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Eldorado Gold Corporation (ELD.TO)

Toronto - Toronto Delayed Price. Currency in CAD
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16.20-0.46 (-2.76%)
At close: 4:00PM EDT
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Previous Close16.66
Open16.37
Bid16.19 x 0
Ask16.25 x 0
Day's Range16.00 - 16.52
52 Week Range6.29 - 17.46
Volume949,907
Avg. Volume1,043,238
Market Cap2.821B
Beta (5Y Monthly)N/A
PE Ratio (TTM)20.00
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateMar. 03, 2017
1y Target EstN/A
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  • GlobeNewswire

    Eldorado Gold Reports Q2 2020 Financial and Operational Results

    VANCOUVER, British Columbia, July 30, 2020 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) today reports the Company’s financial and operational results for the second quarter of 2020. * Measures remain in place to manage the impact of the novel coronavirus ("COVID-19") pandemic: The Company's mines are fully operational and the global workforce has returned to normal levels. Preventing the spread of COVID-19, ensuring safe working environments across Eldorado's global sites, and preparedness should an outbreak occur, remain priorities.   * Stronger quarterly production and 2020 annual guidance maintained: Gold production totalled 137,782 ounces in Q2 2020, an increase of 50% from Q2 2019 production of 91,803 ounces, and a 19% increase over Q1 2020.  Eldorado is maintaining its 2020 annual guidance of 520,000-550,000 ounces of gold at an all-in sustaining cost of $850-950 per ounce sold.   * Significant increase in free cash flow: Free cash flow of $63.4 million in Q2 2020 increased significantly from $4.8 million in Q2 2019 and $7.2 million in Q1 2020 as a result of higher sales volume and a higher gold price.   * Commenced construction of a three kilometre decline at Lamaque: The underground decline will connect the Sigma mill to the 405 metre level of the Triangle mine. Benefits of the decline include eliminating surface haulage of ore (approximately 26km round trip), reducing energy requirements for mine ventilation and providing access to reduce exploration costs. The decline is expected to be completed in the first half of 2022 at an estimated cost of $24 million.   * All-in sustaining costs lower quarter-on-quarter: Q2 2020 all-in sustaining costs of $859 per ounce of gold sold in the quarter were lower than in Q2 2019 ($917 per ounce sold).   * Continued strong financial liquidity: The Company currently has $440 million  of cash, cash equivalents and term deposits and approximately $35 million available under the revolving credit facility, with $65 million  of capacity on the facility allocated to secure certain reclamation obligations in connection with its operations. * Improved financial position and net leverage ratio: $33.3 million was repaid on the Company's term loan during the quarter. Continued strong EBITDA has improved the Company's net leverage ratio, lowering the interest rate on the term loan and amounts drawn under the revolving credit facility from LIBOR + 2.5% to LIBOR + 2.25% during the quarter. Additionally, we have issued a redemption notice to repay $58.6 million of principal in August 2020 under the equity clawback provision of our senior secured notes. * Net earnings and adjusted net earnings attributable to shareholders: Net earnings attributable to shareholders of the Company in Q2 2020 were $45.6 million or $0.27 per share (Q2 2019: net earnings attributable to shareholders of the Company of $12.2 million, or $0.08 per share). Adjusted net earnings attributable to shareholders of the Company in Q2 2020 were $43.8 million, or $0.26 per share (Q2 2019: adjusted net loss attributable to shareholders of the Company of $3.5 million, or $0.02 loss per share).   * Increased EBITDA: Q2 2020 EBITDA was $131.8 million ($74.5 million in Q2 2019) and Q2 2020 adjusted EBITDA was $135.8 million ($66.8 million in Q2 2019). Adjustments included, among other things, share based compensation and losses on asset disposals.“Our outstanding operational performance during the quarter positions us to continue to generate significant value for our stakeholders. Even while managing COVID-19, we achieved strong quarterly production while seeing lower all-in sustaining costs,” said George Burns, President and CEO.