VANCOUVER, BRITISH COLUMBIA
-- (Marketwired)
-- 10/30/14
This release corrects and replaces the press release sent on October 30 at 5:05 PM ET for Eldorado Gold Corporation. All-in sustaining cash cost has been corrected from $771/oz to $735/oz for the three months ended September 30, 2014 and to $784/oz for the nine months ended September 30, 2014, and figures relating to all-in sustaining cash cost per ounce sold, tonnes and grade placed on pad at Kisladag, and sustaining capital spending at operating gold mines have been updated. The corrected and completed version follows.
Eldorado Gold Corporation ("Eldorado" or "the Company") (TSX: ELD)(NYSE: EGO) today reported the Company's financial and operational results for the third quarter ended September 30, 2014. During the quarter, the Company generated $263.5 million in revenues from metal sales, and adjusted net earnings of $36.1 million ($0.05 per share). Cash flow from operating activities for the quarter totalled $92.2 million ($0.13 per share).
"The Company delivered another solid quarter with all of our mines performing to plan, notable progress at development projects, and advancement of our exploration targets. Combined with our strong operational performance, Eldorado continues to have a first-rate balance sheet and we closed the quarter with total liquidity of $937.3 million while continuing to grow our business," said Paul Wright, Chief Executive Officer of Eldorado. "We are driving our development projects forward and I would like to highlight the significant progress made this quarter at Skouries. The mill foundations were completed and the SAG and ball mill installations are now underway. Eldorado continues to successfully position itself as a leading low-cost operator of high quality assets, boding well in today's volatile markets."
Third Quarter Financial and Operational Highlights
-- Gold production of 192,578 ounces (including Olympias production from
tailings retreatment).
-- Adjusted net earnings of $36.1 million ($0.05 per share). Net profit
attributable to shareholders of the Company was $19.8 million ($0.03 per
share).
-- Gold revenues were $241.2 million on sales of 189,321 ounces of gold at
an average realized gold price of $1,274 per ounce.
-- Liquidity of $937.3 million, including $562.3 million in cash, cash
equivalents and term deposits, and $375.0 million in lines of credit.
-- All-in sustaining cash costs averaged $735 per ounce; cash operating
costs averaged $488 per ounce.
-- Significant developments at Skouries: completion of the mill
foundations; installation of the SAG and ball mills underway; rate of
underground decline advancement continues to improve and construction of
the tailings dam is set to begin in the fourth quarter.
-- Feasibility Study at Certej commenced in order to optimize the expanded
resource and improve the metallurgical design.
-- Further exploration success at the White Mountain and Jinfeng operations
in China, as well as at the Piavitsa project in Halkidiki, Greece.
-- Appointment of two new members to the Board of Directors: Pamela Gibson
and John Webster.
Throughout this press release we use cash operating cost per ounce, total cash costs per ounce, all-in sustaining cost per ounce, gross profit from gold mining operations, adjusted net earnings and cash flow from operating activities before changes in non-cash working capital as additional measures of Company performance. These are non IFRS measures. Please see page 11 of the MD&A for an explanation and discussion of these non IFRS measures. All dollar amounts in US $, unless stated otherwise.
Financial Results
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Summarized financial results 3 months ended 9 months ended
September 30, September 30,
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2014 2013 2014 2013
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Revenues (millions) $ 263.5 $ 287.3 $ 808.9 $ 892.3
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Gold revenues (millions) $ 241.2 $ 266.4 $ 736.4 $ 817.2
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Gold sold (ounces) 189,321 199,117 570,570 564,723
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Average realized gold price (US$ per
ounce) $ 1,274 $ 1,338 $ 1,291 $ 1,447
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Cash operating costs (US$ per ounce
sold) $ 488 $ 472 $ 499 $ 485
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Total cash cost (US$ per ounce sold) $ 543 $ 528 $ 556 $ 544
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All-in sustaining cash cost (US$ per
ounce sold) $ 735 n/a $ 784 n/a
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Gross profit from gold mining
operations (millions) $ 102.0 $ 123.1 $ 298.2 $ 404.2
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Adjusted net earnings (millions) $ 36.1 $ 54.4 $ 109.2 $ 186.0
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Net profit (loss) attributable to
shareholders of the Company
(millions) $ 19.8 $ 36.4 $ 88.7 $ 34.2
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Earnings (loss) per share
attributable to shareholders of the
Company - Basic (US$/share) $ 0.03 $ 0.05 $ 0.12 $ 0.05
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Earnings (loss) per share
attributable to shareholders of the
Company - Diluted (US$/share) $ 0.03 $ 0.05 $ 0.12 $ 0.05
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Dividends paid (Cdn$/share) $ 0.01 $ 0.05 $ 0.02 $ 0.12
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Cash flow from operating activities
before changes in non-cash working
capital (millions) $ 78.7 $ 104.8 $ 265.6 $ 329.6
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Financial Results
Net income attributable to shareholders of the Company for the quarter was $19.8 million (or $0.03 per share), compared with $36.4 million (or $0.05 per share) in the third quarter of 2013. Net income was impacted by a non-cash $7.6 million iron ore inventory write-down related to Vila Nova. Gold revenues of $241.2 million were nine percent lower year over year due to lower gold prices and ounces sold. Gross profit from gold mining operations was seventeen percent lower than that of the third quarter of 2013 reflecting lower profit margins and sales volumes. Total cash cost per ounce increased three percent year over year. Adjusted net earnings were $36.1 million or $0.05 per share compared with $54.4 million or $0.08 per share in the third quarter of 2013.
Exploration expenses fell $6.4 million year over year reflecting changes in the Company's exploration program in response to lower gold prices. The Company reported a foreign exchange loss of $4.5 million for the quarter as compared to a gain of $0.9 million for the third quarter of 2013 mainly as a result of the impact on cash deposits of the weakening of the Canadian, Brazilian and Turkish currencies against the US dollar. Interest and financing costs fell $2.9 million year over year, reflecting an increase in capitalization of interest on the Company's Greek development projects.
