Eldorado Gold Corporation, (“Eldorado” or “the Company”) today
reports the Company’s financial and operational results for the
fourth quarter and year ended December 31, 2020. For further
information please see the Company’s Consolidated Financial
Statements and Management’s Discussion and Analysis filed on SEDAR
at www.sedar.com under the Company’s profile.
Year-End Financial and Operating Results Overview and
Subsequent Period Highlights
- 2020 annual production
guidance achieved: Gold production totalled 528,874 ounces
in 2020, an increase of 34% from production of 395,331 ounces in
2019. Despite impacts related to COVID-19, annual guidance was
maintained and met for the 2020 calendar year.
- Strong production drives
increased cash from operations and free cash flow: Net
cash from operating activities of $425.6 million in 2020 (2019:
$165.8 million) contributed to free cash flow of $236.2 million in
2020 (2019: negative $37.1 million) primarily as a result of higher
sales volumes and a higher average realized gold price.
- Lower all-in sustaining
costs: 2020 all-in sustaining costs of $921 per ounce of
gold sold were lower than in 2019 ($1,034 per ounce sold) as a
result of increased production and weakening of the Turkish
Lira.
- Amended Investment
Agreement signed: In February 2021, Eldorado entered into
an Amended Investment Agreement ("Agreement") with the Hellenic
Republic, providing a mutually beneficial and modernized legal and
financial framework to allow for investment in the Skouries project
and the Olympias and Stratoni mines. The Agreement has been
formally submitted to the Greek Parliament for ratification, with a
vote expected to take place in an upcoming parliamentary
session.
- Arrangement agreement to
acquire QMX Gold Corporation: In January 2021, the Company
entered into a definitive arrangement agreement with QMX Gold
Corporation ("QMX") to acquire the remaining outstanding shares of
QMX for total consideration of approximately CDN $132 million ($104
million), of which approximately CDN $29.8 million ($23.4 million)
will be paid in cash. The acquisition remains subject to QMX
shareholder and court approvals, and if completed, will
significantly increase Eldorado's landholdings and exploration
footprint in Québec and adjacent to the Lamaque operations.
- Maiden resource at Ormaque
deposit highlights exploration success and future growth potential
at Lamaque: In February 2021, we announced maiden Inferred
Mineral Resources for the Ormaque deposit totalling 2.6 million
tonnes at a grade of 9.5 grams per tonne, for 803,000 ounces of
contained gold.
- Continued strong financial
liquidity: The Company currently has $511.0 million of
cash, cash equivalents and term deposits and approximately $29.2
million available under its revolving credit facility. Redemptions
totalling $66.1 million of principal of the senior secured
notes were completed during the year, including $7.5 million
in December 2020. In February 2021 the senior secured credit
facility was amended such that approximately $70.8 million of
non-financial letters of credit no longer reduce credit
availability under the revolving credit facility. Following the
amendment, credit availability under the facility is currently $100
million. A repayment of $11.1 million on the non-revolving term
loan was made in conjunction with this amendment.
- Net earnings and adjusted
net earnings attributable to shareholders: Net earnings
attributable to shareholders of the Company in 2020 were $104.5
million or $0.61 per share (2019: $80.6 million, or $0.51 per
share), including a $40.0 million non-cash write-down of capital
works in progress that will no longer be completed as a result of
the Agreement. Adjusted net earnings attributable to shareholders
of the Company in 2020 were $170.9 million, or $1.00 per share
(2019: $2.4 million, or $0.02 per share).
- Increased EBITDA:
The Company reported EBITDA in 2020 of $474.2 million (2019: $311.3
million ) and adjusted EBITDA of $534.0 million (2019: $235.6
million) after adjusting for, among other things, the non-cash
write-down of $40.0 million of capital works in progress.
- Measures remain in place to
manage the impact of the novel coronavirus ("COVID-19")
pandemic: The Company's mines remain operational and
isolated cases of COVID-19 have been successfully managed.
Preventing the spread of COVID-19, ensuring safe working
environments across Eldorado's global sites, and preparedness
should an outbreak occur, remain priorities.
Fourth Quarter 2020 Highlights
- Highest quarterly gold
production in nearly five years: Eldorado produced 138,220
ounces of gold in Q4 2020 (Q4 2019: 118,955 ounces).
- Continued cash from
operations and free cash flow: Net cash from operating
activities of $107.3 million in Q4 2020 (Q4 2019: $64.2 million)
contributed to free cash flow of $48.4 million in Q4 2020 (Q4 2019:
$5.5 million) primarily as a result of higher sales volumes and a
higher average realized gold price.
- Operating costs
decreasing: Q4 2020 cash operating costs of $536 per ounce
sold and all-in sustaining costs of $959 per ounce sold were lower
than Q4 2019 ($621 per ounce sold and $1,110 per ounce sold,
respectively).
- Net earnings attributable
to shareholders: Q4 2020 net earnings attributable to
shareholders of the Company were $22.8 million or $0.13 per share,
and included a $40.0 million non-cash write-down of capital works
in progress that will no longer be completed as a result of the
Agreement. Net earnings attributable to shareholders of the Company
in Q4 2019 were $91.2 million or $0.57 per share, mainly
attributable to a net impairment reversal of $85.2 million ($68.2
million net of deferred income tax) for Kisladag. Adjusted net
earnings attributable to shareholders of the Company in Q4 2020
were $58.0 million, or $0.33 per share (Q4 2019: adjusted net
earnings attributable to shareholders of the Company of $19.3
million, or $0.12 per share).
- Increased EBITDA:
Q4 2020 EBITDA was $95.1 million ($158.7 million in Q4 2019) and Q4
2020 adjusted EBITDA was $144.2 million ($80.3 million in Q4 2019)
after adjusting for, among other things, the non-cash write-down of
$40.0 million of capital works in progress.
“Eldorado’s strong fourth-quarter finish to 2020
caps a year in which we delivered on our original guidance,
generated strong free cash flow and continued to strengthen our
overall capital position,” said George Burns, Eldorado's President
and Chief Executive Officer. “That this was accomplished during an
historically challenging global operating environment is a tribute
to the dedication of our people.
“We enter 2021 positioned once again to deliver,
both operationally and at our most important growth projects.
