| | Publié le 19 mars 2010 | 2009 Year End Financial Results Gold sales up 29 percent; Cash Flow $0.38 per share; Earnings $0.26 |
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Re: News Release - Thursday, March 18, 2010 Title: 2009 Year End Financial Results Gold sales up 29 percent; Cash Flow $0.38 per share; Earnings $0.26 per share
(All figures in United States dollars, unless otherwise noted) VANCOUVER, BC -- Paul N. Wright, President and Chief Executive Officer of Eldorado Gold Corporation, ("Eldorado" the "Company" or "we") is pleased to report on the Company's financial results for the fourth quarter and for the year ended December 31, 2009. Eldorado reported net income of $33.3 million or $0.08 per share for the quarter and for the year net income of $102.4 million or $0.26 per share. Eldorado reported cash generated from operating activities before changes in non-cash working capital of $56.6 million or $0.13 per share for the quarter and for the year of $146.9 million or $0.38 per share.
"This was a very successful quarter and year for Eldorado," stated Paul Wright. "We had record quarterly production with strong performance from both our Kisladag and Tanjianshan gold mines. And with the successful completion of our acquisition of Sino Gold and the continued development of our projects in Turkey, China and Greece, we are solidifying our position as one of the world's lowest cost gold producers. Our gold sales revenue increased by 29 percent to $358.5 million as we benefited from increased production and gold prices. Looking ahead, we anticipate 2010 production of 550,000 to 600,000 ounces of gold at a cash operating cost of between $385 and $400 per ounce."
Q4 2009 Highlights
- Produced 107,904 ounces of gold at our Tanjianshan and Kisladag mines at an average cash operating cost of $308 per ounce;
- Sold 131,068 ounces of gold at a realized average price of $1,103 per ounce;
- Reported earnings of $0.08 per share; and
- Completed our acquisition of Sino Gold Mining by purchasing all of Sino Gold's issued and outstanding shares -- a transaction that values Sino Gold at approximately CDN$1.7 billion.
Financial Results Eldorado's consolidated net income for the fourth quarter of 2009 was $33.3 million or $0.08 per share, compared with $28.2 million or $0.08 per share (excluding the gain on the sale of Sao Bento mine) in the fourth quarter of 2008. Net income for the twelve-month period ended December 31, 2009 was $102.4 million or $0.26 per share, compared to $163.7 million or $0.46 per share in 2008. Net income in 2008 included a gain on the sale of Sao Bento of $72.5 million or $0.20 per share. Eldorado cash generated from operating activities before changes in non-cash working capital for the fourth quarter of 2009 was $56.6 million or $0.13 per share compared with $27.3 million or $0.07 per share in the fourth quarter of 2008. Cash generated from operating activities before changes in non-cash working capital for the twelve month period ended December 31, 2009 was $146.9 million or $0.38 per share compared to $125.9 million or $0.35 per share in 2008.
Over the quarter, we sold 64 per cent more ounces of gold at a 38 percent increase in price as compared to the same period in 2008. In Q4 2009 we sold 131,068 ounces of gold at an average price of $1,103 per ounce, compared to 79,965 ounces at an average price of $800 per ounce in the fourth quarter of 2008.
Corporate Activities Completion of Sino Gold acquisition On December 15, 2009, we acquired all the remaining shares of Sino Gold that had not previously been held by us. With this acquisition, we have acquired Sino Gold's interests in the Jinfeng Gold mine (the second-largest gold mine in China) as well as the White Mountain Gold mine and the Eastern Dragon Gold project.
Operating Performance Kisladag During the quarter, we placed 3,679,685 tonnes of ore on the leach pad at an average grade of 0.86 grams of gold per tonne. We produced 70,131 ounces of gold at a cash cost of $296 per ounce, compared to production of 57,902 ounces of gold in the third quarter of 2009 and 60,753 ounces in the fourth quarter of 2008.
Tanjianshan We produced 37,773 ounces of gold at a cash operating cost of $330 per ounce in the fourth quarter, up from 31,016 ounces in the third quarter and compared to 21,092 ounces in the fourth quarter of 2008. Gold production has increased with the commissioning of the roaster, and recoveries in the flotation circuit have increased from around 65 percent to over 80 percent.
Jinfeng For the month of December 2009, Jinfeng produced 14,541 ounces of gold at a cash operating cost of $472 per ounce. During the month 136,054 tonnes were milled at an average grade of 3.97 grams per tonne gold.