“We are pleased to have made our first scheduled term loan repayment in June. Additionally, we have issued a redemption notice to repay $59 million dollars of principal in August under the equity clawback provision of our senior secured notes. We are committed to reducing our debt, while at the same time maintaining a strong liquidity position as we continue to grow our business."“Our teams continue to show agility in addressing COVID-19 and we have begun to integrate innovative new technologies to protect our workforce. We are extremely pleased with first half corporate performance and see several positive catalysts on the horizon, including further success in Turkey and continued growth in Greece and Quebec.”“The addition of Ms. Judith Mosely as a director is highly complementary to the skills and experience of our existing board members and we look forward to her added insights. This timing is consistent with our ongoing Board succession plan.”Consolidated Financial and Operational Highlights 3 months ended June 30,   6 months ended June 30,     2020  2019   2020  2019  Revenue (1)$255.9 $173.7  $460.6 $253.7  Gold revenue (1)$232.9 $150.1  $416.6 $204.6  Gold produced (oz) (2) 137,782  91,803   253,732  174,780  Gold sold (oz) (1) 134,960  113,685   251,179  156,759  Average realized gold price ($/oz sold) (6)$1,726 $1,321  $1,658 $1,301  Cash operating costs  ($/oz sold) (3,7) 550  631   586  629  Total cash costs ($/oz sold) (3,7) 616  670   644  665  All-in sustaining costs ($/oz sold) (3,6) 859  917   902  977  Net earnings (loss) for the period (4) 45.6  12.2   40.7  (14.8) Net earnings (loss) per share – basic ($/share) (4) 0.27  0.08   0.24  (0.09) Adjusted net earnings (loss) (4,5,6,7) 43.8  (3.5)  56.3  (24.5) Adjusted net earnings (loss) per share ($/share) (4,5,6,7) 0.26  (0.02)  0.34  (0.15) Cash flow from operating activities before changes in working capital (6,7) 99.0  38.5   168.5  46.6  Free cash flow (6) 63.4  4.8   70.5  (59.2) Cash, cash equivalents and term deposits$440.3 $119.9  $440.3 $119.9  (1) Excludes sales of inventory mined at Lamaque during the pre-commercial production period (Q1 2019). (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 section 'Non-IFRS Measures' in the June 30, 2020 MD&A. (6) These measures are non-IFRS measures. See the June 30, 2020 MD&A for explanations and discussion of these non-IFRS measures. (7) 2019 amounts have been adjusted to conform with 2020 presentation. See the section 'Non-IFRS Measures' in the June 30, 2020 MD&A for detail.Gold production of 137,782 ounces increased 50% from last year’s second quarter production of 91,803 ounces. Gold sales totalled 134,960 ounces in Q2 2020, an increase of 19% from 113,685 ounces sold in Q2 2019. The higher sales volume compared with the prior year reflected an increase of 33,845 ounces sold at Kisladag following the resumption of mining activities in April 2019, an increase of 7,634 ounces sold at Lamaque following its commencement of commercial operations in April 2019 and an increase of 2,925 ounces sold at Olympias as a result of increased production. Gold sales at Efemcukuru in Q2 2020 decreased by 23,129 ounces from the prior year as sales in Q2 2019 included shipments that had been delayed from Q1 2019.Total revenue was $255.9 million in Q2 2020, an increase of 47% from $173.7 million in Q2 2019. The increase was due to increased sales volume combined with a higher average realized gold price.Cash operating costs per ounce sold in Q2 2020 averaged $550, a decrease from $631 in Q2 2019. The improvement was primarily due to higher production at Kisladag with an increase in stacked ore on the heap leach pad, higher production and grade at Olympias and higher production at Efemcukuru. The improvement was also due to increased mining rates at Lamaque in Q2 2020 following approval to expand underground production. Cash operating costs also benefited from a weakening of the Turkish Lira in the first half of 2020.We reported net earnings attributable to shareholders of $45.6 million ($0.27 per share) in Q2 2020, compared to net earnings of $12.2 million ($0.08 per share) in Q2 2019. The improvement reflects higher production and sales volumes, combined