Consistent with Eldorado’s disciplined approach to capital
allocation, we will continue to strengthen our balance sheet while
reinvesting in mine and project development programs that
prioritize profitability and strong returns. Chief among these is
the advancement of the world-class Skouries project in Greece. Our
recently signed amended investment agreement with the Greek
government sets the stage for a productive and mutually beneficial
relationship with the Hellenic Republic. Our focus in 2021 is on
unlocking the compelling value at Skouries and throughout our
portfolio.”
The Company also announced this week maiden
Inferred Mineral Resources of 2.6 million tonnes at a grade of 9.5
grams per tonne for 803,000 ounces of gold at the
recently-discovered Ormaque deposit near the Lamaque operations in
Québec. Over 60% of the resource is in the upper part of the
deposit within 400 metres of surface. Exploration in 2021 is
focused on in-fill and expansion drilling, as the deposit remains
open in multiple directions.
“Exploration success at Ormaque is an important
milestone that could lead to a second underground mine to feed the
Sigma mill. The growing exploration footprint and targets at
Lamaque coupled with low cost expandability of the Sigma plant
offer a compelling opportunity to create additional value at
Lamaque,” added Burns.
Consolidated Financial and Operational
Highlights
Summarized Annual Financial Results
|
|
2020 |
|
|
2019 |
|
|
|
2018 |
|
Revenue (1) |
$ |
1,026.7 |
|
$ |
617.8 |
|
|
$ |
459.0 |
|
Gold revenue (1) |
$ |
938.3 |
|
$ |
530.9 |
|
|
$ |
386.0 |
|
Gold produced (oz) (2) |
|
528,874 |
|
|
395,331 |
|
|
|
349,147 |
|
Gold sold (oz) (1) |
|
526,406 |
|
|
374,902 |
|
|
|
304,256 |
|
Average realized gold price ($/oz sold) (6) |
$ |
1,783 |
|
$ |
1,416 |
|
|
$ |
1,269 |
|
Cash operating costs ($/oz sold) (3,6) |
|
560 |
|
|
608 |
|
|
|
625 |
|
Total cash costs ($/oz sold) (3,6) |
|
649 |
|
|
645 |
|
|
|
650 |
|
All-in sustaining costs ($/oz sold) (3,6) |
|
921 |
|
|
1,034 |
|
|
|
994 |
|
Net earnings (loss) for the period (4) |
|
104.5 |
|
|
80.6 |
|
|
|
(361.9 |
) |
Net earnings (loss) per share – basic ($/share) (4) |
|
0.61 |
|
|
0.51 |
|
|
|
(2.28 |
) |
Adjusted net earnings (loss) (4,5,6,7) |
|
170.9 |
|
|
2.4 |
|
|
|
(30.1 |
) |
Adjusted net earnings (loss) per share ($/share) (4,5,6,7) |
|
1.00 |
|
|
0.02 |
|
|
|
(0.19 |
) |
Cash flow from operating activities before changes in working
capital (6,8) |
|
390.8 |
|
|
149.9 |
|
|
|
61.1 |
|
Free cash flow (6) |
|
236.2 |
|
|
(37.1 |
) |
|
|
(187.8 |
) |
Cash, cash equivalents and term deposits |
|
511.0 |
|
|
181.0 |
|
|
|
293.0 |
|
(1) |
Excludes sales
of inventory mined at Lamaque and Olympias during the
pre-commercial production periods. |
(2) |
Includes pre-commercial production at Lamaque (2018, Q1 2019)
and at Olympias (Q1 2018). |
(3) |
By-product revenues are off-set against cash operating
costs. |
(4) |
Attributable to shareholders of the Company. |
(5) |
See reconciliation of net earnings (loss) to adjusted net
earnings (loss) in the MD&A section 'Non-IFRS Measures'. |
(6) |
These measures are non-IFRS measures. See the MD&A section
'Non-IFRS Measures' for explanations and discussion of these
non-IFRS measures. |
(7) |
2019 and 2018 amounts have been adjusted to conform with 2020
presentation by excluding adjustments relating to normal course
gains on disposal of assets (2019: $7.4 million, 2018: nil) and
inventory write-downs (2019: $2.5 million, 2018: $1.5 million).
Adjusted net earnings as originally presented in 2019 were
$5.6 million ($0.04 per share) and Adjusted net loss as originally
presented for 2018 was $28.6 million ($0.17 loss per share). |
(8) |
2019 amount has been adjusted to reflect a $0.7 million
reclassification within cash flow from operating activities in the
current period. 2018 adjustment was negligible. |
|
|
|
|
Summarized Quarterly Financial Results
2020 |
Q1 |
Q2 |
Q3 |
Q4 |
|
2020 |
Revenue |
$ |
204.7 |
|
|
$ |
255.9 |
|
|
$ |
287.6 |
|
$ |
278.5 |
|
$ |
1,026.7 |
|
Gold revenue |
$ |
185.4 |
|
|
$ |
235.0 |
|
|
$ |
264.3 |
|
$ |
253.7 |
|
$ |
938.3 |
|
Gold produced (oz) |
|
115,950 |
|
|
|
137,782 |
|
|
|
136,922 |
|
|
138,220 |
|
|
528,874 |
|
Gold sold (oz) |
|
116,219 |
|
|
|
134,960 |
|
|
|
137,704 |
|
|
137,523 |
|
|
526,406 |
|
Average realized gold price ($/oz sold) (6) |
$ |
1,580 |
|
|
$ |
1,726 |
|
|
$ |
1,919 |
|
$ |
1,845 |
|
$ |
1,783 |
|
Cash operating cost ($/oz sold) (3,6) |
|
627 |
|
|
|
550 |
|
|
|
537 |
|
|
536 |
|
|
560 |
|
Total cash cost ($/oz sold) (3,6) |
|
678 |
|
|
|
616 |
|
|
|
664 |
|
|
640 |
|
|
649 |
|
All-in sustaining cost ($/oz sold) (3,6) |
|
952 |
|
|
|
859 |
|
|
|
918 |
|
|
959 |
|
|
921 |
|
Net earnings (loss) (4) |
|
(4.9 |
) |
|
|
45.6 |
|
|
|
41.0 |
|
|
22.8 |
|
|
104.5 |
|
Net earnings (loss) per share – basic ($/share) (4) |
|
(0.03 |
) |
|
|
0.27 |
|
|
|
0.24 |
|
|
0.13 |
|
|
0.61 |
|
Adjusted net earnings (loss) (4,5,6) |
