| | Published : May 08th, 2009 | Q1 2009 Financial and Operating Results |
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Re: 2009 - Thursday, May 07, 2009 Title: Q1 2009 Financial and Operating Results
2009 Production and Cost Guidance Remains Intact (all figures in United States dollars, unless otherwise noted)VANCOUVER, BC - Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation, is pleased to report on the Company's financial and operational results for the first quarter ended March 31, 2009. "Our cash operating costs for the quarter averaged $296 per ounce and our total cash cost of $315 per ounce remains one of the lowest in the industry. Our balance sheet remains strong with $108 million in cash." said Paul Wright, President and CEO of Eldorado Gold. "Production this quarter, was, as expected influenced by the commissioning of the sulphide ore processing facility at Tanjianshan and the record high levels of precipitation at Kisladag. We remain confident in our previously stated plan to produce approximately 330,000 ounces in 2009." Q1 2009 Highlights
- Produced 61,426 ounces of gold at our Tanjianshan and Kisladag mines at an average cash operating cost of $296 per ounce;
- Sold 57,459 ounces of gold at a realized average price of $909 per ounce;
- Reported earnings of $0.04 per share; and
- Began commissioning of the sulphide ore processing facility at Tanjianshan
Financial ResultsOur consolidated net income for the first quarter of 2009 was $13.1 million or $0.04 per share, compared with $20.7 million or $0.06 per share in the first quarter of 2008. Over the quarter, we sold 57,459 ounces of gold at an average price of $909 per ounce, compared to 73,604 ounces at an average price of $933 per ounce in the first quarter of 2008. Revenues decreased 24% compared to the same period in 2008 due to lower sales volumes and selling prices. Operating PerformanceKisladag,Usak, TurkeyDuring the quarter, we placed 2,084,714 tonnes of ore on the leach pad at an average grade of 1.34 grams of gold per tonne. We produced 46,192 ounces of gold at a cash cost of $274 per ounce, up from production of 27,228 ounces of gold in the first quarter of 2008. We produced fewer ounces of gold at Kisladag compared to the fourth quarter of 2008 as a result of higher than average precipitation, which affected screening and stacking and diluted process solutions. Following the exceptionally high rainfall in January and February, production in March and April increased to normal levels in excess of 20,000 ounces monthly. Tanjianshan, Qinghai ChinaWe produced 15,234 ounces of gold at a cash cost of $362 per ounce in the first quarter, compared to 40,006 ounces of gold in the first quarter of 2008. The decrease in gold production resulted from the commissioning of the sulphide ore processing facilities and lower head grade as lower grade transition ore from stockpiles is utilized during commissioning. During the quarter, we invested $3.8 million in capital expenditures, primarily relating to constructing and commissioning the sulphide ore processing facilities. DevelopmentEfem�ukuru, Izmir TurkeyWe continued construction at Efemcukuru during the quarter, slowed somewhat due to the extremely wet weather. Drilling and blasting of the plant site was initiated, along with the construction of a major structure retaining wall. Engineering and procurement are on schedule including the semi-autogenous ball mills. We spent $5.5 million at Efem�ukuru during the quarter. Vila Nova Iron Ore, Amapa BrazilWe completed the construction and initial commissioning of our Vila Nova iron ore project. After we complete the plant commissioning in May 2009, we will put the project on care and maintenance status until global demand for iron ore increases and prices recover from current declines. Perama Hill, Thrace GreeceAt our Perama Hill project in Greece, we continued work on the Preliminary Environmental Impact Assessment, which we will submit to Greek authorities in the second quarter. We are also working on a National Instrument 43-101 report, which we will file in the third quarter of the year. Exploration TurkeyWe continued exploration at the Sayacik project, which included soil sampling, outcrop mapping and the initiation of a ground magnetic geophysical survey. We also received permits for drill sites and began drilling in April. At Efem�ukuru, we drilled six holes totaling 1,210 meters in the north ore shoot to test along strike and down dip extents in the ore zone. BrazilExploration in Brazil consisted of Diamond drilling at the Tocantinzinho project. We drilled more than 4,200 meters in 16 Diamond drill holes, including 1,500 meters for metallurgical samples. ChinaAt Tanjianshan, we started a rotary air blast program, consisting of 41 holes, to test the area covered by alluvium between the QLT and JLG deposits. CorporateEffective May 15, 2009 Dr. Peter Lewis, P.Geo. has been appointed as Vice-President, Exploration. Dr. Lewis obtained his undergraduate degree in Geological Sciences from Stanford University and his M.Sc. and Ph.D. from the University of British Columbia, and has worked as a consulting structural geologist on ore deposits throughout the world since 1993. Eldorado is a gold producing, exploration and development company actively growing businesses in Brazil China, Greece, and Turkey and surrounding regions. We are one of the lowest cost pure gold producers. With our international expertise in mining, finance and project development, together with highly skilled and dedicated staff, we believe that Eldorado 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 President and Chief Executive Officer Eldorado will host a conference call Friday, May 8, 2009 to discuss the 2009 First Quarter Financial Results at 11:30 a.m. EDT (8:30 a.m. PDT). You may participate in the conference call by dialing 416-340-2216 in Toronto or 1-866-226-1792 toll free in North America and asking for the Eldorado Conference Call with Chairperson: Paul Wright, President and 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 May 15, 2009 by dialing 416-695-5800 in Toronto or 1-800-408-3053 free in North America and entering the Pass code: 7106314.
