Welcome to our dedicated page for Eldorado Gold news (Ticker: EGO), a resource for investors and traders seeking the latest updates and insights on Eldorado Gold stock.
Eldorado Gold Corporation (NYSE: EGO, TSX: ELD) is a Vancouver, Canada-based gold and base metals producer operating globally. Listed on both the Toronto and New York Stock Exchanges, Eldorado Gold boasts a market capitalization of approximately US$2.4 billion and generates annual revenues of around US$1 billion.
The company's extensive portfolio includes mining, development, and exploration projects in countries such as Romania, Greece, Turkey, China, and Brazil. Notably, Eldorado produced nearly 800,000 ounces of gold in 2014 and holds proven and probable gold reserves of about 26 million ounces. Among its significant operations, Kisladag stands out as the largest gold mine in Turkey, while Eldorado is the foremost foreign gold producer in China and a major foreign investor in Greece.
Eldorado Gold operates through 18 offices worldwide, employing over 7,200 people. The organization follows a decentralized business model, ensuring a significant proportion of its workforce and management teams are nationals of the countries in which it operates.
Recent achievements include updates to the company's gold mineral reserves and resources, particularly at the Lamaque project. Eldorado's continuous commitment to transparency and accuracy in reporting is evident through detailed financial and operational reports, including non-IFRS measures and ratios.
Among its current projects are Skouries and Perama Hill in Greece, and Certej in Romania. The company emphasizes strong community relationships, sustainable practices, and high environmental standards across all its operations.
For those interested in up-to-date information about Eldorado Gold’s performance and developments, the interactive VRIFY 3D model and the latest press releases provide comprehensive insights into their ongoing projects and financial standings.
Eldorado Gold has provided an update regarding the tax impacts on their mining operations in Turkiye for Q2 2024. The current income tax expense, which is taxed at a 25% enacted rate, is expected to decrease by $3 to $5 million. This decrease is primarily due to investment tax credits related to the Kisladag and Efemcukuru mines and the effects of inflation accounting. However, this is partly offset by taxable unrealized foreign exchange gains resulting from the weakening of the Turkish Lira against the US dollar. Eldorado Gold will release its Q2 2024 financial and operational results after market close on July 25, 2024. A conference call to discuss these results is scheduled for July 26, 2024, at 11:30 AM ET, details of which are available on their website.
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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