|
12.5 |
|
|
|
43.8 |
|
|
|
56.7 |
|
|
58.0 |
|
|
170.9 |
|
Adjusted net earnings (loss) per share ($/share) (4,5,6) |
|
0.08 |
|
|
|
0.26 |
|
|
|
0.33 |
|
|
0.33 |
|
|
1.00 |
|
Cash flow from operating activities before changes in working
capital (6) |
|
69.4 |
|
|
|
99.0 |
|
|
|
125.1 |
|
|
97.2 |
|
|
390.8 |
|
Free cash flow (6) |
$ |
7.2 |
|
|
$ |
63.4 |
|
|
$ |
117.2 |
|
$ |
48.4 |
|
$ |
236.2 |
|
Cash, cash equivalents and term deposits |
$ |
363.6 |
|
|
$ |
440.3 |
|
|
$ |
504.4 |
|
$ |
511.0 |
|
$ |
511.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
2019 |
Q1 |
Q2 |
Q3 |
Q4 |
|
2019 |
Revenue (1) |
$ |
80.0 |
|
|
$ |
173.7 |
|
|
$ |
172.3 |
|
$ |
191.9 |
|
$ |
617.8 |
|
Gold revenue (1) |
$ |
54.5 |
|
|
$ |
150.1 |
|
|
$ |
150.2 |
|
$ |
176.1 |
|
$ |
530.9 |
|
Gold produced (oz) (2) |
|
82,977 |
|
|
|
91,803 |
|
|
|
101,596 |
|
|
118,955 |
|
|
395,331 |
|
Gold sold (oz) (1) |
|
43,074 |
|
|
|
113,685 |
|
|
|
99,241 |
|
|
118,902 |
|
|
374,902 |
|
Average realized gold price ($/oz sold) (6) |
$ |
1,265 |
|
|
$ |
1,321 |
|
|
$ |
1,513 |
|
$ |
1,475 |
|
$ |
1,416 |
|
Cash operating cost ($/oz sold) (3,6) |
|
625 |
|
|
|
631 |
|
|
|
560 |
|
|
621 |
|
|
608 |
|
Total cash cost ($/oz sold) (3,6) |
|
652 |
|
|
|
670 |
|
|
|
603 |
|
|
652 |
|
|
645 |
|
All-in sustaining cost ($/oz sold) (3,6) |
|
1,132 |
|
|
|
917 |
|
|
|
1,031 |
|
|
1,110 |
|
|
1,034 |
|
Net earnings (loss) (4) |
|
(27.0 |
) |
|
|
12.2 |
|
|
|
4.2 |
|
|
91.2 |
|
|
80.6 |
|
Net earnings (loss) per share – basic ($/share) (4) |
|
(0.17 |
) |
|
|
0.08 |
|
|
|
0.03 |
|
|
0.57 |
|
|
0.51 |
|
Adjusted net earnings (loss) (4,5,6,7) |
|
(21.1 |
) |
|
|
(3.5 |
) |
|
|
7.6 |
|
|
19.3 |
|
|
2.4 |
|
Adjusted net earnings (loss) per share ($/share) (4,5,6,7) |
|
(0.13 |
) |
|
|
(0.02 |
) |
|
|
0.05 |
|
|
0.12 |
|
|
0.02 |
|
Cash flow from operating activities before changes in working
capital (6,8) |
|
8.1 |
|
|
|
38.5 |
|
|
|
63.0 |
|
|
40.4 |
|
|
149.9 |
|
Free cash flow (6) |
$ |
(64.0 |
) |
|
$ |
4.8 |
|
|
$ |
16.7 |
|
$ |
5.5 |
|
$ |
(37.1 |
) |
Cash, cash equivalents and term deposits |
$ |
227.5 |
|
|
$ |
119.9 |
|
|
$ |
134.9 |
|
$ |
181.0 |
|
$ |
181.0 |
|
(1) |
Excludes sales
of inventory mined at Lamaque and Olympias during the
pre-commercial production periods. |
(2) |
Includes pre-commercial production at Lamaque (Q1 2019). |
(3) |
By-product revenues are off-set against cash operating
costs. |
(4) |
Attributable to shareholders of the Company. |
(5) |
See reconciliation of net earnings (loss) to adjusted net
earnings (loss) in the MD&A section 'Non-IFRS Measures'. |
(6) |
These measures are non-IFRS measures. See the MD&A section
'Non-IFRS Measures' for explanations and discussion of these
non-IFRS measures. |
(7) |
2019 amounts have been adjusted to conform with 2020
presentation by excluding adjustments relating to normal course
gains on disposal of assets ($7.4 million) and inventory
write-downs ($2.5 million). Adjusted net earnings as originally
presented in 2019 were $5.6 million ($0.04 per share). |
(8) |
2019 amount has been adjusted to reflect a $0.7 million
reclassification within cash flow from operating activities in the
current period. |
|
|
Gold sales of 526,406 ounces in 2020 increased from 374,902
ounces in 2019. The 40% increase was primarily due to an increase
of 88,158 ounces sold from Kisladag as a result of an increase in
tonnes of ore stacked and placed under leach following the restart
of full operations in 2019 and an increase of 55,524 ounces sold
from Lamaque enabled by receipt of authorization in March 2020 to
increase mine production.
Total revenues increased to $1,026.7 million in
2020 from $617.8 million in 2019 as a result of higher sales
volumes and a higher average realized gold price of $1,783 per
ounce compared to $1,416 per ounce in 2019.
Cash operating costs per ounce sold decreased to
$560 in 2020 from $608 in 2019, primarily due to increased mining
rates at Lamaque following the receipt of authorization in March
2020 to increase mine production, higher production at Olympias and
reduced costs at Efemcukuru due to the weakening of the Turkish
Lira during the year. These decreases were partly offset by an
increase of cash operating costs per ounce sold at Kisladag
resulting from decreases in the average grade of ore placed on the
heap leach pad.
Net earnings attributable to shareholders of
$104.5 million ($0.61 per share) in 2020 improved from $80.6
million ($0.51 per share) in 2019. The improvement was primarily a
result of higher production and sales volumes combined with a
higher average realized gold price. Net earnings attributable to
shareholders of $22.8 million ($0.13 per share) in Q4 2020
decreased from $91.2 million ($0.57 per share) in Q4 2019 primarily
due to the $40.0 million write-down of capital works in progress
($43.4 million combined with a net impairment reversal of $85.2
million ($68.2 million net of deferred income tax) for Kisladag in
Q4 2019.
