Eldorado Gold: Operating Successfully in Emerging Jurisdictions
Eldorado Gold Corporation is a 750,000 ounce gold producer with mining, development and exploration operations in Turkey, China, Greece, Romania and Brazil. The Canadian-based company owns and operates seven mines and is developing six projects.
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 they operate. It’s a disciplined approach that makes for a pragmatic culture; a culture that is honest, forthright and preservers to find solutions. It’s an approach that is shared across Eldorado Gold’s diverse global operations.
This ethos has seen Eldorado double production, increase its resources and reserves, and maintain cash operating costs in the lowest quartile of the global cost curve over the past five years. Eldorado’s pipeline of of high-quality, long-lived projects has the potential to make the Company a 1.5 million ounce gold producer. Eldorado Gold is now working to develop its assets, particularly those in Greece, that will become a major component to its capital growth.
Assets in place
Eldorado Gold’s success is exemplified by its two Turkish mining assets – the Kisladag and Efemcukuru gold mines. Although the country hasn’t traditionally been a top location for mining investment, Eldorado saw Turkey’s potential.
“We elected to go into jurisdictions that aren’t typically viewed as mainstream countries for gold mining,” says Eldorado Gold CEO Paul Wright. “Greece and Turkey have a long history, an ancient history, of gold mining and are very prospective. That’s our target.”
“Turkey has been incredibly successful for us,” says Wright. “It’s a very good country to operate in because you have a rule of law, strong work ethic, and a healthy degree of pragmatism. Plus, there’s a rich mining tradition.”
The company’s most successful gold mine to date is the Kisladag project in Turkey. As the first open-pit heap leach mine in Europe, the mine produces over 300,000 ounces of gold per year, and is the largest gold producing mine in the country.
“It’s been a very successful, predictable, low cost operation for us. It’s the cornerstone of the company,” says Wright.