White Mountain For the month of December 2009, White Mountain produced 6,148 ounces of gold at a cash operating cost of $364 per ounce. The mine reported 58,074 tonnes were milled at an average grade of 4.26 grams per tonne gold.
Eldorado is a gold producing and exploration company actively growing businesses in Turkey, China, Brazil, Greece and the surrounding regions. We have four operating mines, two mines under construction, a project in the developing stages and an extensive exploration program with 125,000 meters of drilling planned for 2010. With our international expertise in mining, finance and project development, together with highly skilled and dedicated staff, we believe that Eldorado is well positioned to grow in value as we create and pursue new opportunities.
ON BEHALF OF ELDORADO GOLD CORPORATION
"Paul N. Wright"
Paul N. Wright President and Chief Executive Officer
Eldorado will host a conference call Friday March 19, 2010 to discuss the Year End 2009 Financial Results at 11:30 a.m. ET (8:30 a.m. PT). You may participate in the conference call by dialling 416-695-6622 in Toronto or 1-800-355-4959 toll free in North America and asking for the Eldorado Conference Call with Chairperson: Paul Wright, President and CEO of Eldorado Gold. The call will be available on Eldorado's website www.eldoradogold.com. A replay of the call will be available until March 26, 2010 by dialling 416-695-5800 in Toronto or 1-800-408-3053 toll free in North America and entering the Pass code 8574327.
Certain of the statements made herein may contain forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Such forward-looking statements or information include, but are not limited to statements or information with respect to the Transaction and the impact of the implementation of the Transaction on Eldorado, its operations, financial position and gold production.
Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. We have made certain assumptions about the forward-looking statements and information and even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Furthermore, should one or more of the risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements or information. These risks, uncertainties and other factors include, among others, the following: the number of shares issued is subject to certain adjustments; gold price volatility; discrepancies between actual and estimated production, mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment; currency fluctuations; speculative nature of gold exploration; global economic climate; dilution; share price volatility; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors discussed in the sections entitled "Forward-Looking Statements" and "Risk Factors" in the Company's Annual Information Form & Form 40-F dated March 31, 2009.
There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, you should not place undue reliance on the forward-looking statements or information contained herein. Except as required by law, we do not expect to update forward-looking statements and information continually as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada and the U.S.
Eldorado Gold Corporation's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO). Eldorado's CDIs trade on the Australian Securities Exchange (ASX: EAU). The TSX has neither approved nor disapproved the form or content of this release.
Contact: Nancy Woo, VP Investor Relations Phone: 604.601-6650 or 1.888.353.8166 Fax: 604.687.4026 Email: nancyw@eldoradogold.com Request for information packages:laurelw@eldoradogold.com
Eldorado Gold Corporation 1188, 550 Burrard Street Vancouver, BC V6C 2B5 Website www.eldoradogold.com
PRODUCTION HIGHLIGHTS
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First Quarter 2009 |
Second Quarter 2009 |
Third Quarter 2009 |
Fourth Quarter 2009 |
Fourth Quarter 2008 |
2009 |
2008 |
Gold Production |
|
|
|
|
|
|
|
Ounces Produced |
61,426 |
84,572 |
88,918 |
128,593 |
81,845 |
363,509 |
308,802 |
Cash Operating Cost ($/oz)1,4 |
296 |
300 |
297 |
329 |
298 |
309 |
257 |
Total Cash Cost ($/oz)2,4 |
315 |
322 |
326 |
364 |
319 |
337 |
