Eldorado Gold

Compared to its contemporaries the Eldorado Gold Corporation is a relatively small public company in the Gold mining industry. Based in Vancouver, British Columbia, Eldorado has mining, exploration and development projects in the countries of Brazil, Turkey and Greece. It is also the first Gold Corporation in North America to set up a mine in China, which it put to work in 2006. Eldorado’s shares are currently listed on the Toronto Stock Exchange in Canada and the New York Stock Exchange in the Unites States. As of 2008 it is one of the only Gold companies that can boast a strong balance sheet without any debt.

Going by recent 2008 data, Eldorado Gold was the top shares performer on the S&P Toronto index, with appreciation of 65.5%. In 2008 its mine in Turkey produced over 190,000 ounces of gold at $254 per ounce, and its mine in China produced over 118,400 ounces of gold at $288 per ounce. Altogether as of December 2008, the company has 7.6 million ounces of gold reserves calculated from 11.8 million ounces of measured gold, and 4.2 million ounces from inferred resource. By 2013 the company aims to produce a further 700,000 to 800,000 ounces of gold, in conjunction with its ongoing expansions. The company has only 881 reported employees.
Eldorado’s main mines are as follows:

Kisladag Mine, Usak, Turkey. This mine has a life expectancy of 15 years. So far it has proven reserves of 5,523,000 ounces. It is largest mine in Turkey.

Tanjianshan Mine, Qinghai, China. This mine has a life expectancy of 9 years. So far it has proven reserves of 817,000 ounces. It is the only North American mine in China.

São Bento Mine, Minas Gerais, Brazil. This mine had been producing since 1986 with a total production of 1,800,000 ounces of gold. In 2008 the asset was sold to AngloGold Ashanti for $70 million US Dollar equivalent.

Eldorado’s current corporate structure has Paul N. Wright as President and Chief Executive Officer, with Earl W. Price as Chief Financial Officer and Norm Pitcher as Chief Operating Officer. There are 8 directors on the board.

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