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Author Topic: EGO - Eldorado Gold, Inc. - AMEX  (Read 11636 times)
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« Reply #30 on: May 04, 2012, 01:12:34 PM »

2012 First Quarter Financial and Operating Results

May 4, 2012

Eldorado Gold Corporation, is pleased to report on the Company's financial and operational results for the first quarter of 2012. Eldorado reported profit attributable to shareholders of the Company of $67.9 million for the period, and generated $102.8 million in cash from operating activities before changes in non-cash working capital. “During the first quarter, Eldorado produced 155,535 ounces of gold at an average cash operating cost of $452 per ounce. Our gold mines continue to perform to plan and generate significant cash flows which will be applied to the construction of our development projects. With total production ahead of plan and
cash operating costs below plan in the quarter, we have had a very good start to 2012, and as a result maintain our guidance to produce 730,000–775,000 oz. @ $430-$450/oz. cash operating cost for the year.” said Paul Wright, President and CEO of Eldorado Gold. “With the addition of two gold development projects in Greece and one gold development project in Romania, the acquisition of European Goldfields is a key milestone in the Company’s plans to reach its annual production target in excess of 1.5 million ounces of gold by 2016.”

Q1 2012 Highlights

· Gold production of 155,535 ounces at an average cash operating cost of $452 per ounce (Q1 2011 gold production – 148,577 ounces at $410 per ounce).
· Completion of the acquisition of European Goldfields Limited (EGU) on February 24, 2012.
· Profit attributable to shareholders of the Company of $67.9 million or $0.11 per share (Q1 2011 - $52.5 million or $0.10 per share) was impacted by $17.8 million in transaction costs related to the EGU acquisition.
· 24% increase in gold revenues over the same quarter in 2011, reflecting higher gold prices.
· 40% increase in earnings from gold mining operations before taxes over the same quarter in 2011.
· 30% increase in cash from operating activities before changes in non-cash working capital over the same quarter in 2011, excluding $17.8 million in transaction costs related to the acquisition of EGU.
· Payment of a Cdn$0.09 dividend per share to shareholders of the Company on February 14, 2012.

http://www.kitco.com/pr/1267/article_05032012171016.pdf
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« Reply #31 on: June 22, 2012, 01:51:21 PM »


Eldorado Gold Announces 2012 Second Quarter Financial and Operating Results Release Date

June 21, 2012

Eldorado Gold Corporation will release its 2012 Second Quarter Financial and Operating Results before the market opens Friday July 27, 2012. Paul N. Wright, President and Chief Executive Officer of the Company, will host a conference call on Friday July 27, 2012 at 8:30 AM PT (11:30 AM ET). The call is being webcast by Thomson Reuters and can be accessed at Eldorado Gold’s web site at www.eldoradogold.com or from www.earnings.com.

http://www.kitco.com/pr/frame/index_prec.html?http://www.kitco.com/pr/1267/article_06212012153325.pdf
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« Reply #32 on: September 26, 2012, 08:09:06 PM »

Eldorado Gold Announces 2012 Third Quarter Financial and Operating Results
Release Date


September 26, 2012

Eldorado Gold Corporation will release its 2012 Third Quarter Financial and Operating Results before the market opens Friday October 26, 2012. Paul N. Wright, Chief Executive Officer of the Company, will host a conference call on October 26, 2012 at 8:30 AM PT (11:30 AM ET). The call is being webcast by Thomson Reuters and can be accessed at Eldorado Gold’s web site at www.eldoradogold.com or from www.earnings.com.

http://www.kitco.com/pr/1267/article_09262012160054.pdf
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« Reply #33 on: November 26, 2012, 10:03:55 AM »

Eldorado Announces Increased Revolving Credit Facility to US$375 Million

November 26, 2012

Eldorado Gold Corporation today announced that the Company has increased its revolving credit facility to US$375 million. The amended and restated credit agreement (the "ARCA") includes an increase of available credit to US$375 million from US$280 million and an extension of the term to November 23, 2016 from October 12, 2015.

The terms of the ARCA are favorable to the Company and consistent with current market standards. HSBC Securities (USA) Inc. and JP Morgan Securities LLC are joint Lead Arrangers and joint Bookrunners. Lenders include HSBC Bank USA, JP Morgan Chase Bank N.A., Citibank N.A. Canadian Branch, Bank of America N.A., and Export Development Canada. HSBC Bank Canada will act as Administrative Agent for the Lenders.