289 |
Total Production Cost ($/oz)3,4 |
375 |
387 |
430 |
486 |
404 |
430 |
370 |
Realized Price ($/oz - sold) |
909 |
927 |
957 |
1,103 |
800 |
995 |
876 |
Kisladag Mine, Turkey5 |
|
|
|
|
|
|
|
Ounces Produced |
46,192 |
62,985 |
57,902 |
70,131 |
60,753 |
237,210 |
190,334 |
Tonnes to Pad |
2,084,714 |
2,428,611 |
2,523,546 |
3,679,685 |
2,371,101 |
10,716,556 |
7,555,881 |
Grade (grams / tonne) |
1.34 |
1.18 |
1.22 |
0.86 |
1.34 |
1.11 |
1.27 |
Cash Operating Cost ($/oz)4 |
274 |
269 |
276 |
296 |
279 |
280 |
254 |
Total Cash Cost ($/oz)2,4 |
276 |
271 |
278 |
298 |
281 |
282 |
256 |
Total Production Cost ($/oz)3,4 |
315 |
309 |
336 |
354 |
314 |
330 |
291 |
Tanjianshan Mine, China |
|
|
|
|
|
|
|
Ounces Produced |
15,234 |
21,587 |
31,016 |
37,773 |
21,092 |
105,610 |
118,468 |
Tonnes Milled |
228,066 |
231,874 |
257,730 |
256,828 |
216,273 |
974,498 |
858,829 |
Grade (grams / tonne) |
3.97 |
5.63 |
5.73 |
5.81 |
4.33 |
5.31 |
5.31 |
Cash Operating Cost ($/oz)4 |
362 |
390 |
338 |
330 |
352 |
349 |
261 |
Total Cash Cost ($/oz)2,4 |
432 |
470 |
414 |
424 |
429 |
432 |
343 |
Total Production Cost ($/oz)3,4 |
557 |
616 |
604 |
670 |
664 |
623 |
496 |
Jinfeng Mine, China6 |
|
|
|
|
|
|
|
Ounces Produced |
- |
- |
- |
14,541 |
- |
14,541 |
- |
Tonnes Milled |
- |
- |
- |
136,054 |
- |
136,054 |
- |
Grade (grams / tonne) |
- |
- |
- |
3.97 |
- |
3.97 |
- |
Cash Operating Cost ($/oz)4 |
- |
- |
- |
472 |
- |
472 |
- |
Total Cash Cost ($/oz)2,4 |
- |
- |
- |
516 |
- |
516 |
- |
Total Production Cost ($/oz)3,4 |
- |
- |
- |
623 |
- |
623 |
- |
White Mountain Mine, China6 |
|
|
|
|
|
|
|
Ounces Produced |
- |
- |
- |
6,148 |
- |
6,148 |
- |
Tonnes Milled |
- |
- |
- |
58,074 |
- |
58,074 |
- |
Grade (grams / tonne) |
- |
- |
- |
4.26 |
- |
4.26 |
- |
Cash Operating Cost ($/oz)4 |
- |
- |
- |
364 |
- |
364 |
- |
Total Cash Cost ($/oz)2,4 |
- |
- |
- |
400 |
- |
400 |
- |
Total Production Cost ($/oz)3,4 |
- |
- |
- |
535 |
- |
535 |
- | 1 Cost figures calculated in accordance with the Gold Institute Standard. 2 Cash Operating Costs, plus royalties and the cost of off-site administration. 3 Total Cash Costs, plus foreign exchange gain or loss, depreciation, amortization and reclamation expenses. 4 Cash operating, total cash and total production costs are non-GAAP measures. See the section "Non-GAAP Measures" of this Review. 5 The Kisladag mine temporarily ceased operations on August 18, 2007 and reopened on March 6, 2008. 6 Jinfeng and White Mountain production for the period December 4 to December 31, 2009 only.
To view News Release PDF, please click here.
Copyright � 2010 ELDORADO GOLD CORP. (ELD) All rights reserved. For more information visit our website at http://www.eldoradogold.com/ or send email to info@eldoradogold.com ..
Données et statistiques pour les pays mentionnés : Canada | Tous Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous
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PRODUCTEUR |
CODE : ELD.TO |
ISIN : CA2849021035 |
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Eldorado Gold est une société de production minière d'or basée au Canada. Eldorado Gold est productrice d'or, de fer au Bresil, au Mexique, en Chine et en Turquie, en développement de projets d'argent et d'or en Chine et en Grece, et détient divers projets d'exploration au Bresil et en Chine. Ses principaux projets en production sont KISLADAG et EFEMÇUKURU en Turquie, LA TRINIDAD - ELDORADO au Mexique, TANJIANSHAN, JINFENG, JIANCHALING, WHITE MOUNTAIN et BEYINHAR en Chine et VILA NOVA au Bresil, ses principaux projets en développement sont EASTERN DRAGON en Chine et PERAMA HILL en Grece et ses principaux projets en exploration sont HEI-SHAN (SHANDONG) et ZHANGJIASHAN en Chine et TOCANTINZINHO au Bresil. Eldorado Gold est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 1,1 milliards (797,5 millions US$, 726,8 millions €). La valeur de son action a atteint son plus bas niveau récent le 03 août 2001 à 0,21 , et son plus haut niveau récent le 07 octobre 2024 à 22,87 . Eldorado Gold possède 47 442 200 actions en circulation. |
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