with a higher average realized gold price.Adjusted net earnings were $43.8 million ($0.26 per share) in Q2 2020 compared to adjusted net loss of $3.5 million ($0.02 loss per share) in Q2 2019. Adjusted net earnings in Q2 2020 removes, among other things, the $5.7 million gain on the non-cash revaluation of the derivative related to redemption options in our debt and a $3.0 million loss on foreign exchange due to translation of deferred tax balances.Gold Operations 3 months ended June 30,  6 months ended June 30,     2020   2019   2020   2019   Total      Ounces produced (1) 137,782  91,803  253,732  174,780  Ounces sold (2, 4) 134,960  113,685  251,179  156,759  Cash operating costs ($/oz sold) (4,5)$550 $631 $586 $629  All-in sustaining costs ($/oz sold) (4,5)$859 $917 $902 $977  Sustaining capex (5)$21.9 $15.6 $41.3 $26.4  Kisladag     Ounces produced (3) 59,890  26,072  110,066  53,319  Ounces sold 59,917  26,072  111,517  53,327  Cash operating costs ($/oz sold) (5)$465 $381 $459 $471  All-in sustaining costs ($/oz sold) (5)$631 $471 $606 $590  Sustaining capex (5)$5.4 $1.1 $8.4 $4.2  Lamaque     Ounces produced (1) 33,095  33,140  60,448  52,818  Ounces sold (2) 31,964  24,330  58,692  24,330  Cash operating costs ($/oz sold) (5)$480 $517 $553 $517  All-in sustaining costs ($/oz sold) (5)$796 $814 $908 $814  Sustaining capex (5)$8.0 $5.3 $16.3 $5.3  Efemcukuru     Ounces produced 26,876  25,667  50,115  51,791  Ounces sold (4) 25,692  48,821  48,913  54,639  Cash operating costs ($/oz sold) (4,5)$534 $593 $586 $598  All-in sustaining costs ($/oz sold) (4,5)$807 $774 $835 $840  Sustaining capex (5)$3.6 $5.4 $6.7 $9.0  Olympias     Ounces produced 17,921  6,924  33,103  16,852  Ounces sold 17,387  14,462  32,057  24,463  Cash operating costs ($/oz sold) (5)$993 $1,402 $1,086 $1,156  All-in sustaining costs ($/oz sold) (5)$1,377 $1,731 $1,500 $1,553  Sustaining capex (5)$4.9 $3.8 $9.9 $7.9  (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). (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) Efemcukuru ounces sold and unit costs were impacted by delayed shipments in Q1 2019 that were completed in Q2 2019. (5) These measures are non-IFRS measures. See the June 30, 2020 MD&A for explanations and discussion of these non-IFRS measures.CorporateOn July 30, 2020, the Company issued a redemption notice for the senior secured notes and intends to redeem $59 million of the principal amount of the senior secured notes in August 2020 using proceeds from the ATM Program. The redemption price is 109.5% of the aggregate principal amount repaid, plus accrued and unpaid interest.We are pleased to announce the appointment of Ms. Judith Mosely to the Board of Directors, effective September 1, 2020. Ms. Mosely has over 20 years of experience in the mining and metals banking sector.Conference CallA conference call to discuss the details of the Company’s Q2 2020 results will be held by senior management on Friday, July 31, 2020 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/eldoradogold20200731.html. Conference Call Details Replay (available until Sept. 4, 2020) Date:July 31, 2020 Vancouver:+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 Pass code:4874 Toll free:1 800 319 4610    About Eldorado GoldEldorado 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).ContactInvestor RelationsPeter Lekich, Manager Investor Relations 604.687.4018 or 1.888.353.8166   peter.lekich@eldoradogold.comMediaLouise Burgess, Director Communications & Government Relations 604.601.6679 or 1.888.363.8166   louise.burgess@eldoradogold.comNon-IFRS MeasuresCertain 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), adjusted net earnings/(loss) per share, 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 capital. Please see the June 30, 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 InformationCertain 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, statements or information with respect to: the duration, extent and other implications of COVID-19 and any restrictions and suspensions with respect to our operations, our guidance and outlook, including expected production, cost guidance and recoveries of gold, construction of the decline at Lamaque, including expected timing and cost,  and realization of the associated benefits, planned capital and