Adjusted net earnings were $170.9 million ($1.00
per share) in 2020, compared to $2.4 million ($0.02 per share) in
2019. Adjusted net earnings in 2020 removes, among other things,
the $40.0 million non-cash write-down of capital works in progress,
a $3.4 million VAT provision associated with the write-down, a
$16.3 million net loss on foreign exchange due to translation of
deferred tax balances, $8.6 million of finance costs related to the
$66.1 million redemption of the senior secured notes during
the year and the $2.5 million gain on disposal of the Vila Nova
mine in Q3 2020. Adjusted net earnings were $58.0 million ($0.33
per share) in Q4 2020, compared to $19.3 million ($0.12 per share)
in Q4 2019.
Higher sales volumes in 2020, combined with a
higher gold price, resulted in EBITDA of $474.2 million, including
$95.1 million in Q4 2020. Adjusted EBITDA of $534.0 million in 2020
and $144.2 million in Q4 2020 exclude, among other things, the
$40.0 million write-down of capital works in progress.
Operations Update and Outlook
Gold Operations
|
3 months ended December 31, |
12 months ended December 31, |
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
2021 Outlook |
Total |
|
|
|
|
|
Ounces produced (1) |
|
138,220 |
|
|
118,955 |
|
|
528,874 |
|
|
395,331 |
|
430,000 – 460,000 |
Ounces sold (2) |
|
137,523 |
|
|
118,902 |
|
|
526,406 |
|
|
374,902 |
|
n/a |
Cash operating costs ($/oz sold) (4) |
$ |
536 |
|
$ |
621 |
|
$ |
560 |
|
$ |
608 |
|
$590 – 640 |
All-in sustaining costs ($/oz sold) (4) |
$ |
959 |
|
$ |
1,110 |
|
$ |
921 |
|
$ |
1,034 |
|
$920 – 1,150 |
Sustaining capex (4) |
$ |
29.1 |
|
$ |
41.1 |
|
$ |
92.5 |
|
$ |
97.4 |
|
$122 – 142 |
Kisladag |
|
|
|
|
|
Ounces produced (3) |
|
56,816 |
|
|
51,010 |
|
|
226,475 |
|
|
140,214 |
|
140,000 – 150,000 |
Ounces sold |
|
55,807 |
|
|
49,529 |
|
|
226,895 |
|
|
138,737 |
|
n/a |
Cash operating costs ($/oz sold) (4) |
$ |
447 |
|
$ |
421 |
|
$ |
451 |
|
$ |
435 |
|
$590 – 640 |
All-in sustaining costs ($/oz sold) (4) |
$ |
732 |
|
$ |
616 |
|
$ |
664 |
|
$ |
593 |
|
n/a |
Sustaining capex (4) |
$ |
6.5 |
|
$ |
6.7 |
|
$ |
20.1 |
|
$ |
14.7 |
|
$18 – 23 |
Lamaque |
|
|
|
|
|
Ounces produced (1) |
|
44,168 |
|
|
29,085 |
|
|
144,141 |
|
|
113,940 |
|
140,000 – 150,000 |
Ounces sold (2) |
|
44,990 |
|
|
31,293 |
|
|
142,269 |
|
|
86,745 |
|
n/a |
Cash operating costs ($/oz sold) (4) |
$ |
503 |
|
$ |
663 |
|
$ |
522 |
|
$ |
556 |
|
$560 – 610 |
All-in sustaining costs ($/oz sold) (4) |
$ |
789 |
|
$ |
1,273 |
|
$ |
827 |
|
$ |
1,078 |
|
n/a |
Sustaining capex (4) |
$ |
9.8 |
|
$ |
17.0 |
|
$ |
32.9 |
|
$ |
38.2 |
|
$48 – 53 |
Efemcukuru |
|
|
|
|
|
Ounces produced |
|
25,828 |
|
|
26,243 |
|
|
99,835 |
|
|
103,767 |
|
90,000 – 95,000 |
Ounces sold |
|
24,956 |
|
|
25,530 |
|
|
98,340 |
|
|
105,752 |
|
n/a |
Cash operating costs ($/oz sold) (4) |
$ |
493 |
|
$ |
608 |
|
$ |
556 |
|
$ |
599 |
|
$550 – 600 |
All-in sustaining costs ($/oz sold) (4) |
$ |
989 |
|
$ |
1,122 |
|
$ |
918 |
|
$ |
923 |
|
n/a |
Sustaining capex (4) |
$ |
7.3 |
|
$ |
10.2 |
|
$ |
19.1 |
|
$ |
24.5 |
|
$18 – 23 |
Olympias |
|
|
|
|
|
Ounces produced |
|
11,408 |
|
|
12,617 |
|
|
58,423 |
|
|
37,410 |
|
55,000 – 65,000 |
Ounces sold |
|
11,770 |
|
|
12,550 |
|
|
58,902 |
|
|
43,668 |
|
n/a |
Cash operating costs ($/oz sold) (4) |
$ |
1,166 |
|
$ |
1,331 |
|
$ |
1,078 |
|
$ |
1,286 |
|
$775 – 825 |
All-in sustaining costs ($/oz sold) (4) |
$ |
1,768 |
|
$ |
1,986 |
|
$ |
1,541 |
|
$ |
1,837 |
|
n/a |
Sustaining capex (4) |
$ |
5.5 |
|
$ |
7.2 |
|
$ |
20.2 |
|
$ |
20.1 |
|
$38 – 43 |
(1) |
Includes
pre-commercial production at Lamaque (Q1 2019). |
(2) |
Excludes sales of inventory produced at Lamaque during the
pre-commercial production period (Q1 2019). During the year ended
December 31, 2019, 27,627 ounces were sold from inventory produced
during the pre-commercial production period at Lamaque. |
(3) |
Kisladag resumed mining, crushing and placing ore on the heap
leach pad on April 1, 2019. This activity had been suspended since
April 2018. |
(4) |
These measures are non-IFRS measures. See the MD&A section
'Non-IFRS Measures' for explanations and discussion of these
non-IFRS measures. |
|
|
Gold production of 528,874 ounces in 2020
increased 34% from 395,331 ounces in 2019 primarily due to an
increase in tonnes of ore stacked and placed under leach at
Kisladag following the restart of full operations in 2019 and an
increase at Lamaque enabled by receipt of authorization in March
2020 to increase mine production.
