(All amounts expressed in US dollars, unless otherwise stated)Eldorado Gold is a mid-tier, low cost gold producer with operations in Asia, Europe and South America. We have seven operating mines and a pipeline of projects in different stages of construction and development. We also operate an extensive exploration program.
Our growth profile is ambitious. By 2016 we aim to produce 1.5 million ounces of gold. That's more than double our 2012 gold production of ~660,000 ounces and equates to 125% growth over five years.
We're also seeing our cash operating costs decrease over a five year period. Currently, we operate in the lowest quartile of industry cash operating costs (2012: US$483/oz). By 2016 we see our cash operating costs (net of by-products) declining to US$300-$350/oz.
Discovering, developing and operating mines is what we do. Our long-standing senior management team and in-country experts have a proven track record of delivering mines on-time and on-budget in varying jurisdictions. Eldorado discovered, built, expanded and operates the largest gold mine in Turkey (Kisladag) and is the largest foreign gold producer in China. We are already a significant foreign investor in Greece and have plans to spend approximately US $1 billion over the next five years in developing our projects there.
Our technical expertise is matched by our outstanding capital discipline. The strength of our balance sheet allows us to fund our capital expenditure and dividends. It gives us corporate and operational flexibility to take advantage of potential future opportunities.
And wherever we operate, we work closely with local communities to create employment opportunities, improve access to education and healthcare, protect the environment and develop infrastructure. We recognise that by working together we can succeed together. By maximizing the potential of our assets, balance sheet and people, we are able to create growth and deliver value for all our stakeholders, today, tomorrow and in the future.
Last update: March 1, 2013.