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 forward looking statements or information within the meaning of the Securities Act (Ontario). Such forward looking statements or information include, but are not limited to statements or information with respect to unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements or information are subject to a variety of risks and uncertainties, which could cause actual events, or results to differ from those reflected in the forward-looking statements or information. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward looking statements. Specific reference is made to "Forward Looking Statements and Risk Factors" in the Company's Annual Information Form and Form 40-F dated March 31, 2009. Forward-looking statements herein include statements regarding the expectations and beliefs of management. Such factors included, amongst others the following: gold price volatility; impact of any hedging activities, including margin limits and margin calls; discrepancies between actual and estimated production, between actual and estimated reserves, and between actual and estimated metallurgical recoveries; mining operational risk; risks from litigation; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; speculative nature of gold exploration; dilution; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors discussed in the section entitled "Risk Factors" in the Company's Annual Information Form and Form 40-F dated March 31, 2009. We do not expect to update forward-looking statements 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 NYSE-Amex US (NYSE-A: 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.comRequest for information packages: laurelw@eldoradogold.com1188, 550 Burrard Street Vancouver, BC V6C 2B5 Web site: www.eldoradogold.com
PRODUCTION HIGHLIGHTS
|
First Quarter 2009 |
First Quarter 2008 |
Second Quarter 2008 |
Third Quarter 2008 |
Fourth Quarter 2008 |
Gold Production |
|
|
|
|
|
Ounces Produced |
61,426 |
67,234 |
87,380 |
72,343 |
81,845 |
Cash Operating Cost ($/oz)1, 4 |
296 |
213 |
229 |
283 |
298 |
Total Cash Cost ($/oz)2,4 |
315 |
268 |
259 |
313 |
319 |
Total Production Cost ($/oz)3,4 |
375 |
393 |
293 |
402 |
404 |
Realized Price ($/oz - sold) |
909 |
933 |
904 |
870 |
800 |
Kisladag Mine, Turkey |
|
|
|
|
|
Ounces Produced |
46,192 |
27,228 |
55,490 |
46,863 |
60,753 |
Tonnes to Pad |
2,084,714 |
529,480 |
2,092,957 |
2,562,343 |
2,371,101 |
Grade (grams / tonne) |
1.34 |
1.18 |
1.47 |
1.05 |
1.34 |
Cash Operating Cost ($/oz)4 |
274 |
217 |
230 |
270 |
279 |
Total Cash Cost ($/oz)2,4 |
276 |
218 |
232 |
273 |
281 |
Total Production Cost ($/oz)3,4 |
315 |
246 |
273 |
310 |
314 |
Tanjianshan Mine, China |
|
|
|
|
|
Ounces Produced |
15,234 |
40,006 |
31,890 |
25,480 |
21,092 |
Tonnes Milled |
228,066 |
223,395 |
193,035 |
226,126 |
216,273 |
Grade (grams / tonne) |
3.97 |
6.83 |
6.04 |
4.16 |
4.33 |
Cash Operating Cost ($/oz)4 |
362 |
211 |
229 |
306 |
352 |
Total Cash Cost ($/oz)2,4 |
432 |
302 |
305 |
387 |
429 |
Total Production Cost ($/oz)3,4 |
557 |
493 |
327 |
571 |
664 |
- Cost figures calculated in accordance with the Gold Institute Standard.