For further information on the Company’s
operating results for the year-end and fourth quarter of 2020,
please see the Company’s Management’s Discussion and Analysis filed
on SEDAR at www.sedar.com under the Company’s profile.
Conference Call
A conference call to discuss the details of the
Company’s Fourth Quarter and Year-End 2020 Results will be held by
senior management on Friday, February 26, 2021 at 8:30 AM PT (11:30
AM ET). The call will be webcast and can be accessed at Eldorado
Gold’s website: www.eldoradogold.com and via this link:
http://services.choruscall.ca/links/eldoradogold20210226.html
|
|
|
Conference
Call Details |
|
Replay
(available until April 2, 2021) |
Date: |
February 26, 2021 |
|
Toronto: |
+1 604.638.9010 |
Time: |
8:30 am PT (11:30 am ET) |
|
Toll Free: |
+1 800.319.6413 |
Dial in: |
+1 604.638.5340 |
|
Access code: |
5918 |
Toll free: |
+1 800.319.4610 |
|
|
|
|
|
|
|
|
About Eldorado Gold
Eldorado is a gold and base metals producer with
mining, development and exploration operations in Turkey, Canada,
Greece, Romania and Brazil. The Company has a highly skilled and
dedicated workforce, safe and responsible operations, a portfolio
of high-quality assets, and long-term partnerships with local
communities. Eldorado's common shares trade on the Toronto
Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE:
EGO).
Contacts
Investor RelationsJeff Wilhoit,
Interim Director, Investor Relations604.687.4018 or 1.888.353.8166
jeff.wilhoit@eldoradogold.com
MediaLouise Burgess, Director
Communications & Government Relations604.687.4018 or
1.888.353.8166 louise.burgess@eldoradogold.com
Non-IFRS Measures
Certain non-IFRS measures are included in this
press release, including average realized gold price per ounce
sold, cash operating costs and cash operating costs per ounce sold,
total cash costs and total cash costs per ounce sold, all-in
sustaining costs ("AISC") and AISC per ounce sold, adjusted net
earnings/(loss) attributable to shareholders, adjusted net
earnings/(loss) per share attributable to shareholders, working
capital, cash flow from operations before changes in non-cash
working capital, earnings before interest, taxes and depreciation
and amortization ("EBITDA") and adjusted earnings before interest,
taxes and depreciation and amortization ("Adjusted EBITDA"), free
cash flow and sustaining and growth capital. Please see the
December 31, 2020 MD&A for explanations and discussion of
these non-IFRS measures. The Company believes that these measures,
in addition to conventional measures prepared in accordance with
International Financial Reporting Standards (“IFRS”), provide
investors an improved ability to evaluate the underlying
performance of the Company. The non-IFRS measures are intended to
provide additional information and should not be considered in
isolation or as a substitute for measures of performance prepared
in accordance with IFRS. These measures do not have any
standardized meaning prescribed under IFRS, and therefore may not
be comparable to other issuers.
Cautionary Note about Forward-looking Statements and
Information
Certain of the statements made and information
provided in this press release are 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, these forward-looking statements and
forward-looking information can be identified by the use of words
such as "plans", "expects", "is expected", "budget", “continue”,
“projected”, "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
contained in this release include, but are not limited to, the
duration, extent and other implications of the coronavirus (COVID
19) and any restrictions and suspensions with respect to the
Company’s operations; Eldorado Gold’s capital resources and
business objectives; ratification of the Agreement by the Greek
Parliament; Eldorado Gold’s guidance and outlook, including
expected production, cost guidance and recoveries of gold,
including: increased heap leach recoveries through increased leach
time in conjunction with a high-pressure grinding roll at Kisladag,
increasing the throughput at the Sigma mill;timing and cost of the
construction of an underground decline at the Triangle mine and the
associated benefits; expansion at Lamaque; and the success of a
column flotation system in improving concentrate grade and quality
and lowering transportation and concentrate treatment charges at
Efemçukuru; expected sales and revenue recognition of delayed
Efemçukuru concentrate; completion of the acquisition of QMX;
favourable economics for the Company’s heap leaching plan and the
ability to extend mine life at Eldorado’s projects; completion of
construction at Skouries; the potential sale of any of our non-core
assets; planned capital and exploration expenditures; conversion of
mineral resources to mineral reserves; Eldorado Gold’s expectation
as to its future financial and operating performance, including
expectations around generating free cash flow; expected
metallurgical recoveries and improved concentrate grade and
quality; gold price outlook and the global concentrate market;
redemption of senior secured notes; Eldorado’s strategy, plans and
goals, including its proposed exploration, development,
construction, permitting and operating plans and priorities and
related timelines and schedules; and results of litigation and
arbitration proceedings.
Forward-looking statements and forward-looking
information by their nature are based on assumptions and involve
known and unknown risks, market 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, including assumptions
about: ratification and effectiveness of the Agreement, and the
benefits thereof, the ability to achieve the expected benefits of
the Agreement, the completion of advancement of technical work and
construction at Skouries, including securing financing, production
and cost guidance, and ability to move into production, and the
timing thereof, how the world-wide economic and social impact of
COVID-19 is managed and the duration and extent of the COVID-19
pandemic; timing and cost of construction and exploration; the
geopolitical, economic, permitting and legal climate that we
operate in; the future price of gold and other commodities; the
global concentrate market; exchange rates; anticipated costs,
expenses and working capital requirements; production, mineral
reserves and resources and metallurgical recoveries; the impact of
acquisitions, dispositions, suspensions or delays on our business;
and the ability to achieve our goals. In particular, except where
otherwise stated, we have assumed a continuation of existing
business operations on substantially the same basis as exists at
the time of this release.
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. Many assumptions may be difficult to predict and are
beyond our control.