The effective tax rate for the quarter was sixty-four percent as compared to a rate of fifty percent in the third quarter of 2013. The increase in the effective tax rate year over year was due to the impact of the fall in the Turkish lira on the deferred tax balances of the Company's Turkish entity as well as an increase in the percentage of unrecognized tax losses due to lower profits.
Operations Update
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Summarized Operating Results 3 months ended 9 months ended
September 30, September 30,
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2014 2013 2014 2013
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Gross profit - gold mining
operations (millions) $ 102.0 $ 123.1 $ 298.2 $ 404.2
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Ounces produced - including Olympias
production from tailings
retreatment 192,578 204,620 589,652 552,359
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Cash operating costs ($ per ounce
sold) $ 488 $ 472 $ 499 $ 485
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Total cash cost ($ per ounce sold) $ 543 $ 528 $ 556 $ 544
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Kisladag
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Gross profit - gold mining
operations (millions) $ 62.9 $ 79.5 $ 163.1 $ 242.1
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Ounces produced 78,030 84,762 222,085 231,718
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Cash operating costs ($ per ounce
sold) $ 411 $ 324 $ 435 $ 328
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Total cash cost ($ per ounce sold) $ 427 $ 343 $ 454 $ 349
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Efemcukuru
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Gross profit - gold mining
operations (millions) $ 10.3 $ 13.9 $ 36.6 $ 64.9
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Ounces produced 26,838 23,438 78,841 69,583
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Cash operating costs ($ per ounce
sold) $ 547 $ 551 $ 541 $ 558
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Total cash cost ($ per ounce sold) $ 564 $ 568 $ 562 $ 586
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Tanjianshan
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Gross profit - gold mining
operations (millions) $ 12.7 $ 15.3 $ 39.7 $ 49.6
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Ounces produced 25,387 28,179 79,556 82,324
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Cash operating costs ($ per ounce
sold) $ 381 $ 377 $ 399 $ 405
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Total cash cost ($ per ounce sold) $ 563 $ 557 $ 575 $ 589
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Jinfeng
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Gross profit - gold mining
operations (millions) $ 12.4 $ 9.9 $ 41.7 $ 26.9
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Ounces produced 39,421 40,212 126,284 90,843
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Cash operating costs ($ per ounce
sold) $ 609 $ 684 $ 590 $ 743
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Total cash cost ($ per ounce sold) $ 693 $ 767 $ 673 $ 831
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White Mountain
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Gross profit - gold mining
operations (millions) $ 3.7 $ 4.5 $ 17.0 $ 20.7
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Ounces produced 18,130 19,287 65,603 57,664
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Cash operating costs ($ per ounce
sold) $ 648 $ 713 $ 611 $ 693
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Total cash cost ($ per ounce sold) $ 691 $ 751 $ 651 $ 734
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Olympias
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Ounces produced from tailings
retreatment 4,772 8,742 17,283 20,227
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Kisladag
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3 months ended 9 months ended
Operating Data September 30, September 30,
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2014 2013 2014 2013
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Tonnes placed on pad 3,829,444 3,336,465 10,814,170 9,553,306
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Average treated head grade
- grams per tonne (g/t) 1.28 1.28 1.04 1.28
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Gold (ounces)
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Produced 78,030 84,762 222,085 231,718
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Sold 82,374 85,029 222,041 231,959
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Cash operating costs (per
ounce sold) $ 411 $ 324 $ 435 $ 328
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Total cash costs (per ounce
sold) $ 427 $ 343 $ 454 $ 349
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Financial Data (millions)
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Gold revenues $ 105.2 $ 113.4 $ 285.4 $ 336.5
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Depreciation and depletion $ 6.8 $ 4.1 $ 19.5 $ 10.9
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Gross profit - gold mining
operations $ 62.9 $ 79.5 $ 163.1 $ 242.1
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Sustaining capital
expenditures $ 5.4 $ 8.4 $ 30.5 $ 19.0
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Gold production for the quarter at Kisladag was lower year over year due to lower average head grade of ore placed on the leach pad. Run of mine ore contributed to increased tonnes placed on the pad during the quarter. Cash costs were higher than in the same period in 2013 due to an increase in production waste mining (2014 - 6.4 million tonnes versus 2013 - 0.2 million tonnes). Capital expenditures during the quarter included waste stripping and leach pad construction.
Efemcukuru
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3 months ended 9 months ended
Operating Data September 30, September 30,
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2014 2013 2014 2013
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Tonnes Milled 106,942 105,641 324,149 301,869
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Average treated head grade - grams
per tonne (g/t) 9.08 8.50 8.54 8.77
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Average Recovery Rate (to
Concentrate) 93.3% 93.2% 93.2% 93.6%
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Gold (ounces)
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Produced 26,838 23,438 78,841 69,583
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Sold 24,033 26,410 77,115 101,888
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Cash operating costs (per ounce
sold) $ 547 $ 551 $ 541 $ 558
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Total cash costs (per ounce sold) $ 564 $ 568 $ 562 $ 586
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Financial Data (millions)
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Gold revenues $ 30.0 $ 35.4 $ 99.7 $ 148.1
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Depreciation and depletion $ 5.8 $ 5.9 $ 18.9 $ 20.9
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Gross profit - gold mining
operations $ 10.3 $ 13.9 $ 36.6 $ 64.9
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Sustaining capital expenditures $ 7.7 $ 5.3 $ 18.9 $ 21.8
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Gold production during the quarter at Efemcukuru was higher year over year due to higher mill throughput and average treated head grade. Sales during the quarter were lower year over year due to the timing of concentrate shipments. Cash operating costs per ounce were lower due to higher average treated head grade and continued cost reduction efforts. Capital spending during the quarter included costs related to capitalized underground development, mobile equipment, surface infrastructure, and process improvements.