Eldorado intends to use the ARCA for growth opportunities and general corporate purposes. "Funds from the increased facility will further strengthen our balance sheet and will provide additional flexibility as we enter a period of increased growth," commented Paul N. Wright, Chief Executive Officer.

http://finance.yahoo.com/news/eldorado-announces-increased-revolving-credit-123000984.html
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« Reply #34 on: April 10, 2013, 09:10:41 AM »


Eldorado Gold Announces First Quarter 2013 Financial and Operating Results Date and Conference Call

April 9, 2013

Eldorado Gold Corporation announces it will release its First Quarter 2013 Financial and Operating Results after the market close on Thursday, May 2, 2013 . Paul N. Wright Chief Executive Officer of the Company will host a conference call on Friday May 3, 2013 at 8:30 AM PDT (11:30 AM EDT).

The call is being webcast by Thomson Reuters and can be accessed at Eldorado Gold's web site at www.eldoradogold.com or from www.earnings.com.

http://finance.yahoo.com/news/eldorado-gold-announces-first-quarter-200500590.html
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« Reply #35 on: August 02, 2013, 10:15:45 AM »


Eldorado Gold Corporation: 2013 Second Quarter Financial and Operating Results

August 2, 2013

Paul N. Wright, Chief Executive Officer of Eldorado Gold Corporation, is pleased to report on the Company's financial and operational results for the second quarter ended June 30, 2013. Profit attributable to shareholders of the Company for the quarter was $43.3 million or $0.06 per share compared to $46.6 million or $0.07 per share for the same quarter in 2012.

"During the second quarter Eldorado produced 183,971 ounces of gold at an average cash operating cost of $478 per ounce, a 31% increase over Q2 2012 gold production. Our gold mines continue to perform to plan and generate significant cash flows," said Paul Wright, CEO of Eldorado Gold. "With its strong balance sheet and comparatively low cost gold mining operations, Eldorado is well positioned to confront the recent weakness in gold prices."

Second Quarter Summary Results and Corporate Developments
•Gold production of 183,971 ounces at an average cash operating cost of $478 per ounce (Q2 2012 gold production - 140,694 ounces at $480 per ounce).
•Gold sales of 176,260 ounces at an average gold price of $1,382 per ounce (Q2 2012 sales of 132,919 ounces at an average gold price of $1,612).
•Continued strong cash generation from operating activities before changes in non-cash working capital of $84.9 million (Q2 2012 - $82.1 million).
•On August 1, 2013, the Company declared that it will pay an eligible dividend of Cdn$0.05 per Common Share on August 26, 2013 to the holders of the Company's outstanding Common Shares as of the close of business on the record date of August 15, 2013.

Outlook
In light of the recent significant decline in gold price the Company has modified its operating plan for 2013. Exploration spending for 2013 has been reduced from $98.5 million to $51.0 million with an emphasis on mine site and brownfields exploration. Capital spending has been revised down from $670.0 million to $430.0 million. The full Kisladag expansion as envisaged will be deferred pending improvement in metal prices, while the initial production from Skouries, Perama Hill and Certej is projected to be delayed by one year. Gold production for 2013 is forecast to be 745,000 ounces of gold with cash costs of $520/oz. This is in line with original guidance provided of 705,000 - 760,000 ounces at cash costs of $515-530/oz.

http://finance.yahoo.com/news/eldorado-gold-corporation-2013-second-115500086.html
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« Reply #36 on: September 05, 2013, 09:57:38 AM »


Eldorado Gold Corporation: Exploration Update-New Zones of Mineralization

September 5, 2013

Eldorado Gold Corporation, is pleased to provide a progress report on Eldorado's exploration programs for the first half of 2013. To date this year, 106,500 metres of drilling have been completed at exploration programs in China, Turkey, Brazil, Romania, and Greece. Exploration highlights include:

•Discovery of two high grade zones of mineralization within the Qinlongtan mining license at Tanjianshan, including drillhole intercepts of 45.0m @ 9.04 g/t Au (QD-303), 22.0m @ 9.80 g/t Au (QD-306), 10.9m @ 17.53 g/t Au (QD-300) and 3.0m @ 17.06 g/t Au (QD-301).
•Completion of 18,500m of resource upgrade drilling at White Mountain and 6,800m of resource upgrade drilling at Jinfeng; at Jinfeng, this drilling also contributed to the discovery of a new high grade zone outside of the existing resource model, with drillhole intercepts of 12.0m @ 9.07 g/t Au (HDDU-0200) and 9.0m @ 10.5 g/t Au (HDDU-0204).
•Further definition of high grade ore shoots at the Kokarpinar Vein target at Efemcukuru, with drillhole intercepts of 4.5m @ 19.89 g/t Au (KV-517), 0.9m @ 183.60 g/t Au (KV-519) and 0.9m @ 54.60 g/t Au (KV-502).