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: the ratification of the Agreement, including the
timing thereof, the ability to achieve the expected benefits of the
Agreement, the ability to complete advancement of technical work
and construction at Skouries, including securing financing, and
meeting production and cost guidance, and ability to move into
production, and the timing thereof, ability to meet production and
cost guidance, global outbreaks of infectious diseases, including
COVID-19; timing and cost of construction, and the associated
benefits; recoveries of gold and other metals; geopolitical and
economic climate (global and local), risks related to mineral
tenure and permits; gold and other commodity price volatility;
information technology systems risks; continued softening of the
global concentrate market; risks regarding potential and pending
litigation and arbitration proceedings relating to our business,
properties and operations; expected impact on reserves and the
carrying value; the updating of the reserve and resource models and
life of mine plans; mining operational and development risk;
financing risks; foreign country operational risks; risks of
sovereign investment; regulatory risks and liabilities including
environmental regulatory restrictions and liability; discrepancies
between actual and estimated production; mineral reserves and
resources and metallurgical testing and recoveries; additional
funding requirements; currency fluctuations; community and
non-governmental organization actions; speculative nature of gold
exploration; dilution; share price volatility and the price of our
common shares; competition; loss of key employees; and defective
title to mineral claims or properties, as well as those risk
factors discussed in the sections titled “Forward-Looking
Statements” and "Risk factors in our business" in the Company's
most recent Annual Information Form & Form 40-F. The reader is
directed to carefully review the detailed risk discussion in our
most recent Annual Information Form and other regulatory filings
filed on SEDAR and EDGAR under our Company name, which discussion
is incorporated by reference in this release, for a fuller
understanding of the risks and uncertainties that affect the
Company’s business and operations.
The inclusion of forward-looking statements and
information is designed to help you understand management’s current
views of our near- and longer-term prospects, and it may not be
appropriate for other purposes.
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.
Financial Information and condensed statements
contained herein or attached hereto may not be suitable for readers
that are unfamiliar with the Company and is not a substitute for
reading the Company’s financial statements and related MD&A
available on our website and on SEDAR under our Company name. The
reader is directed to carefully review such document for a full
understanding of the financial information summarized herein.
Except as otherwise noted, scientific and
technical information contained in this press release was reviewed
and approved by Simon Hille, FAusIMM and VP Technical Services for
the Company, and a "qualified person" under NI 43-101.
Eldorado Gold Corporation |
Consolidated Statements of Financial Position |
As at December 31, 2020 and December 31, 2019 |
(In thousands of U.S. dollars) |
|
|
Note |
|
December 31, 2020 |
|
December 31, 2019 |
ASSETS |
|
|
|
|
|
Current
assets |
|
|
|
|
|
Cash and cash equivalents |
6 |
|
$ |
451,962 |
|
|
$ |
177,742 |
|
Term deposits |
|
|
59,034 |
|
|
3,275 |
|
Accounts receivable and other |
7 |
|
73,216 |
|
|
79,138 |
|
Inventories |
8 |
|
176,271 |
|
|
163,234 |
|
Current portion of employee benefit plan assets |
17 |
|
5,749 |
|
|
— |
|
Assets held for sale |
32 |
|
— |
|
|
12,471 |
|
|
|
|
766,232 |
|
|
435,860 |
|
Restricted cash |
|
|
2,097 |
|
|
3,080 |
|
Other assets |
9 |
|
39,562 |
|
|
22,943 |
|
Employee benefit plan
assets |
17 |
|
— |
|
|
6,244 |
|
Property, plant and
equipment |
11 |
|
3,998,493 |
|
|
4,088,202 |
|
Goodwill |
12 |
|
92,591 |
|
|
92,591 |
|
|
|
|
$ |
4,898,975 |
|
|
$ |
4,648,920 |
|
LIABILITIES &
EQUITY |
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
Accounts payable and accrued liabilities |
14 |
|
$ |
179,372 |
|
|
$ |
139,104 |
|
Current portion of lease liabilities |
|
|
11,297 |
|
|
9,913 |
|
Current portion of debt |
15 |
|
66,667 |
|
|
66,667 |
|
Current portion of asset retirement obligations |
16 |
|
4,701 |
|
|
1,782 |
|
Liabilities associated with assets held for sale |
32 |
|
— |
|
|
4,257 |
|
|
|
|
262,037 |
|
|
221,723 |
|
Debt |
15 |
|
434,465 |
|
|
413,065 |
|
Lease liabilities |
|
|
14,659 |
|
|
15,143 |
|
Employee benefit plan
obligations |
17 |
|
21,974 |
|
|
18,224 |
|
Asset retirement
obligations |
16 |
|
106,677 |
|
|
94,235 |
|
Deferred income tax
liabilities |
19 |
|
402,713 |
|
|
412,717 |
|
|
|
|
1,242,525 |
|
|
1,175,107 |
|
Equity |
|
|
|
|
|
Share capital |
20 |
|
3,144,644 |
|
|
3,054,563 |
|
Treasury stock |
|
|