Tanjianshan
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3 months ended 9 months ended
Operating Data September 30, September 30,
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2014 2013 2014 2013
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Tonnes Milled 281,862 285,406 823,698 805,532
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Average treated head grade - grams
per tonne (g/t) 3.50 3.40 3.41 3.54
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Average Recovery Rate 81.4% 82.9% 81.5% 82.5%
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Gold (ounces)
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Produced 25,387 28,179 79,556 82,324
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Sold 25,387 28,179 79,556 82,324
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Cash operating costs (per ounce
sold) $ 381 $ 377 $ 399 $ 405
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Total cash costs (per ounce sold) $ 563 $ 557 $ 575 $ 589
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Financial Data (millions)
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Gold revenues $ 32.1 $ 38.1 $ 102.7 $ 119.0
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Depreciation and depletion $ 4.9 $ 6.7 $ 16.7 $ 20.0
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Gross profit - gold mining
operations $ 12.7 $ 15.3 $ 39.7 $ 49.6
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Sustaining capital expenditures $ 2.1 $ 4.2 $ 6.9 $ 9.3
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Gold production during the quarter at Tanjianshan was lower year over year as a result of lower tonnage throughput and lower recovery rate due to the treatment of stockpile material. Capital spending included resource evaluation activities and waste stripping.
Jinfeng
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3 months ended 9 months ended
Operating Data September 30, September 30,
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2014 2013 2014 2013
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Tonnes Milled 353,048 363,798 1,090,006 1,052,406
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Average treated head grade -
grams per tonne (g/t) 3.86 3.66 4.01 3.15
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Average Recovery Rate 87.1% 88.0% 87.1% 85.0%
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Gold (ounces)
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Produced 39,421 40,212 126,284 90,843
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Sold 39,397 40,212 126,255 90,888
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Cash operating costs (per ounce
sold) $ 609 $ 684 $ 590 $ 743
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Total cash costs (per ounce
sold) $ 693 $ 767 $ 673 $ 831
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Financial Data (millions)
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Gold revenues $ 50.7 $ 53.8 $ 163.7 $ 129.7
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Depreciation and depletion $ 11.0 $ 13.0 $ 37.0 $ 27.2
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Gross profit - gold mining
operations $ 12.4 $ 9.9 $ 41.7 $ 26.9
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Sustaining capital expenditures $ 0.9 $ 15.0 $ 8.0 $ 44.3
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Gold production during the quarter at Jinfeng was lower year over year due to an increase in gold in circuit inventory. Cash operating costs per ounce were lower mainly due to less waste tonnage from the open pit. Capital spending during the quarter included underground mine development and tailings dam construction.
White Mountain
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3 months ended 9 months ended
Operating Data September 30, September 30,
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2014 2013 2014 2013
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Tonnes Milled 218,500 209,581 632,923 611,548
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Average treated head grade - grams
per tonne (g/t) 2.79 3.28 3.48 3.44
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Average Recovery Rate 89.4% 84.0% 88.1% 85.5%
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Gold (ounces)
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Produced 18,130 19,287 65,603 57,664
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Sold 18,130 19,287 65,603 57,664
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Cash operating costs (per ounce
sold) $ 648 $ 713 $ 611 $ 693
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Total cash costs (per ounce sold) $ 691 $ 751 $ 651 $ 734
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Financial Data (millions)
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Gold revenues $ 23.2 $ 25.7 $ 84.9 $ 83.9
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Depreciation and depletion $ 6.9 $ 6.7 $ 25.0 $ 20.6
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Gross profit - gold mining
operations $ 3.7 $ 4.5 $ 17.0 $ 20.7
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Sustaining capital expenditures $ 5.8 $ 9.1 $ 15.1 $ 20.9
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Gold production during the quarter at White Mountain was lower year over year mainly as a result of lower average treated head grade, partially offset by higher average recovery rates. Cash operating costs per ounce decreased year over year mainly due to reduced backfill costs. Capital spending this quarter included underground development, exploration and delineation, and camp improvements.
Vila Nova
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3 months ended 9 months ended
Operating Data September 30, September 30,
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2014 2013 2014 2013
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Tonnes Processed 208,583 219,925 602,785 612,700
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Iron Ore Produced 180,152 189,858 517,951 528,456
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Average Grade (% Fe) 63.4% 63.2% 63.0% 63.1%
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Iron Ore Tonnes
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Sold 135,093 126,835 439,993 338,256
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Average Realized Iron Ore Price $ 46 $ 74 $ 65 $ 98
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Cash Costs (per tonne produced) $ 60 $ 58 $ 62 $ 65
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Financial Data (millions)
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Revenues $ 6.3 $ 9.4 $ 28.8 $ 33.3
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Depreciation and depletion $ 1.3 $ 1.2 $ 4.3 $ 3.3
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Gross profit / loss from mining
operations $ (10.6) $ 0.9 $ (10.2) $ 8.1
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Sustaining capital expenditures $ 0 $ 0.3 $ 1.0 $ 3.9
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The Company recorded a $7.6 million inventory write-down against gross profit/loss for Vila Nova during the quarter as a result of the continued fall in iron ore prices. The Company has decided to place the mine on care and maintenance pending a review of options to return it to profitability. Not including the inventory write-down, Vila Nova recorded a loss of $3.0 million for the quarter compared with gross profit of $0.9 million in the third quarter of 2013.