"The results from the exploration program are particularly encouraging as they are supportive of increases to the Company's resource and reserve base, and highlight areas for further drill testing," commented Paul N. Wright, Chief Executive Officer.

http://finance.yahoo.com/news/eldorado-gold-corporation-exploration-zones-114500317.html
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« Reply #37 on: November 08, 2013, 10:32:50 AM »


Eldorado Gold Corporation: 2013 Third Quarter Financial and Operating Results; Record Quarterly Gold Production

November 8, 2013

 Paul N. Wright, Chief Executive Officer of Eldorado Gold Corporation, is pleased to report on the Company's financial and operational results for the third quarter ended September 30, 2013. Profit attributable to shareholders of the Company for the quarter was $36.4 million or $0.05 per share compared to $75.8 million or $0.11 per share for the same quarter in 2012.

"During the third quarter Eldorado produced 204,620 ounces of gold at average cash operating costs of $472 per ounce, a 21% increase in gold production. Our gold mines continue to perform to plan and generate significant cash flows," said Paul Wright, CEO of Eldorado Gold. "With its strong balance sheet and comparatively low cost gold mining operations Eldorado is well-positioned with regard to the continuing weakness in gold prices."

Third Quarter Summary Results and Corporate Developments
•Gold production of 204,620 ounces at an average cash operating cost of $472 per ounce (Q3 2012 gold production - 169,565 ounces at $493 per ounce).
•Gold sales of 199,117 ounces at an average gold price of $1,338 per ounce (Q3 2012 sales of 154,841 ounces at an average gold price of $1,670).
•Continued strong cash generation from operating activities before changes in non-cash working capital of $104.8 million (Q3 2012 - $110.8 million).
•During the quarter the Company announced updated resources for Certej and Olympias.
•The Company paid a dividend of Cdn$0.05 per share on August 26, 2013 related to gold sales during the first half of 2013.

Corporate Developments
On October 30, 2013, Eldorado announced that it will acquire, through one of its subsidiaries and by way of a friendly cash takeover, all of the outstanding shares of Glory Resources Limited ("Glory") that are not already owned or controlled by the Company for total consideration of approximately A$30.5 million. Eldorado currently owns 19.9% of the shares in Glory. Eldorado also proposes to acquire all the issued options of Glory for total consideration of approximately A$1.8 million and to settle Glory's deferred obligations in the Sapes Gold Project to Cape Lambert Resources Limited for A$6.5 million.

http://finance.yahoo.com/news/eldorado-gold-corporation-2013-third-125500779.html
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« Reply #38 on: January 16, 2014, 11:07:12 AM »


Eldorado Increases 2013 Gold Production 10%
 
January 16, 2014
 
Eldorado Gold Corp. produced 721,201 ounces of gold in 2013, which represents a 10% increase over 2012 with average cash costs of $494 per ounce. "The company continues its disciplined approach towards increasing low-cost profitable production, growing its reserve base and the responsible deployment of its financial resources," says Paul N. Wright, chief executive officer of Eldorado. The company expects to produce 730,000-800,000 ounces at a cash cost ranging between $550-590/oz, an increase of 6% year-on-year, with all-in sustaining costs to be between $915-$985/oz. Sustaining capital for gold mining operations in 2014 is estimated to be $170 million, with planned expenditures for new mining development totaling $345 million inclusive of $215 million allocated for the continued construction of the Skouries project, the company says.

http://www.kitco.com/news/2014-01-16/KitcoNews-kitco-mining-minutes-January-16-2014.html
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« Reply #39 on: January 25, 2014, 12:11:34 PM »


Eldorado Gold Announces Year End 2013 Financial Results Release Date and Conference Call

January 24, 2014

Eldorado Gold Corporation will release its Year End 2013 Financial Results before the market opens on Friday, February 21, 2014. Paul N. Wright Chief Executive Officer of the Company, will host a conference call on Friday February 21, 2014 at 8:30 AM PT (11:30 AM ET). The call is being webcast and can be accessed at Eldorado Gold’s web site at www.eldoradogold.com or from www.marketwired.com/News_Room/Webcast.

http://www.kitco.com/pr/1267/article_01242014180119.pdf
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« Reply #40 on: February 21, 2014, 10:52:21 AM »


Eldorado Reports 2013 Year-End And Fourth Quarter Financial And Operational Results

February 21, 2014

Paul N. Wright, Chief Executive Officer of Eldorado Gold Corporation is pleased to report on the Company's financial and operational results for the year ended December 31, 2013. Eldorado reported record gold production of 721,201 ounces at an average cash operating cost1 of $494 per ounce, compared to gold production of 656,324 ounces at an average cash operating cost of $483 per ounce for the year ended December 31, 2012. Adjusted net earnings1 for the year ended December 31, 2013 were $192.9 million, or $0.27 per share compared to adjusted net earnings of $327.4 million, or $0.48 per share for the year ended December 31, 2012, reflecting a 16% decline in gold prices year over year.