(11,452 |
) |
|
(8,662 |
) |
Contributed surplus |
|
|
2,638,008 |
|
|
2,627,441 |
|
Accumulated other
comprehensive loss |
|
|
(30,297 |
) |
|
(28,966 |
) |
Deficit |
|
|
(2,125,326 |
) |
|
(2,229,867 |
) |
Total equity
attributable to shareholders of the Company |
|
|
3,615,577 |
|
|
3,414,509 |
|
Attributable to
non-controlling interests |
|
|
40,873 |
|
|
59,304 |
|
|
|
|
3,656,450 |
|
|
3,473,813 |
|
|
|
|
$ |
4,898,975 |
|
|
$ |
4,648,920 |
|
|
Debt, Guarantees, Commitments and Contractual Obligations (Notes
15, 24) Contingencies (Note 25), Subsequent events (Note 15(b),
34)
|
Approved on behalf of the Board of
Directors |
|
|
|
|
|
|
|
|
(signed) John Webster Director |
|
|
|
|
(signed) George Burns Director |
|
|
|
|
|
|
|
Date of
approval: February 25, 2021 |
|
|
Eldorado
Gold Corporation |
Consolidated Statements of Operations |
For the years
ended December 31, 2020 and December 31, 2019 |
(In thousands of
U.S. dollars except share and per share amounts) |
|
|
Note |
|
Year ended December 31, 2020 |
|
Year ended December 31, 2019 |
Revenue |
|
|
|
|
|
Metal sales |
28 |
|
$ |
1,026,685 |
|
|
$ |
617,823 |
|
|
|
|
|
|
|
Cost of
sales |
|
|
|
|
|
Production costs |
29 |
|
445,183 |
|
|
334,839 |
|
Depreciation and amortization |
|
|
246,651 |
|
|
153,118 |
|
|
|
|
691,834 |
|
|
487,957 |
|
|
|
|
|
|
|
Earnings from mine
operations |
|
|
334,851 |
|
|
129,866 |
|
|
|
|
|
|
|
Exploration and evaluation
expenses |
|
|
12,693 |
|
|
14,643 |
|
Mine standby costs |
30 |
|
15,675 |
|
|
17,334 |
|
General and administrative
expenses |
|
|
28,561 |
|
|
29,180 |
|
Employee benefit plan
expense |
17 |
|
2,849 |
|
|
2,717 |
|
Share-based payments
expense |
21 |
|
10,692 |
|
|
10,396 |
|
Reversal of impairment |
11 |
|
— |
|
|
(96,914 |
) |
Write-down of assets |
11 |
|
38,660 |
|
|
6,298 |
|
Foreign exchange gain |
|
|
(2,994 |
) |
|
(625 |
) |
Earnings from
operations |
|
|
228,715 |
|
|
146,837 |
|
|
|
|
|
|
|
Other (expense) income |
18 |
|
(1,277 |
) |
|
11,885 |
|
Finance costs |
18 |
|
(50,943 |
) |
|
(45,266 |
) |
|
|
|
|
|
|
Earnings before income
tax |
|
|
176,495 |
|
|
113,456 |
|
Income tax expense |
19 |
|
79,134 |
|
|
39,771 |
|
Net earnings for the
year |
|
|
$ |
97,361 |
|
|
$ |
73,685 |
|
|
|
|
|
|
|
Attributable
to: |
|
|
|
|
|
Shareholders of the
Company |
|
|
104,541 |
|
|
80,586 |
|
Non-controlling interests |
10 |
|
(7,180 |
) |
|
(6,901 |
) |
Net earnings for the
year |
|
|
$ |
97,361 |
|
|
$ |
73,685 |
|
|
|
|
|
|
|
Weighted average number of
shares outstanding (thousands) |
31 |
|
|
|
|
Basic |
|
|
171,047 |
|
|
158,856 |
|
Diluted |
|
|
175,231 |
|
|
161,539 |
|
|
|
|
|
|
|
Net earnings per share
attributable to shareholders of the Company: |
|
|
|
|
|
Basic earnings per share |
|
|
$ |
0.61 |
|
|
$ |
0.51 |
|
Diluted earnings per
share |
|
|
$ |
0.60 |
|
|
$ |
0.50 |
|
|
|
Eldorado
Gold Corporation |
Consolidated Statements of Comprehensive Income
(Loss) |
|
For the years
ended December 31, 2020 and December 31, 2019 |
(In thousands of
U.S. dollars) |
|
|
Note |
|
Year ended December 31, 2020 |
|
Year ended December 31, 2019 |
|
|
|
|
|
|
Net earnings for the year |
|
|
$ |
97,361 |
|
|
$ |
73,685 |
|
Other comprehensive
income (loss): |
|
|
|
|
|
Items that will not be
reclassified to net earnings (loss): |
|
|
|
|
|
Change in fair value of investments in equity securities, net of
tax |
|
|
1,546 |
|
|
1,256 |
|
Actuarial losses on employee benefit plans |
17 |
|
(3,440 |
) |
|
(6,361 |
) |
Income tax recovery on actuarial losses on employee benefit
plans |
|
|
563 |
|
|
633 |
|
|
|
|
(1,331 |
) |
|
(4,472 |
) |
Total comprehensive
income for the year |
|
|
$ |
96,030 |
|
|
$ |
69,213 |
|
|
|
|
|
|
|
Attributable
to: |
|
|
|
|
|
Shareholders of the
Company |
|
|
103,210 |
|
|
76,114 |
|
Non-controlling interests |
|
|
(7,180 |
) |
|
(6,901 |
) |
|
|
|
$ |
96,030 |
|
|
$ |
69,213 |
|
|
|
Eldorado Gold Corporation |
Consolidated Statements of Cash Flows |
For the years ended December 31, 2020 and December 31, 2019 |
(In thousands of U.S. dollars) |
|
Cash flows generated
from (used in): |
Note |
|
Year ended December 31, 2020 |
|
Year ended December 31, 2019 |
|
|
|
|
|
|
Operating
activities |
|
|
|
|
|
Net earnings for the year |
|
|
$ |
97,361 |
|
|
$ |
73,685 |
|
Items not affecting cash: |
|
|
|
|
|
Depreciation and
amortization |
|
|
248,790 |
|
|
155,331 |
|
Finance costs |
|
|
50,943 |
|
|
45,266 |
|
Interest income |
|
|
(2,056 |
) |
|
(2,760 |
) |
Unrealized foreign exchange
gain |
|
|
(2,999 |
) |
|
(790 |
) |
Income from royalty sale |
|
|
— |
|
|
(8,075 |
) |
Income tax expense |
|
|
79,134 |
|
|
39,771 |
|
Net loss (gain) on disposal of
assets |
|
|
2,587 |
|
|
(656 |
) |
Reversal of impairment |
11 |
|
— |
|
|
(96,914 |
) |
Write-down of assets |
11 |
|
38,660 |
|
|
6,298 |
|
Share based payments
expense |
|
|
10,692 |
|
|
10,396 |
|
Employment benefit plan
expense |
|
|
2,849 |
|
|
2,717 |
|
|
|
|
525,961 |
|
|
224,269 |
|
Property reclamation
payments |
|
|
(2,301 |
) |
|
(2,807 |
) |
Employee benefit plan
payments |
|
|