- Cash Operating Costs, plus royalties and the cost of off-site administration.
- Total Cash Costs, plus foreign exchange gain or loss, depreciation, amortization and reclamation expenses.
- Cash operating, total cash and total production costs are non-GAAP measures. See the section "Non-GAAP Measures" of this MD&A.
Eldorado Gold CorporationUnaudited Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars)
|
|
March 31, |
|
December 31, |
2009 |
2008 |
$ |
$ |
Assets |
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
Cash and cash equivalents |
|
107,954 |
|
61,851 |
Restricted cash (note 3) |
|
5,500 |
|
- |
Marketable securities |
|
14,618 |
|
43,610 |
Accounts receivable and other |
|
14,917 |
|
36,109 |
Inventories |
|
95,445 |
|
86,966 |
Future income taxes |
|
- |
|
175 |
|
|
238,434 |
|
228,711 |
Restricted assets and other |
|
10,012 |
|
8,349 |
Mining interests |
|
681,134 |
|
668,309 |
|
|
929,580 |
|
905,369 |
|
|
|
|
|
Liabilities |
|
|
|
|
|
|
|
|
|
Current liabilities |
|
|
|
|
Accounts payable and accrued liabilities |
|
34,098 |
|
42,659 |
Debt |
|
5,115 |
|
139 |
Future income taxes |
|
2,974 |
|
1,097 |
|
|
42,187 |
|
43,895 |
Asset retirement obligations |
|
4,872 |
|
4,812 |
Future income taxes |
|
56,535 |
|
60,043 |
|
|
103,594 |
|
108,750 |
|
|
|
|
|
Non-controlling interest |
|
5,161 |
|
4,799 |
|
|
|
|
|
Shareholders' Equity |
|
|
|
|
|
|
|
|
|
Share capital (note 5(a)) |
|
947,736 |
|
931,933 |
Contributed surplus (note 5(b)) |
|
17,206 |
|
19,378 |
Accumulated other comprehensive loss (note 5(c)) |
|
(3,658) |
|
(5,971) |
Deficit |
|
(140,459) |
|
(153,520) |
|
|
820,825 |
|
791,820 |
|
|
929,580 |
|
905,369 |
|
|
|
|
| Eldorado Gold CorporationUnaudited Consolidated Statements of Operations and Deficit For the three months ended March 31,
(Expressed in thousands of U.S. dollars except per share amounts)
|
|
2009 |
|
2008 |
$ |
$ |
Revenue |
|
|
|
|
Gold sales |
|
52,206 |
|
68,675 |
Interest and other income |
|
196 |
|
3,708 |
|
|
52,402 |
|
72,383 |
|
|
|
|
|
Expenses |
|
|
|
|
Operating costs |
|
18,442 |
|
19,819 |
Depletion, depreciation and amortization |
|
4,460 |
|
8,824 |
General and administrative |
|
8,762 |
|
9,795 |
Exploration |
|
2,062 |
|
2,191 |
Mine standby costs |
|
- |
|
2,432 |
Asset retirement obligation costs |
|
53 |
|
133 |
Foreign exchange (gain) loss |
|
(3,089) |
|
854 |
|
|
30,690 |
|
44,048 |
|
|
|
|
|
Loss (gain) on marketable securities |
|
964 |
|
(160) |
Interest and financing costs |
|
81 |
|
1,028 |
Loss on derivative contract |
|
- |
|
739 |
|
|
31,735 |
|
45,655 |
Income before income taxes and non-controlling interest |
|
20,667 |
|
26,728 |
|
|
|
|
|
Income tax expense |
|
|
|
|
Current |
|
(6,017) |
|
(5,682) |
Future |
|
(1,227) |
|
(309) |
|
|
(7,244) |
|
(5,991) |
|
|
|
|
|
Non-controlling interest |
|
(362) |
|
- |
|
|
|
|
|
Net income for the period |
|
13,061 |
|
20,737 |
|
|
|
|
|
Deficit, beginning of period |
|
(153,520) |
|
(317,176) |
|
|
|
|
|
Deficit, end of period |
|
(140,459) |
|
(296,439) |
|
|
|
|
|
Weighted average number of shares outstanding |
|
|
|
|
Basic |
|
369,862 |
|
344,542 |
Diluted |
371,833 |
|
345,902 |
|
|
|
|
|
Earnings per share |
|
|
|
|
Basic income (loss) per share - US$ |
|
0.04 |
|
0.06 |
Diluted income (loss) per share - US$ |
|
0.04 |
|