exploration expenditures; redemption of high-yield bonds by the Company, our expectation as to our future financial and operating performance, expected metallurgical recoveries, gold price outlook and the global concentrate market; and our strategy, plans and goals, including our 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 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 of the decline at Lamaque, and any associated benefits; our ability to complete the redemption of the Company’s high yield bonds; 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 and expenses; 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: global outbreaks of infectious diseases, including COVID-19, timing and cost of construction of the decline at Lamaque, and any associated benefits, ability to complete the redemption of the Company’s high yield bonds; results of further testwork, 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; continued softening of the global concentrate market; risks regarding potential and pending litigation and arbitration proceedings relating to the Company’s, 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 the common shares of the Company; 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 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.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 and EDGAR 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 Paul Skayman, FAusIMM, Special Advisor to the Chief Operating Officer for Eldorado Gold Corporation, and a "qualified person" under NI 43-101. Eldorado Gold Corporation Condensed Consolidated Interim Statements of Financial Position   (Unaudited – in thousands of U.S. dollars)        As atNote June 30, 2020   December 31, 2019   ASSETS      Current assets      Cash and cash equivalents  $435,469  $177,742  Term deposits  4,836  3,275  Marketable securities  4,654  3,828  Accounts receivable and other4 86,351  75,310  Inventories5 162,785  163,234  Current portion of employee benefit plan assets  6,025  —  Assets held for sale  11,929  12,471     712,049  435,860  Restricted cash  1,983  3,080  Other assets  30,647  22,943  Employee benefit plan assets  —  6,244  Property, plant and equipment  4,044,955  4,088,202  Goodwill  92,591  92,591     $4,882,225  $4,648,920  LIABILITIES & EQUITY      Current liabilities      Accounts payable and accrued liabilities  $144,629  $139,104  Current portion of capital lease liabilities  10,342  9,913  Current portion of debt6 216,667  66,667  Current portion of asset retirement obligations  1,783  1,782  Current portion of employee benefit plan obligations  1,133  —  Liabilities associated with assets held for sale  4,229  4,257     378,783  221,723  Debt6 380,423  413,065  Lease liabilities  11,399  15,143  Employee benefit plan obligations  17,464  18,224  Asset retirement obligations  94,174  94,235  Deferred income tax liabilities  413,339  412,717     1,295,582  1,175,107  Equity      Share capital10 3,135,955  3,054,563  Treasury stock  (11,587) (8,662) Contributed surplus  2,634,246  2,627,441  Accumulated other comprehensive loss  (28,266) (28,966) Deficit  (2,189,129) (2,229,867) Total equity attributable to shareholders of the Company  3,541,219  3,414,509  Attributable to non-controlling interests11 45,424  59,304     3,586,643  3,473,813     $4,882,225  $4,648,920  Eldorado Gold Corporation Condensed Consolidated Interim Statements of Operations  For the three and six months ended June 30, 2020 and 2019 (Unaudited – in thousands of U.S. dollars except share and per share amounts)            Three months ended Six months ended    June 30, June 30,  Note 2020   2019   2020   2019   Revenue            Metal sales7 $255,917  $173,678  $460,572  $253,702             Cost of sales            Production costs  109,477  100,896  210,839  152,817    Depreciation and amortization  58,328  41,188  110,691  61,130     167,805  142,084  321,530  213,947             Earnings from mine operations  88,112  31,594  139,042  39,755             Exploration and evaluation expenses  2,333  2,529  5,560  7,894  Mine standby costs8 5,029  3,450  9,059  11,443  General and administrative expenses  6,157  8,084  14,444  15,256  Employee benefit plan expense  766  510  1,457  1,109  Share-based payments expense12 2,863  2,498  4,658  