey, develops gold and silver in China and in Greece, and holds various exploration projects in Brazil and in China. Its main assets in production are KISLADAG and EFEMÇUKURU in Turkey, LA TRINIDAD - ELDORADO in Mexico, TANJIANSHAN, JINFENG, JIANCHALING, WHITE MOUNTAIN and BEYINHAR in China and VILA NOVA in Brazil, its main assets in development are EASTERN DRAGON in China and PERAMA HILL in Greece and its main exploration properties are HEI-SHAN (SHANDONG) and ZHANGJIASHAN in China and TOCANTINZINHO in Brazil. Eldorado Gold is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 14.5 billions as of today (US$ 10.6 billions, € 9.9 billions). Its stock quote reached its lowest recent point on August 03, 2001 at CA$ 0.21, and its highest recent level on April 25, 2024 at CA$ 20.20. Eldorado Gold has 716 820 032 shares outstanding. |
In the News and Medias of Eldorado Gold Corporation |
Financings of Eldorado Gold Corporation |
Option Grants of Eldorado Gold Corporation |
Nominations of Eldorado Gold Corporation |
Financials of Eldorado Gold Corporation |
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Project news of Eldorado Gold Corporation |
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Corporate news of Eldorado Gold Corporation |
9/15/2016 | Is Eldorado Gold Now the Perfect Speculative Gold Stock? |
7/29/2016 | Eldorado Gold reports 2Q loss |
7/28/2016 | Eldorado Reports Second Quarter 2016 Results |
7/25/2016 | Gold Analysts Duel Over Yamana and Eldorado |
7/21/2016 | Coverage Initiated on Canadian Gold Miners Barrick Gold, Kin... |
2/2/2016 | Integra Gold Corp. Signs Share Purchase Agreement With Eldor... |
2/1/2016 | Eldorado Gold: The Worst-Performing Gold Miner in January |
1/26/2016 | Negative Free Cash Flow Isn’t That Bad for Some Gold Miners |
1/25/2016 | UPDATE 1-Eldorado sees up to $1.6 bln charge from Greece wri... |
1/25/2016 | Eldorado sees charge of as much as $1.6 bln from Greece writ... |
1/25/2016 | Eldorado Announces Preliminary 2015 Operational Results and ... |
1/21/2016 | How Do Intermediate Gold Miners Rank Based on Their Costs? |
1/20/2016 | Eldorado Gold wins appeal over Greek mining ban |
1/20/2016 | Greek court annuls government ban on Eldorado's mining licen... |
1/12/2016 | What Is Going On With These 4 Plunging Stocks? |
11/23/2015 | Is China Biologic Products Inc (CBPO) A Good Stock To Buy? |
11/6/2015 | Weighing Liquidity against Leverage for Intermediate Gold Mi... |
11/3/2015 | Greece says will respect court ruling due on Eldorado's mini... |
11/3/2015 | Eldorado Gold Corporation - Greece Update |
11/3/2015 | Greece says will respect court ruling due on Eldorado's mini... |
11/2/2015 | Greek judges annul government ban on Eldorado's mining licen... |
11/2/2015 | Greek court annuls govt decision to suspend Eldorado's minin... |
10/30/2015 | Edited Transcript of ELD.TO earnings conference call or pres... |
10/30/2015 | Why Growth in Gold Production Is Important for Gold Miners |
10/30/2015 | Eldorado Gold reports 3Q loss |
10/30/2015 | Eldorado Reports 2015 Third Quarter Financial and Operationa... |
10/29/2015 | Weighing Liquidity against Leverage for Intermediate Gold Mi... |
10/23/2015 | Eldorado Gold Corporation - Q3 2015 Financial and Operationa... |
10/19/2015 | Is there more gold in Eldorado? |
10/5/2015 | Eldorado Gold Provides Greece Update |
10/2/2015 | Eldorado Gold Announces Q3 2015 Financial and Operational Re... |
10/2/2015 | Greek court rules Eldorado Gold can resume mining in norther... |
9/22/2015 | Eldorado Gold says "quietly optimistic" about new Greek govt... |
9/1/2015 | Greece Halts Eldorado Gold’s Mining Activity |
8/31/2015 | Integra Gold Closes $14.6 Million Private Placement With Eld... |
8/20/2015 | Eldorado Gold to suspend operations in northern Greece |
8/20/2015 | Eldorado Gold Provides Greece Update |
8/18/2015 | Integra Gold Announces $14.6 Million Investment by Eldorado ... |
8/13/2015 | Eldorado Gold Provides Greece Update |
7/31/2015 | Edited Transcript of ELD.TO earnings conference call or pres... |
7/30/2015 | Eldorado Reports 2015 Second Quarter Financial and Operation... |
7/30/2015 | Q2 2015 Financial and Operational Results Release Date and C... |
7/29/2015 | Is a Surprise Coming for Eldorado Gold (EGO) This Earnings S... |
7/27/2015 | Strike Gold With These 3 Gold Miners - Earnings ESP |
7/9/2015 | Q2 2015 Financial and Operational Results Release Date and C... |