0.06 | Eldorado Gold CorporationUnaudited Consolidated Statements of Cash Flows For the three months ended March 31,
(Expressed in thousands of U.S. dollars, unless otherwise stated)
|
|
2009 |
|
2008 |
$ |
$ |
Cash flows generated from (used in): |
|
|
|
|
|
|
|
|
|
Operating activities |
|
|
|
|
Net income for the period |
|
13,061 |
|
20,737 |
Items not affecting cash |
|
|
|
|
Asset retirement obligations costs |
|
53 |
|
133 |
Depletion, depreciation and amortization |
|
4,460 |
|
8,824 |
Unrealized foreign exchange (gain) loss |
|
(2,683) |
|
418 |
Future income taxes expense |
|
1,227 |
|
309 |
Loss (gain) on marketable securities |
|
964 |
|
(160) |
Imputed interest and financing costs |
|
- |
|
10 |
Stock-based compensation |
|
3,080 |
|
4,882 |
Pension expense (note 4) |
|
198 |
|
- |
Non-controlling interest |
|
362 |
|
- |
Loss on derivative contract |
|
- |
|
739 |
|
|
20,722 |
|
35,892 |
Bonus cash award units payments |
|
(2,059) |
|
- |
Property reclamation payments |
|
- |
|
(652) |
Contractual severance payments |
|
- |
|
(231) |
Changes in non-cash working capital (note 7) |
|
7,210 |
|
12,034 |
|
|
25,873 |
|
47,043 |
|
|
|
|
|
Investing activities |
|
|
|
|
Mining interests |
|
|
|
|
Capital expenditures |
|
(19,029) |
|
(12,714) |
Sales and disposals |
|
- |
|
221 |
Marketable securities |
|
|
|
|
Purchases |
|
|
|
(1,792) |
Disposals |
|
30,457 |
|
263 |
Pension plan contributions |
|
(1,759) |
|
- |
Restricted cash and other restricted assets |
|
(5,525) |
|
(5,300) |
|
|
4,144 |
|
(19,322) |
|
|
|
|
|
Financing activities |
|
|
|
|
Capital stock |
|
|
|
|
Issuance of common shares for cash |
|
11,110 |
|
1,213 |
Long-term and bank debt |
|
|
|
|
Proceeds |
|
4,976 |
|
5,000 |
|
|
16,086 |
|
6,213 |
Net increase in cash and cash equivalents |
|
46,103 |
|
33,934 |
Cash and cash equivalents - beginning of period |
|
61,851 |
|
46,014 |
Cash and cash equivalents - end of period |
|
107,954 |
|
79,948 |
|
|
|
|
|
Supplementary cash flow information (note 7) |
|
|
|
| Eldorado Gold CorporationUnaudited Consolidated Statements of Comprehensive Income For the three months ended March 31,
(Expressed in thousands of U.S. dollars, unless otherwise stated
|
2009 |
2008 |
|
$ |
$ |
|
|
|
Net earnings for the period ended March 31, |
13,061 |
20,737 |
|
|
|
Other comprehensive income (loss) |
|
|
Unrealized gains (losses) on available-for-sale investments (note 5(c)) |
2,313 |
(521) |
|
|
|
Comprehensive income for the period ended March 31, |
15,374 |
20,216 |
|
|
| Click here for Unaudited Interim Consolidated Financial Statements, Management's Discussion and Analysis PDF.To view News Release PDF, please click here.
Copyright � 2009 ELDORADO GOLD CORP. (ELD) All rights reserved. For more information visit our website at http://www.eldoradogold.com/ or send email to info@eldoradogold.com ..
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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$ 14.8 billions as of today (US$ 11.8 billions, € 10.3 billions). Its stock quote reached its lowest recent point on August 03, 2001 at CA$ 0.21, and its highest recent level on April 17, 2024 at CA$ 20.60. Eldorado Gold has 716 820 032 shares outstanding. |
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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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