5,400  Reversal of impairment  —  (11,690) —  (11,690) Write-down (reversal) of assets  (295) 410  (92) 427  Foreign exchange loss (gain)  (1,238) 480  (2,000) 235  Earnings from operations  72,497  25,323  105,956  9,681             Other income9 1,356  8,655  36  10,288  Finance costs9 (6,480) (16,786) (22,687) (24,117) Earnings (loss) from operations before income tax  67,373  17,192  83,305  (4,148)            Income tax expense  23,671  8,010  45,076  14,042  Net earnings (loss) for the period  $43,702  $9,182  $38,229  $(18,190)            Attributable to:          Shareholders of the Company  45,618  12,151  40,738  (14,814) Non-controlling interests  (1,916) (2,969) (2,509) (3,376) Net earnings (loss) for the period  $43,702  $9,182  $38,229  $(18,190)            Weighted average number of shares outstanding (thousands)          Basic  169,867  158,372  167,524  158,345  Diluted  173,787  161,276  171,342  158,345             Net earnings (loss) per share attributable to shareholders of the Company:          Basic earnings (loss) per share  $0.27  $0.08  $0.24  $(0.09) Diluted earnings (loss) per share  $0.26  $0.08  $0.24  $(0.09) Eldorado Gold Corporation Condensed Consolidated Interim Statements of Comprehensive Income (Loss)  For the three and six months ended June 30, 2020 and 2019 (Unaudited – in thousands of U.S. dollars)           Three months ended Six months ended    June 30, June 30,    2020   2019   2020   2019              Net earnings (loss) for the period  $43,702  $9,182  $38,229  $(18,190) Other comprehensive (loss) income:          Items that will not be reclassified to earnings or loss:          Change in fair value of investments in equity securities, net of tax  1,766  1,016  898  1,163  Actuarial gains (losses) on employee benefit plans, net of tax  30  (63) (198) (409) Total other comprehensive income for the period  1,796  953  700  754  Total comprehensive income (loss) for the period  $45,498  $10,135  $38,929  $(17,436)            Attributable to:          Shareholders of the Company  47,414  13,104  41,438  (14,060) Non-controlling interests  (1,916) (2,969) (2,509) (3,376)    $45,498  $10,135  $38,929  $(17,436) Eldorado Gold Corporation Condensed Consolidated Interim Statements of Cash Flows For the three and six months ended June 30, 2020 and 2019 (Unaudited – in thousands of U.S. dollars)           Three months ended Six months ended    June 30, June 30,  Note 2020   2019   2020   2019   Cash flows generated from (used in):          Operating activities          Net earnings (loss) for the period  $43,702  $9,182  $38,229  $(18,190) Items not affecting cash:          Depreciation and amortization  58,883  41,188  111,810  61,130  Finance costs  6,498  16,786  22,722  24,117  Interest income  (894) (939) (1,283) (2,154) Unrealized foreign exchange gain  (512) (178) (3,050) (351) Income tax expense  23,671  8,010  45,076  14,042  Loss on disposal of assets  96  951  2,550  1,013  Write-down (reversal) of assets  (295) 410  (92) 427  Share-based payments expense12 2,863  2,498  4,658  5,400  Employee benefit plan expense  766  510  1,457  1,109  Income from royalty sale  —  (8,075) —  (8,075) Reversal of impairment  —  (11,690) —  (11,690)    134,778  58,653  222,077  66,778  Property reclamation payments  (474) (896) (1,000) (1,796) Employee benefit plan payments  (435) (1,349) (671) (1,349) Income taxes paid  (18,128) (4,010) (32,847) (4,010) Interest paid  (17,588) (14,886) (20,358) (15,136) Interest received  894  939  1,283  2,154  Changes in non-cash working capital13 583  12,572  (15,587) 3,754  Net cash generated from operating activities  99,630  51,023  152,897  50,395             Investing activities          Purchase of property, plant and equipment  (37,126) (48,020) (77,608) (113,940) Proceeds from the sale of property, plant and equipment  683  3,392  705  3,772  Value added taxes related to mineral property expenditures, net  168  (5,348) (5,483) (7,719) Decrease (increase) in term deposits  49,964  1,897  (1,561) 1,871  Decrease (increase) in restricted cash  (77) 10,640  1,097  10,194  Capitalized interest  —  (3,848) —  (3,848) Proceeds on pre-commercial production sales, net  —  7,606  —  12,159  Net cash generated from (used in) investing activities  13,612  (33,681) (82,850) (97,511)            