(2,633 |
) |
|
(2,587 |
) |
Income taxes paid |
|
|
(87,872 |
) |
|
(36,242 |
) |
Interest paid |
|
|
(44,373 |
) |
|
(35,479 |
) |
Interest received |
|
|
2,056 |
|
|
2,760 |
|
Changes in non-cash operating
working capital |
22 |
|
34,769 |
|
|
15,912 |
|
Net cash generated
from operating activities |
|
|
425,607 |
|
|
165,826 |
|
|
|
|
|
|
|
Investing
activities |
|
|
|
|
|
Purchase of property, plant
and equipment |
|
|
(190,908 |
) |
|
(214,505 |
) |
Capitalized interest paid |
|
|
— |
|
|
(3,848 |
) |
Proceeds from the sale of
property, plant and equipment |
|
|
1,790 |
|
|
6,605 |
|
Proceeds on pre-commercial
production sales, net |
11 |
|
— |
|
|
12,159 |
|
Purchase of investment in
associate |
|
|
— |
|
|
(3,107 |
) |
Proceeds from sale of mining
interest |
|
|
9,896 |
|
|
1,397 |
|
Value added taxes related to
mineral property expenditures, net |
|
|
(15,468 |
) |
|
(1,590 |
) |
Proceeds from the sale of
marketable securities |
|
|
5,237 |
|
|
— |
|
Decrease (increase) in term
deposits |
|
|
(55,759 |
) |
|
3,371 |
|
Decrease in restricted
cash |
|
|
983 |
|
|
10,644 |
|
Net cash used in
investing activities |
|
|
(244,229 |
) |
|
(188,874 |
) |
|
|
|
|
|
|
Financing
activities |
|
|
|
|
|
Issuance of common shares for
cash, net of issuance costs |
|
|
95,992 |
|
|
40,066 |
|
Acquisition of non-controlling
interest, without change in control |
10 |
|
(7,500 |
) |
|
— |
|
Contributions from
non-controlling interests |
|
|
421 |
|
|
2,791 |
|
Proceeds from borrowings |
|
|
150,000 |
|
|
494,000 |
|
Repayment of borrowings |
|
|
(132,714 |
) |
|
(600,000 |
) |
Loan financing costs |
|
|
— |
|
|
(15,583 |
) |
Principal portion of lease
liabilities |
|
|
(9,807 |
) |
|
(6,729 |
) |
Purchase of treasury
stock |
|
|
(3,550 |
) |
|
— |
|
Net cash generated
from (used in) financing activities |
|
|
92,842 |
|
|
(85,455 |
) |
|
|
|
|
|
|
Net increase
(decrease) in cash and cash equivalents |
|
|
274,220 |
|
|
(108,503 |
) |
Cash and cash
equivalents - beginning of year |
|
|
177,742 |
|
|
286,312 |
|
Cash in disposal group
held for sale |
|
|
— |
|
|
(67 |
) |
Cash and cash
equivalents - end of year |
|
|
$ |
451,962 |
|
|
$ |
177,742 |
|
|
|
Eldorado
Gold Corporation |
Consolidated Statements of Changes in Equity |
For the years
ended December 31, 2020 and December 31, 2019 |
(In thousands of
U.S. dollars) |
|
|
Note |
|
Year ended December 31, 2020 |
|
Year ended December 31, 2019 |
Share
capital |
|
|
|
|
|
Balance beginning of year |
|
|
$ |
3,054,563 |
|
|
$ |
3,007,924 |
|
Shares issued upon exercise of share options, for cash |
|
|
3,559 |
|
|
265 |
|
Transfer of contributed surplus on exercise of options |
|
|
1,267 |
|
|
103 |
|
Shares issued to the public, net of share issuance costs |
|
|
85,255 |
|
|
46,271 |
|
Balance end of year |
20 |
|
$ |
3,144,644 |
|
|
$ |
3,054,563 |
|
|
|
|
|
|
|
Treasury
stock |
|
|
|
|
|
Balance beginning of year |
|
|
$ |
(8,662 |
) |
|
$ |
(10,104 |
) |
Purchase of treasury stock |
21 |
|
(3,550 |
) |
|
— |
|
Shares redeemed upon exercise of restricted share units |
|
|
760 |
|
|
1,442 |
|
Balance end of year |
|
|
$ |
(11,452 |
) |
|
$ |
(8,662 |
) |
|
|
|
|
|
|
Contributed
surplus |
|
|
|
|
|
Balance beginning of year |
|
|
$ |
2,627,441 |
|
|
$ |
2,620,799 |
|
Share based payment arrangements |
|
|
8,422 |
|
|
8,187 |
|
Shares redeemed upon exercise of restricted share units |
|
|
(760 |
) |
|
(1,442 |
) |
Acquisition of non-controlling interest, without change in
control |
10 |
|
4,172 |
|
|
— |
|
Transfer to share capital on exercise of options |
|
|
(1,267 |
) |
|
(103 |
) |
Balance end of year |
|
|
$ |
2,638,008 |
|
|
$ |
2,627,441 |
|
|
|
|
|
|
|
Accumulated other
comprehensive loss |
|
|
|
|
|
Balance beginning of year |
|
|
$ |
(28,966 |
) |
|
$ |
(24,494 |
) |
Other comprehensive loss for the year attributable to shareholders
of the Company |
|
|
(1,331 |
) |
|
(4,472 |
) |
Balance end of year |
|
|
$ |
(30,297 |
) |
|
$ |
(28,966 |
) |
|
|
|
|
|
|
Deficit |
|
|
|
|
|
Balance beginning of year |
|
|
$ |
(2,229,867 |
) |
|
$ |
(2,310,453 |
) |
Earnings attributable to shareholders of the Company |
|
|
104,541 |
|
|
80,586 |
|
Balance end of year |
|
|
$ |
(2,125,326 |
) |
|
$ |
(2,229,867 |
) |
Total equity
attributable to shareholders of the Company |
|
|
$ |
3,615,577 |
|
|
$ |
3,414,509 |
|
|
|
|
|
|
|
Non-controlling
interests |
|
|
|
|
|
Balance beginning of year |
|
|
$ |
59,304 |
|
|
$ |
63,414 |
|
Acquisition of non-controlling interest, without change in
control |
10 |
|
(11,672 |
) |
|
— |
|
Loss attributable to non-controlling interests |
|
|
(7,180 |
) |
|
(6,901 |
) |
Contributions from non-controlling interests |
|
|
421 |
|
|
2,791 |
|
Balance end of year |
|
|
$ |
40,873 |
|
|
$ |
59,304 |
|
Total
equity |
|
|
$ |
3,656,450 |
|
|
$ |
3,473,813 |
|
|
Please see the Consolidated Financial Statements
dated December 31, 2020 for notes to the accounts.
Eldorado Gold (NYSE:EGO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Eldorado Gold (NYSE:EGO)
Historical Stock Chart
From Jul 2023 to Jul 2024