Stratoni
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3 months ended 9 months ended
Operating Data September 30, September 30,
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2014 2013 2014 2013
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Tonnes ore mined (wet) 60,006 60,011 174,523 174,245
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Tonnes ore processed (dry) 58,230 56,463 169,227 167,315
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Pb grade (%) 5.63% 6.33% 5.96% 6.39%
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Zn grade (%) 9.66% 9.37% 10.75% 9.49%
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Ag grade (g/t) 146 161 153 166
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Tonnes of concentrate produced 14,363 14,586 46,013 42,918
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Tonnes of concentrate sold 15,884 12,096 45,590 42,847
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Average realized concentrate price
(per tonne) $ 960 $ 820 $ 885 $ 840
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Cash Costs (per tonne of concentrate
sold) $ 737 $ 547 $ 716 $ 749
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Financial Data (millions)
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Revenues $ 15.2 $ 9.9 $ 40.3 $ 36.0
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Depreciation and depletion $ 2.3 $ 2.2 $ 6.3 $ 7.5
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Gross profit from mining operations $ 1.3 $ 1.1 $ 1.5 $ (3.6)
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Sustaining capital expenditures $ 1.2 $ 1.4 $ 2.7 $ 2.0
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Combined metal concentrate production at Stratoni for the quarter was the same year over year, with lower lead concentrate production offset by higher zinc concentrate production as a result of changes in metal head grades. Concentrate sales were higher year over year due to the timing of sales. Prices received for lead and zinc concentrates were both higher year on year.
Development Project Update
Kisladag Mine Expansion
During the third quarter work began at Kisladag on the engineering of an additional 7.5 million tonne per annum (Mtpa) crushing/screening circuit and its integration with the new gyratory crusher station. Work also began on the design of a new stockpile facility to provide feed to the existing crushing/screening circuit as well as the additional 7.5 Mtpa circuit. Total capacity for crushed ore will be raised to 20 Mtpa as per the expansion plan approved during the second quarter. Work continued during the quarter on upgrading the overland conveyor and stacking system that feeds the leach pad to handle the additional crushed throughput. Capital spending totaled $6.8 million during the quarter.
Skouries
The mill foundations at Skouries were completed during the quarter. These include the semi-autogenous grind (SAG) mill, ball mill, and the regrind mills. A key milestone of the project was also achieved, with the transportation to site, and start of installation, of the SAG and ball mill shells. Placement of the mills is scheduled to be completed during the fourth quarter. During the quarter the project received approval of the technical study for the construction of the first tailings dam which has allowed construction work to start in the fourth quarter. Piling also commenced in the flotation building area. During the quarter, pit preparation work continued with the removal of topsoil and overburden from the open pit. The pit work will increase during the fourth quarter as waste material is mined for construction of the tailings dam facility. The procurement process for the open pit mining contractor also began during the quarter with a site visit by potential bidders on the contract. Progress continued on the underground decline with the advancement rate improving. Capital spending totaled $35.4 million during the quarter.
Olympias
A total of 137,566 tonnes of tailings were reprocessed during the quarter at a grade of 2.69 grams per tonne and a total of 4,772 payable ounces of gold in concentrate were produced. Cash proceeds from the sale of concentrate generated $6.5 million during the quarter on 5,393 ounces of gold in concentrate. Capital spending totalled $27.9 million during the quarter including: $8.4 million related to tailings reprocessing, production royalties and transportation and selling costs; $2.2 million related to capitalized interest; and the remainder on mine development as well as Phase II engineering.
Plans for transitioning the plant operation from Phase l tailings retreatment to Phase II processing of underground ore continued to be studied during the quarter. The plans are based on upgrading the existing plant facilities to handle a throughput of up to 650,000 tonnes per year of ore to produce gold, lead/silver and zinc concentrates.
Perama Hill
Preliminary engineering was complete with the final front end engineering design report received during the quarter. The Company continues to work with Greek government authorities to facilitate approval of the environmental impact assessment (EIA). Capital spending totaled $1.6 million during the quarter.
Certej
During the quarter the feasibility study commenced in order to optimize the expanded resource and improve the metallurgical design. Construction permits were obtained for the 2014 site works program allowing mobilization of the site earthworks contractor to begin rough grading of the south plant site and construction of the pilot water treatment plant. Capital spending totaled $3.6 million during the quarter.
Tocantinzinho
During the quarter work continued on optimization of the Tocantinzinho feasibility study. Following a review of the geological model, which updated the overall tonnes and grade in the deposit, a rework of the mine design and plant throughput has been incorporated into the ongoing optimization analysis. Construction on a portion of the recently approved forest road began, which will allow 4x4 access in the dry season. Capital spending totaled $1.2 million during the quarter.
Eastern Dragon
The Eastern Dragon site continued under care and maintenance during the quarter with permitting activities ongoing. The Company was informed that the approval process for the project EIA is to be conducted by the Heilongjiang Provincial Environment Protection Bureau, an interim step to approval of the Project Permit Approval (PPA) by the National Development and Reform Commission (NDRC). Site personnel continued to provide support to the permitting team, particularly at the local and provincial level.
Exploration Update
During the third quarter, a total of 19,000 metres of exploration drilling were completed at the Company's mine sites, development projects, and exploration projects.
Greece
In the Halkidiki District, a 6,000 metre drilling program continued during the quarter at the Piavitsa deposit, which is located 2 kilometres west of the Stratoni project. This program consists largely of infill drillholes, designed to confirm the continuity of mineralization delineated in widely-spaced drillholes drilled during 2012 and 2013. Results to date showed grades and thicknesses in general agreement with the resource model.
At the Stratoni mine, step-out drilling targeted the western and down-dip extensions of the orebody. The best results were obtained from just below the current production levels where thick massive sulfide intercepts indicate down-dip continuity of the orebody.
In the Perama and Sapes district, exploration activities during the quarter focused on updating the geological model for the Sapes deposit for the purposes of refining the resource model and identifying exploration drilling targets.
Romania
In the Certej project area, exploration drilling during the quarter tested satellite targets at Magura and Bocsa, both of which were sites of historical underground exploration. No significant results were obtained from the first three drillholes on these targets. These prospects will be further tested during the fourth quarter, upon receipt of required drilling permits.