Financing activities          Cash received for issuance of shares  60,243  18  87,079  18  Acquisition of non-controlling interest11 (7,500) —  (7,500) —  Contributions from non-controlling interests  301  —  301  —  Proceeds from borrowings6 —  494,000  150,000  494,000  Repayment of borrowings6 (33,333) (600,000) (33,333) (600,000) Loan financing costs  —  (14,995) —  (14,995) Principal portion of lease liabilities  (2,499) (1,312) (5,033) (2,386) Purchase of treasury stock  (3,679) —  (3,679) —  Net cash generated from (used in) financing activities  13,533  (122,289) 187,835  (123,363)            Net increase (decrease) in cash and cash equivalents  126,775  (104,947) 257,882  (170,479) Cash and cash equivalents - beginning of period  308,780  220,780  177,742  286,312  Cash in disposal group held for sale  (86) (724) (155) (724) Cash and cash equivalents - end of period  $435,469  $115,109  $435,469  $115,109  Eldorado Gold Corporation Condensed Consolidated Interim Statements of Changes in Equity For the three and six months ended June 30, 2020 and 2019 (Unaudited – in thousands of U.S. dollars)         Three months ended Six months ended   June 30, June 30,   2020   2019   2020   2019   Share capital         Balance beginning of period $3,075,100  $3,007,924  $3,054,563  $3,007,924  Shares issued upon exercise of share options, for cash 1,392  18  1,816  18  Transfer of contributed surplus on exercise of options 560  2  730  2  Shares issued to the public, net of share issuance costs 58,903  —  78,846  —  Balance end of period $3,135,955  $3,007,944  $3,135,955  $3,007,944            Treasury stock         Balance beginning of period $(8,314) $(9,269) $(8,662) $(10,104) Purchase of treasury stock (Note 12(b)) (3,679) —  (3,679) —  Shares redeemed upon exercise of restricted share units 406  456  754  1,291  Balance end of period $(11,587) $(8,813) $(11,587) $(8,813)           Contributed surplus         Balance beginning of period $2,628,820  $2,621,866  $2,627,441  $2,620,799  Share based payments 2,221  2,115  4,118  4,017  Acquisition of non-controlling interest (Note 11) 4,171  —  4,171  —  Shares redeemed upon exercise of restricted share units (406) (456) (754) (1,291) Transfer to share capital on exercise of options (560) (2) (730) (2) Balance end of period $2,634,246  $2,623,523  $2,634,246  $2,623,523            Accumulated other comprehensive loss         Balance beginning of period $(30,062) $(24,693) $(28,966) $(24,494) Other comprehensive income for the period 1,796  953  700  754  Balance end of period $(28,266) $(23,740) $(28,266) $(23,740)           Deficit         Balance beginning of period $(2,234,747) $(2,337,418) $(2,229,867) $(2,310,453) Net earnings (loss) attributable to shareholders of the Company 45,618  12,151  40,738  (14,814) Balance end of period $(2,189,129) $(2,325,267) $(2,189,129) $(2,325,267) Total equity attributable to shareholders of the Company $3,541,219  $3,273,647  $3,541,219  $3,273,647            Non-controlling interests         Balance beginning of period $58,711  $63,007  $59,304  $63,414  Net loss attributable to non-controlling interests (1,916) (2,969) (2,509) (3,376) Acquisition of non-controlling interest (Note 11) (11,672) —  (11,672) —  Contributions from non-controlling interests 301  219  301  219  Balance end of period $45,424  $60,257  $45,424  $60,257  Total equity $3,586,643  $3,333,904  $3,586,643  $3,333,904

  • GlobeNewswire

    Eldorado Gold to Begin Construction of the Decline at Lamaque and Provides an Update on Greece

    Eldorado Gold Corporation (“Eldorado” or “the Company”) announces that it is commencing construction of a three kilometre decline, or tunnel (shown in Figures 1 and 2 below), from the Sigma mill to the 405 metre level of the Triangle mine. The Company is also providing an update on several positive developments in Greece. This is a project that we have been advancing for nearly a year and is another step towards further production growth and continued value creation at Lamaque.

  • GlobeNewswire

    Eldorado Gold Announces Voting Results from Annual Meeting of Shareholders

    VANCOUVER, British Columbia, April 30, 2020 -- Eldorado Gold Corporation (“Eldorado” or “the Company”) is pleased to announce that all director nominees, as listed in the.