Overview
(All amounts expressed in US dollars, unless otherwise stated)
Eldorado Gold Corporation, with its head office in Vancouver, Canada, is an international mid tier gold producer active in development and exploration. We operate the Kisladag and Efemçukuru gold mines in Turkey; the Jinfeng, Tanjianshan and White Mountain gold mines in China; and the Vila Nova iron ore mine in Brazil. In China, we are constructing the Eastern Dragon gold mine, which is expected to start production in Q3 2012. We are developing the Perama Hill project in Greece, and the Tocantinzinho (TZ) project in Brazil, and have ongoing exploration programs in China, Turkey, Brazil, and in Nevada in the United States.As of December 31, 2010 Eldorado had 18.7 million ounces of proven and probable gold reserves from a 22.9 million ounces of measured and indicated gold resource. We have 7.5 million ounces of inferred gold resources. Our 2011 gold production forecast is 650,000 ounces of gold at a cash operating cost of $400 per ounce. At year-end, we also expect to have produced 40,000 ounces of gold contained in flotation and gravity concentrate from Efemçukuru.
In 2010, we started paying dividends that are linked to the gold price and the number of ounces of gold sold. In May 2010, we declared Eldorado's first annual dividend of C$0.05 per share. And in February 2011, we paid an additional dividend of C$0.05 per share that was attributable to 2010 performance. At that time, we announced future semi-annual dividends that are partially based on $100 of every ounce of gold sold during the two preceding quarters. In August 2011, we paid the first semi-annual dividend for 2011 in the amount of C$0.06 - a 20% increase. In October 2011, we improved the formula used for creating the semi-annual dividend fund and added additional step-ups as the average gold price increases.
Eldorado is listed on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO). Eldorado Gold CHESS Depositary Interests (CDIs) trade on the Australian Securities Exchange (ASX) under the symbol EAU.
Last update: November 10, 2011.