At Muncel, located 15 kilometres southwest of Certej, the final three drillholes of the first phase of exploration drilling were completed. One of these drillholes was abandoned after intersecting underground workings, while the other two cut zones of sulfide stringer veinlets.
The Certej deposit is currently the subject of a detailed geological reinterpretation program, which will be completed in the fourth quarter with updated deposit geology and resource models.
Turkey
Exploration drilling during the quarter in Turkey was limited to the Efemcukuru project, where 2,900 metres of drilling tested the Dedebag vein system and segments of the Kokarpinar vein. The best results were obtained from the central and northern portions of the Kokarpinar vein, where sulfide-rich rhodochrosite vein intercepts of several metres in width were obtained.
Reconnaissance exploration activities included mapping and sampling of volcanic centres in the greater Kisladag region to evaluate potential for buried porphyry systems, and evaluations of regional prospects in the northern part of the country.
China
At Tanjianshan, drilling programs were completed at the Dushugou prospect and at the Qinlongtan (QLT) deposit. At QLT, drilling confirmed the continuity of the QLT Northwest zone in the previously untested gap between the 2013 drillholes and the QLT open pit.
Exploration drilling at the White Mountain mine (4,700 metres completed) tested step-outs along-strike and down-plunge from the ore body. Mining grades and thicknesses were confirmed in five separate areas, with highest grades encountered in the North and North Deep ore zones. Surface drilling of the North Deep zone also commenced during the quarter.
Brazil
Exploration drilling during the quarter in Brazil tested two projects in the Tapajos region. At the Ruben Zilio project, located along strike southeast of Tocantinzinho, soil geochemical anomalies were tested in three target areas; none of this drilling identified significant mineralization. At Tocantinzinho, additional sampling extended the Cu-Mo-Au mineralization over a 6 km trend. Four drillholes tested different areas of this anomaly, and all encountered intervals of quartz and sulfide vein mineralization.
Board of Directors Update
The Board of Directors is pleased to announce that it has appointed two new directors following a search process conducted by the Corporate Governance and Nominating Committee of the Board. Joining the board are Pamela Gibson and John Webster.
Pamela Gibson was appointed to the Board of Directors on September 2, 2014. Ms. Gibson has over 30 years of experience, primarily as a corporate lawyer at Shearman & Sterling LLP, advising companies on capital market transactions, governance, disclosure, compliance and other corporate strategic matters. Ms. Gibson has extensive industry experience in the metals and mining, oil and gas, energy, telecom and technology sectors. Ms. Gibson was the Managing Partner of both the Toronto office (1990 to 1995) and London office (1995 to 2002), head of the Europe and Asia Capital Markets Group (2002 to 2004), and is currently Of Counsel at Shearman & Sterling LLP. Ms. Gibson also serves on the Board of Directors of NYSE listed GasLog Partners LP. Ms. Gibson holds a Bachelor of Arts degree, with distinction, from York University, a Bachelor of Laws degree from Osgoode Hall Law School and a Master of Laws degree from New York University. Ms. Gibson was also a law clerk to the Honorable Justice Howland, Chief Justice of the Ontario Court of Appeal.
Effective January 1, 2015, John Webster will join the Company's Board of Directors. Mr. Webster holds a BA (Hons) Degree in Economic and Social History from the University of Kent. Mr. Webster is a Member of the Institute of Chartered Accountants in England and Wales, a Member of the Institute of Chartered Accountants of British Columbia (1983) and a Fellow (2002), a CPA in Colorado (2005) and a Member of the Romanian Chamber of Auditors (CAFR) (2012). Upon graduation, Mr. Webster qualified as a Member of the Institute of Chartered Accountants in England and joined Thornton Baker and subsequently joined Price Waterhouse Coopers LLP, (PWC) Canada. Mr. Webster was a Partner at PWC and most recently Partner and Assurance Leader for Romania and South Eastern Europe at PWC Romania until his retirement in June 2014. He has extensive experience in the Mining and Technology sectors and has worked with both venture capital and listed companies.
Corporate Update
Further to the announcement in the second quarter, the Company has elected to retain Bank of America Merrill Lynch as its sponsor for a proposed Hong Kong Stock Exchange listing of its Chinese business units. Eldorado is the largest foreign producer of gold in China, with three operating gold mines (Jinfeng, Tanjianshan and White Mountain) and the Eastern Dragon project. The Company's Chinese operations presently produce approximately 300,000 ounces of gold annually.
Conference Call
Eldorado will host a conference call on Friday, October 31, 2014 to discuss the Third Quarter 2014 Financial and Operating Results at 8:30am PDT (11:30am EDT). You may participate in the conference call by dialling 416-340-8527 in Toronto or 1-800-446-4472 toll free in North America and asking for the Eldorado Conference Call.
The call will be available on Eldorado's website: www.eldoradogold.com. A replay of the call will be available until November 7, 2014 by dialling 905-694-9451 in Toronto or 1-800-408-3053 toll free in North America and entering the Passcode: 771 2109.
About Eldorado Gold
Eldorado is a leading low cost gold producer with mining, development and exploration operations in Turkey, China, Greece, Romania and Brazil. The Company's success to date is based on a low cost strategy, a highly skilled and dedicated workforce, safe and responsible operations, and long-term partnerships with the communities where it operates. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).
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 applicable Canadian securities laws. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "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 herein include, but are not limited, to statements or information with respect to the Company's 2014 Third Quarter Financial and Operating Results.
Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, 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 the legal restrictions regarding the payment of dividends by the Company; assumptions about the price of gold; anticipated costs and expenditures; estimated production, mineral reserves and metallurgical recoveries; financial position, reserves and resources and gold production; and the ability to achieve our goals. Although 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 statements or information will prove to be accurate. 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: gold price volatility; risks of not meeting production and cost targets; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment and operating in foreign countries; currency fluctuations; speculative nature of gold exploration; global economic climate; dilution; share price volatility; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors discussed in the sections entitled "Forward-Looking Statements" and "Risk Factors" in the Company's Annual Information Form & Form 40-F dated March 28, 2014
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 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
Q3 2014 Gold Production Highlights (in US$)
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First Second Third Third
Quarter Quarter Quarter Quarter
2014 2014 2014 2013
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Gold Production
Ounces Sold 190,628 190,621 189,321 199,117
Ounces Produced(1) 196,523 200,551 192,578 204,620
Cash Operating Cost
($/oz)(2), (4) 519 489 488 472
Total Cash Cost
($/oz)(3), (4) 577 549 543 528
Realized Price ($/oz -
sold) 1,299 1,299 1,274 1,338
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Kisladag Mine, Turkey
Ounces Sold 66,852 72,815 82,374 85,029
Ounces Produced 67,075 76,980 78,030 84,762
Tonnes to Pad 3,856,882 3,127,844 3,829,444 3,336,465
Grade (grams / tonne) 0.73 1.11 1.28 1.28
Cash Operating Cost
($/oz)(4) 456 443 411 324
Total Cash Cost
($/oz)(3), (4) 473 466 427 343
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Efemcukuru Mine, Turkey
Ounces Sold 27,647 25,435 24,033 26,410
Ounces Produced 26,969 25,034 26,838 23,438
Tonnes Milled 106,501 110,706 106,942 105,641
Grade (grams / tonne) 8.56 7.99 9.08 8.50
Cash Operating Cost
($/oz)(4) 526 552 547 551
Total Cash Cost
($/oz)(3), (4) 547 576 564 568
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Tanjianshan Mine, China
Ounces Sold 28,379 25,790 25,387 28,179
Ounces Produced 28,379 25,790 25,387 28,179
Tonnes Milled 263,609 278,227 281,863 285,406
Grade (grams / tonne) 3.44 3.30 3.51 3.40
Cash Operating Cost
($/oz)(4) 422 391 381 377
Total Cash Cost
($/oz)(3), (4) 592 570 563 557
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Jinfeng Mine, China
Ounces Sold 41,277 45,581 39,397 40,212
Ounces Produced 41,295 45,568 39,421 40,212
Tonnes Milled 364,987 371,971 353,048 363,798
Grade (grams / tonne) 4.00 4.17 3.86 3.66
Cash Operating Cost
($/oz)(4) 626 540 609 684
Total Cash Cost
($/oz)(3), (4) 709 622 693 767
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White Mountain Mine,
China
Ounces Sold 26,473 21,000 18,130 19,287
Ounces Produced 26,473 21,000 18,130 19,287
Tonnes Milled 200,682 213,741 218,500 209,581
Grade (grams / tonne) 4.13 3.56 2.79 3.28
Cash Operating Cost
($/oz)(4) 607 583 648 713
Total Cash Cost
($/oz)(3), (4) 646 623 691 751
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Olympias, Greece
Ounces Sold - - - -
Ounces Produced(1) 6,332 6,179 4,772 8,742
Tonnes Milled 144,522 168,013 137,566 185,012
Grade (grams / tonne) 3.08 2.84 2.74 3.19
Cash Operating Cost
($/oz)(4) - - - -
Total Cash Cost
($/oz)(3), (4) - - - -
----------------------------------------------------------------------------
--------------------------------------------------
First First
Nine Months Nine Months
2014 2013
--------------------------------------------------
Gold Production
Ounces Sold 570,570 564,723
Ounces Produced(1) 589,652 552,359
Cash Operating Cost
($/oz)(2), (4) 499 485
Total Cash Cost
($/oz)(3), (4) 556 544
Realized Price ($/oz -
sold) 1,291 1,447
--------------------------------------------------
Kisladag Mine, Turkey
Ounces Sold 222,041 231,959
Ounces Produced 222,085 231,718
Tonnes to Pad 10,814,170 9,553,306
Grade (grams / tonne) 1.04 1.28
Cash Operating Cost
($/oz)(4) 435 328
Total Cash Cost
($/oz)(3), (4) 454 349
--------------------------------------------------
Efemcukuru Mine, Turkey
Ounces Sold 77,115 101,888
Ounces Produced 78,841 69,583
Tonnes Milled 324,149 301,869
Grade (grams / tonne) 8.54 8.77
Cash Operating Cost
($/oz)(4) 541 558
Total Cash Cost
($/oz)(3), (4) 562 586
--------------------------------------------------
Tanjianshan Mine, China
Ounces Sold 79,556 82,324
Ounces Produced 79,556 82,324
Tonnes Milled 823,699 805,532
Grade (grams / tonne) 3.42 3.54
Cash Operating Cost
($/oz)(4) 399 405
Total Cash Cost
($/oz)(3), (4) 575 589
--------------------------------------------------
Jinfeng Mine, China
Ounces Sold 126,255 90,888
Ounces Produced 126,284 90,843
Tonnes Milled 1,090,006 1,052,406
Grade (grams / tonne) 4.01 3.14
Cash Operating Cost
($/oz)(4) 590 743
Total Cash Cost
($/oz)(3), (4) 673 831
--------------------------------------------------
White Mountain Mine,
China
Ounces Sold 65,603 57,664
Ounces Produced 65,603 57,664
Tonnes Milled 632,923 611,548
Grade (grams / tonne) 3.48 3.44
Cash Operating Cost
($/oz)(4) 611 693
Total Cash Cost
($/oz)(3), (4) 651 734
--------------------------------------------------
Olympias, Greece
Ounces Sold - -
Ounces Produced(1) 17,283 20,227
Tonnes Milled 450,101 391,096
Grade (grams / tonne) 2.89 3.55
Cash Operating Cost
($/oz)(4) - -
Total Cash Cost
($/oz)(3), (4) - -
--------------------------------------------------
(1) Ounces produced include production from tailings retreatment in
Olympias.
(2) Cost figures calculated in accordance with the Gold Institute Standard.