“The Company achieved record production of 721,201 ounces of gold in 2013 at $494 cash operating cost per ounce in line with our original guidance of 705,000 to 760,000 ounces of gold at cash operating costs of $515 to $530 per ounce. Steps taken by the Company mid-year, in light of a declining gold price, included rationalizing operating costs and focusing our capital resources on development projects that are expected to deliver near-term cash flows consistent with the Company’s strategic plan” said Paul Wright, Chief Executive Officer of Eldorado.

2013 Overview

Key Consolidated Financial Information
•At December 31, 2013 the Company recognized an impairment charge of $808.4 million, or $684.6 million, net of tax ($0.96 per share) related to Jinfeng and Eastern Dragon.
•Loss attributable to shareholders of the Company was $653.3 million ($0.91 per share), compared to net profit attributable to shareholders of the Company of $305.3 million ($0.44 per share) in 2012.
•Dividends paid were Cdn$0.12 per share (2012: Cdn$0.15 per share).
•Liquidity was $998.9 million at year end, including $623.9 million in cash, cash equivalents, and term deposits, and $375.0 million in lines of credit (2012: $1,191.8 million of liquidity).
Key Performance Measures
•Gold production of 721,201 ounces, including pre-commercial production from Olympias (2012: 656,324 ounces) increased 10% year over year.
•Total cash costs averaged $551 per ounce (2012: $554 per ounce).
•Gross profit from gold mining operations of $481.1 million fell 19% as compared to that of 2012 due to lower prices.
•Adjusted net earnings of $192.9 million ($0.27 per share) were down 41% compared to adjusted net earnings of $327.4 million ($0.48 per share) in 2012.
•Cash generated from operating activities before changes in non-cash working capital was $382.0 million (2012: $447.7 million).
•Year end 2013 Proven and Probable gold reserves of 27.7 million ounces and Measured and Indicated gold resources of 36.4 million ounces.

Impairment Charge
As a result of the impairment testing we performed at the end of December 31, 2013, the Company concluded that the carrying values of Jinfeng and Eastern Dragon were impaired and an impairment loss of $808.4 million was recorded against the property, plant and equipment, and goodwill of these properties ($283.5 million associated with Jinfeng and $524.9 million associated with Eastern Dragon). A deferred income tax recovery of $123.8 million was also recorded related to the impairment charge and
reflected as a reduction in tax expense on the income statement. The Company assumed gold metal prices of $1,200 per ounce for 2014, and $1,300 per ounce long-term. Discounted cash flows were calculated using discount rates between 10% and 12% for Eastern Dragon (3% higher than previous years’ impairment calculations) reflecting increased Chinese permitting risk.

http://www.kitco.com/pr/1267/article_02212014081736.pdf
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« Reply #41 on: October 31, 2014, 10:54:45 AM »


Eldorado Gold Corporation: 2014 Third Quarter Financial and Operating Results

October 31, 2014

 Eldorado Gold Corporation 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 $771 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.

http://finance.yahoo.com/news/eldorado-gold-corporation-2014-third-210500647.html
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« Reply #42 on: May 16, 2016, 12:53:05 PM »


Eldorado Announces Agreement to Sell White Mountain and Tanjianshan Mines

May 16, 2016

In addition to the April 26, 2016 announcement that Eldorado Gold Corporation (the "Company" or "Eldorado") has reached an agreement to sell its interest in the  Jinfeng mine, Eldorado is pleased to announce it has reached an agreement to sell its respective interest in the White Mountain and Tanjianshan mines and the Eastern Dragon development project to an affiliate of Yintai Resources Co. Ltd. (SHSZ: 000975) ("Yintai") for US$600 million in cash, subject to certain closing adjustments. 

The agreement provides for an RMB equivalent US$30 million deposit to be paid by the purchaser and forfeited under certain circumstances and a reverse break-fee of the same amount payable by Eldorado to the purchaser under certain circumstances.

"We are very pleased to have reached this agreement as this transaction recognizes immediate value to both companies and its shareholders.  We are proud of our history and the accomplishments achieved by the hard work of all of our Chinese employees.  The proposed transaction provides Yintai the opportunity to build on our achievements in China," said Paul Wright, President and Chief Executive Officer of Eldorado Gold.  "We look forward to closing the sale of both transactions and advancing our internal project pipeline."

http://www.juniorminingnetwork.com/junior-miner-news/press-releases/1175-tsx/eld/19848-eldorado-announces-agreement-to-sell-white-mountain-and-tanjianshan-mines-and-eastern-dragon-development-project.html

The transaction is expected to close in the third to fourth quarter 2016 and is subject to obtaining various regulatory and other approvals, including Yintai shareholder approval, and other customary closing conditions.  Following close, the Company intends to redeploy net proceeds from the disposition of its Chinese assets to continue to grow its business based on long lived, low cost assets.
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