eldorado gold corp (EGO) Key Developments
Eldorado Gold Seeks Buyer For China Mines
Nov 5 14
Eldorado Gold Corp. (TSX:ELD) is seeking a buyer for its mines in China, people with knowledge of the matter said. It is seeking CAD 1.5 billion. Zijin Mining Group Co. Ltd. (SEHK:2899), Zhaojin Mining Industry Co. Ltd. (SEHK:1818), Jiangxi Copper Company Limited (SEHK:358) and China National Gold Group Corp. have shown interest.
Eldorado Hires Bank of America For IPO
Nov 5 14
Eldorado Gold Corp. (TSX:ELD) hired Bank of America Corp. for an Hong Kong IPo of Chinese business. It plans to seek about CAD 250 million if the listing plans move forward, a person familiar with the matter said. It aims to submit an application to Hong Kong’s stock exchange in 2015, according to the person. At the same time its seeking buyer for sale of its China mines.
Eldorado Gold Corp. Reports Unaudited Consolidated Earnings and Operational Results for the Third Quarter and Nine Months Ended September 30, 2014
Oct 30 14
Eldorado Gold Corp. reported unaudited consolidated earnings and operational results for the third quarter and nine months ended September 30, 2014. For the quarter, the company reported net income attributable to shareholders of the company of USD 19.8 million or USD 0.03 per diluted share compared with USD 36.4 million or USD 0.05 per diluted share in the third quarter of 2013. Net income was impacted by a non-cash USD 7.6 million iron ore inventory write-down related to Vila Nova. Gold revenues of USD 241.2 million were 9% lower year over year due to lower gold prices and ounces sold. Adjusted net earnings were USD 36.1 million or USD 0.05 per share compared with USD 54.4 million or USD 0.08 per share in the third quarter of 2013. Metal sales were USD 263.51 million compared to USD 287.254 million for the same period of last year. Operating profit was USD 64.043 million compared to USD 98.061 million for the same period of last year. Profit before income tax was USD 60.435 million compared to USD 76.482 million for the same period of last year. Net cash provided by operating activities was USD 92.2 million compared to USD 120.26 million reported a year ago. Purchase of property, plant and equipment was USD 102.76 million compared to USD 119.05 million reported a year ago.
For the nine months, metal sales were USD 808.877 million compared to USD 892.251 million for the same period of last year. Operating profit was USD 209.529 million compared to USD 312.386 million for the same period of last year. Profit before income tax was USD 188.035 million compared to USD 272.547 million for the same period of last year. Profit attributable to shareholders of the company was USD 88.691 million compared to USD 34.221 million for the same period of last year. Diluted earnings per share were USD 0.12 compared to USD 0.05 for the same period of last year. Adjusted net earnings were USD 109.2 million compared with USD 186.0 million reported a year ago. Net cash provided by operating activities was USD 224.46 million compared to USD 308.81 million reported a year ago. Purchase of property, plant and equipment was USD 291.10 million compared to USD 336.82 million reported a year ago.
For the quarter, the company reported gold production of 192,578 ounces (including Olympias production from tailings retreatment) compared to 204,620 ounces reported a year ago.
For the nine months, the company reported gold production of 589,652 ounces compared to 552,359 ounces reported a year ago.
Eldorado Gold Corporation Announces Year-To-Date Results from Resource Drilling Programs at White Mountain and Jinfeng Projects
Oct 23 14
Eldorado Gold Corporation announced the year-to-date results from resource drilling programs at the company's White Mountain and Jinfeng projects in China and the Piavitsa project in Greece. At White Mountain, over 7,500 metres of exploration drilling and over 12,400 metres of delineation drilling have been completed year-to-date. Underground drilling has targeted three areas; in all of these, the new drilling has either produced mineralized intersections outside of the current resource model, or will upgrade existing Inferred Resources for year-end 2014 calculations. In the Central Zone, drilling has extended the existing resource on the 200 metre level, and has identified a new, deeper zone of high-grade mineralization downplunge of the current resource; In the North Zone, high grade intercepts have been obtained in several areas along the margin of the existing resource model; In the Northern Deeps Zone, new drillholes have encountered multiple high-grade zones within the previously defined Inferred Resource. Surface drilling programs are currently testing the downdip extension of the Northern Deeps Zone, and will commence shortly on near-surface targets along strike to the southwest of the White Mountain deposit. At the Jinfeng operation, resource drilling programs in 2014 are directed towards converting existing Inferred Resources to Measured and Indicated Resources. Year-to-date, a total of 3,600 metres of drilling has been completed, targeting segments of the F2, F6 and F7 mineralized fault zones.
Eldorado Gold Corp. to Report Q3, 2014 Results on Oct 30, 2014
Sep 30 14
Eldorado Gold Corp. announced that they will report Q3, 2014 results at 5:00 PM, Eastern Standard Time on Oct 30, 2014