(3) Cash operating costs, plus royalties and the cost of off-site
administration.
(4) Cash operating costs and total cash costs are non-IFRS measures. Please
see our MD&A for an explanation and discussion of these.
Eldorado Gold Corporation
Unaudited Condensed Consolidated Balance Sheets
(Expressed in thousands of U.S. dollars)
September 30, December 31,
Note 2014 2013
$ $
ASSETS
Current assets
Cash and cash equivalents 539,489 589,180
Term deposits 22,800 34,702
Restricted cash 262 262
Marketable securities 4,520 4,387
Accounts receivable and other 81,035 89,231
Inventories 224,769 244,042
----------------------------
872,875 961,804
Investment in associate - 10,949
Deferred income tax assets 530 997
Other assets 61,398 37,330
Defined benefit pension plan 14,270 13,484
Property, plant and equipment 5,872,154 5,684,382
Goodwill 526,296 526,296
----------------------------
7,347,523 7,235,242
============================
LIABILITIES & EQUITY
Current liabilities
Accounts payable and accrued
liabilities 185,013 211,406
Current debt 5 8,127 16,402
----------------------------
193,140 227,808
Debt 5 586,652 585,006
Other non-current liability 4(b) 48,452 -
Asset retirement obligations 87,004 85,259
Deferred income tax liabilities 864,019 842,305
----------------------------
1,779,267 1,740,378
----------------------------
Equity
Share capital 6 5,315,352 5,314,589
Treasury stock (13,480) (10,953)
Contributed surplus 38,380 78,557
Accumulated other comprehensive loss (16,995) (17,056)
Deficit (67,720) (143,401)
----------------------------
Total equity attributable to shareholders
of the Company 5,255,537 5,221,736
Attributable to non-controlling interests 312,719 273,128
----------------------------
5,568,256 5,494,864
----------------------------
7,347,523 7,235,242
============================
Approved on behalf of the Board of Directors
(Signed) Robert R. Gilmore Director
(Signed) Paul N. Wright Director
The accompanying notes are an integral part of these consolidated financial statements.
Eldorado Gold Corporation
Unaudited Condensed Consolidated Income Statements
(Expressed in thousands of U.S. dollars)
Three months ended Nine months ended
September 30, September 30,
----------------------------------------
2014 2013 2014 2013
$ $ $ $
Revenue
Metal sales 263,510 287,254 808,877 892,251
Cost of sales
Production costs 123,503 120,753 380,812 367,254
Inventory write-down 7,577 - 7,577 -
Depreciation and amortization 39,341 40,461 129,008 112,809
----------------------------------------
170,421 161,214 517,397 480,063
Gross profit 93,089 126,040 291,480 412,188
Exploration expenses 3,488 9,866 11,273 27,730
General and administrative expenses 17,430 14,671 52,373 49,396
Defined benefit pension plan expense 407 616 1,223 1,864
Share based payments 3,253 3,765 15,528 15,933
Foreign exchange loss (gain) 4,468 (939) 1,554 4,879
----------------------------------------
Operating profit 64,043 98,061 209,529 312,386
Loss (gain) on disposal of assets 278 (120) 2,103 (135)
Loss (gain) on marketable securities
and other investments 122 - 1,444 (21)
Loss on investments in associates - 1,426 102 2,549
Impairment loss on investment in
associates - 12,707 - 12,707
Other income (4,206) (2,460) (7,053) (7,574)
Asset retirement obligation
accretion 582 278 1,745 1,003
Interest and financing costs 6,832 9,748 23,153 31,310
----------------------------------------
Profit before income tax 60,435 76,482 188,035 272,547
Income tax expense 38,900 38,152 96,343 233,954
----------------------------------------
Profit for the period 21,535 38,330 91,692 38,593
----------------------------------------
Attributable to:
Shareholders of the Company 19,791 36,410 88,691 34,221
Non-controlling interests 1,744 1,920 3,001 4,372
----------------------------------------
Profit for the period 21,535 38,330 91,692 38,593
========================================
Weighted average number of shares
outstanding
Basic 716,284 715,038 716,254 714,901
Diluted 716,284 715,364 716,254 715,229
Earnings per share attributable to
shareholders of the Company:
Basic earnings per share 0.03 0.05 0.12 0.05
Diluted earnings per share 0.03 0.05 0.12 0.05
The accompanying notes are an integral part of these consolidated financial statements.
Eldorado Gold Corporation
Unaudited Condensed Consolidated Statements of Comprehensive Income
(Expressed in thousands of U.S. dollars except per share amounts)
Three months ended Nine months ended
September 30, September 30,
----------------------------------------
2014 2013 2014 2013
$ $ $ $
Profit for the period 21,535 38,330 91,692 38,593
Other comprehensive gain (loss):
Change in fair value of available-
for-sale financial assets (687) (321) (840) (1,721)
Realized gains on disposal of
available-for-sale financial assets 142 - 901 (17)
----------------------------------------
Total other comprehensive gain
(loss) for the period (545) (321) 61 (1,738)
----------------------------------------
Total comprehensive income for the
period 20,990 38,009 91,753 36,855
========================================
Attributable to:
Shareholders of the Company 19,246 36,089 88,752 32,483
Non-controlling interests 1,744 1,920 3,001 4,372
----------------------------------------
20,990 38,009 91,753 36,855
----------------------------------------
The accompanying notes are an integral part of these consolidated financial statements.