4/24/2015 | Lower Profits, Output on Tap for Barrick, Goldcorp -- Earnin... |
4/15/2015 | Q1 2015 Financial and Operational Results Release Date and C... |
3/31/2015 | PRESS DIGEST- Canada - March 31 |
3/3/2015 | Eldorado Gold - Greece Update |
3/2/2015 | Canada Stocks to Watch: BlackBerry, Eldorado, Transition The... |
3/2/2015 | Eldorado Gold says Greece has revoked key Skouries approval |
3/2/2015 | Eldorado Gold - Greece Update |
2/20/2015 | Canada Stocks to Watch: Bombardier, Enbridge, Fairfax, Eldor... |
1/21/2015 | Canada Stocks to Watch: Husky, Eldorado, Celestica, Richmont... |
2/21/2014 | Reports 2013 YE and Q4 Financial and Operational Results |
10/9/2013 | Announces Third Quarter 2013 Financial and Operating Results... |
7/2/2013 | Announces Second Quarter 2013 Financial and Operating Result... |
4/17/2013 | Announces Renewal of Normal Course Issuer Bid |
4/9/2013 | Announces First Quarter 2013 Financial and Operating Results... |
3/15/2013 | Announces Increase to Its Normal Course Issuer Bid |
1/24/2013 | Announces Year End 2012 Financial Results Release Date and C... |
1/9/2013 | 2012 Operating Results and 2013 Operating Guidance |
12/10/2012 | Announces Pricing of $600 Million Senior Notes Offering |
11/12/2012 | Announces Launch of US$500 Million Senior Notes Offering |
10/25/2012 | New Drilling Results and Mineral Resource Update for Certej ... |
9/25/2012 | Exploration Update |
9/14/2012 | Confirms Certej Permit Granted in Full Compliance With Roman... |
7/24/2012 | Council of State Revokes Suspension Order in Greece |
7/4/2012 | Court Decision Provisionally Suspends Tree Cutting in Halkid... |
6/22/2012 | Announces Senior Management Promotions |
6/21/2012 | Announces 2012 Second Quarter Financial and Operating Result... |
5/30/2012 | to De-List From Australian Securities Exchange |
4/5/2012 | Announces Normal Course Issuer Bid |
3/22/2012 | Greece Activity Update |
2/23/2012 | and European Goldfields Limited Announce Court Approval for ... |
2/21/2012 | European Goldfields Limited and Eldorado Gold Corporation An... |
2/7/2012 | and European Goldfields Limited Announce Recommendation By L... |
12/19/2011 | to Acquire European Goldfields and Create the Leading Growth... |
10/7/2011 | Announces Exploration Programs Update |
9/29/2011 | Announces 2011 Third Quarter Financial and Operating Release... |
6/20/2011 | Announces 2011 Second Quarter Financial Results Release Date... |
4/8/2011 | Acquires Units of Serabi Mining plc |
3/29/2011 | Announces Normal Course Issuer Bid |
1/31/2011 | Dividend Payment of CDN $0.05 per share |
6/17/2010 | Exploration Programs Update |
5/12/2010 | Friendly Transaction With Brazauro Resources Corporation By ... |
1/28/2010 | Mineral Resources and Reserves |
9/14/2009 | And Sino Gold Satisfaction Of Due Diligence Conditions |
8/13/2009 | New Gold Zone Identified at Tanjianshan |
7/28/2009 | Closes Acquisition Of Stake In Sino Gold |
7/21/2009 | Files Final Short Form Prospectus to Qualify Shares Issued i... |
7/16/2009 | Disposes Of Non-Core Asset |
7/15/2009 | Amends Agreement to Acquire Gold Field's Stake in Sino Gold |
6/6/2009 | Acquires Gold Field's Stake in Sino Gold |
2/24/2009 | Announces Public Offering of Common Shares |
1/30/2009 | Efem=E7ukuru Receives Positive High Court Decision |
1/22/2009 | 2008 Year End Update and 2009 Guidance Record Performance in... |
10/1/2008 | Exploration Update |
9/9/2008 | announces successful repatriation of funds from China |
9/3/2008 | Perama Update |
8/5/2008 | Acquires Shares of Brazauro |
7/30/2008 | Acquires Units Of Brazauro |
7/17/2008 | Increases Stake In Frontier To Over 95% |
7/9/2008 | Brazauro And Eldorado To Partner On The Tocantinzinho Projec... |
7/3/2008 | Bid for Frontier Successful |
6/20/2008 | Issues Notice Of Variation And Extension - Offer Extended To... |
6/18/2008 | And Frontier Reach Agreement On Acquisition - Eldorado'S Off... |
6/16/2008 | Confirms Best And Final Offer For Frontier Will Expire On Ju... |
6/4/2008 | Offer To Frontier Shareholders Continues To Be Full And Fair |
6/2/2008 | Commences Efem=E7ukuru Construction |
5/9/2008 | Mails Offer To Frontier Pacific Shareholders |
4/23/2008 | Announces Offer For Frontier Pacific Mining Corporation |
2/22/2008 | 2007 Mineral Reserves and Mineral Resources |
11/1/2007 | Q3 2007 Financial and Operational Results |
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