Eldorado Gold Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
(Expressed in thousands of U.S. dollars)
Three months ended Nine months ended
September 30, September 30,
----------------------------------------
Note 2014 2013 2014 2013
$ $ $ $
Cash flows generated from
(used in):
Operating activities
Profit for the period 21,535 38,330 91,692 38,593
Items not affecting cash:
Asset retirement obligation
accretion 582 278 1,745 1,003
Depreciation and amortization 39,341 40,461 129,008 112,809
Unrealized foreign exchange
loss (gain) 708 (44) 584 480
Deferred income tax expense 12,516 7,388 22,183 143,836
Loss (gain) on disposal of
assets 278 (120) 2,103 (135)
Loss on investments in
associates - 1,426 102 2,549
Impairment loss on investment
in associates - 12,707 - 12,707
Loss (gain) on marketable
securities and other
investments 122 - 1,444 (21)
Share based payments 3,253 3,765 15,528 15,933
Defined benefit pension plan
expense 407 616 1,223 1,864
----------------------------------------
78,742 104,807 265,612 329,618
Changes in non-cash working
capital 9 13,447 15,454 (41,153) (20,811)
----------------------------------------
92,189 120,261 224,459 308,807
Investing activities
Net cash used on acquisition
of subsidiary 4(a) - - (30,318) -
Purchase of property, plant
and equipment (102,758) (119,055) (291,105) (336,818)
Proceeds from the sale of
property, plant and
equipment (36) 412 140 604
Proceeds on production from
tailings retreatment 6,539 9,438 27,096 24,666
Purchase of marketable
securities (818) - (1,670) -
Proceeds from the sale of
marketable securities 269 - 1,134 332
Investments in associates - - - (6,357)
Redemption of (investment in)
term deposits 2,226 161,841 11,902 (59,600)
Increase (decrease) in
restricted cash 11 (17) 13 (12)
----------------------------------------
(94,567) 52,619 (282,808) (377,185)
Financing activities
Issuance of common shares for
cash 438 1,945 438 3,546
Investment by non-controlling
interest 4(b) - - 40,000 -
Dividend paid to shareholders (6,546) (34,708) (13,010) (84,949)
Dividends paid to non-
controlling interest (3,410) - (4,225) -
Purchase of treasury stock - - (6,413) (6,462)
Long-term and bank debt
proceeds 8,127 3,565 24,490 15,977
Long-term and bank debt
repayments (16,240) - (32,622) (10,354)
Loan financing costs - - - (383)
----------------------------------------
(17,631) (29,198) 8,658 (82,625)
----------------------------------------
Net increase (decrease) in
cash and cash equivalents (20,009) 143,682 (49,691) (151,003)
Cash and cash equivalents -
beginning of period 559,498 522,158 589,180 816,843
----------------------------------------
Cash and cash equivalents -
end of period 539,489 665,840 539,489 665,840
========================================
The accompanying notes are an integral part of these consolidated financial statements.
Eldorado Gold Corporation
Unaudited Condensed Consolidated Statements of Changes in Equity
(Expressed in thousands of U.S. dollars)
Three months ended Nine months ended
September 30, September 30,
--------------------------------------------
Note 2014 2013 2014 2013
$ $ $ $
Share capital
Balance beginning of
period 5,314,813 5,306,947 5,314,589 5,300,957
Shares issued upon
exercise of share
options, for cash 438 1,945 438 3,546
Transfer of contributed
surplus on exercise of
options 101 694 101 1,683
Transfer of contributed
surplus on exercise of
deferred phantom units - 184 224 3,584
Balance end of period 5,315,352 5,309,770 5,315,352 5,309,770
--------------------------------------------
Treasury stock
Balance beginning of
period (14,845) (11,775) (10,953) (7,445)
Purchase of treasury
stock - - (6,413) (6,462)
Shares redeemed upon
exercise of restricted
share units 1,365 691 3,886 2,823
--------------------------------------------
Balance end of period (13,480) (11,084) (13,480) (11,084)
--------------------------------------------
Contributed surplus
Balance beginning of
period 37,197 71,389 78,557 65,382
Share based payments 3,390 3,685 15,140 16,213
Shares redeemed upon
exercise of restricted
share units (1,365) (691) (3,886) (2,823)
Recognition of other
non-current liability
and related costs 4(b) (741) - (51,106) -
Partial reversal of
non-controlling
interest acquired on
buy-out - 2,911 - 2,911
Transfer to share
capital on exercise of
options and deferred
phantom units (101) (878) (325) (5,267)
--------------------------------------------
Balance end of period 38,380 76,416 38,380 76,416
--------------------------------------------
Accumulated other
comprehensive loss
Balance beginning of
period (16,450) (25,952) (17,056) (24,535)
Other comprehensive
gain (loss) for the
period (545) (321) 61 (1,738)
--------------------------------------------
Balance end of period (16,995) (26,273) (16,995) (26,273)
--------------------------------------------
Retained earnings
(deficit)
Balance beginning of
period (80,965) 542,446 (143,401) 594,876
Dividends paid (6,546) (34,708) (13,010) (84,949)
Profit attributable to
shareholders of the
Company 19,791 36,410 88,691 34,221
--------------------------------------------
Balance end of period (67,720) 544,148 (67,720) 544,148
--------------------------------------------
Total equity attributable
to shareholders of the
Company 5,255,537 5,892,977 5,255,537 5,892,977
--------------------------------------------
Non-controlling interests
Balance beginning of
period 310,975 286,302 273,128 284,100
Profit attributable to
non-controlling
interests 1,744 1,920 3,001 4,372
Dividends declared to
non-controlling
interests - (7,584) (3,410) (7,584)
Increase (decrease)
during the period 4(b) - (3,161) 40,000 (3,411)
--------------------------------------------
Balance end of period 312,719 277,477 312,719 277,477
--------------------------------------------
Total equity 5,568,256 6,170,454 5,568,256 6,170,454
--------------------------------------------
The accompanying notes are an integral part of these consolidated financial statements.
Click here for the Unaudited Condensed Consolidated Financial Statements for the quarter ended Sept 30, 2014.
Contacts:
Eldorado Gold Corporation
Krista Muhr
Vice President Investor Relations
604.601.6701 or 1.888.353.8166
kristam@eldoradogold.com
www.eldoradogold.com
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