Eldorado Gold Corporation (“the Company”) is a Vancouver-based gold producer and one of the leading gold companies in the world, active in gold production and exploration in China, Turkey, Brazil, Greece and their surrounding regions. The Company is listed on the largest mining capital markets TSX, NYSE and ASX, with a market capitalization of approximately USD10 billion. As one of the lowest-cost gold producers with a strong balance sheet and no hedge positions, we are well-positioned to grow in value as we create and pursue new opportunities in gold and other resources.
Our commitment is to enhance shareholder value through the discovery, acquisition and development of gold reserves, and the operation of profitable mines. We are committed to being environmentally and socially responsible within the communities in which we operate. Furthermore, we are committed to the creation of a safe work environment that allows our employees to maximize their potential within their chosen careers.
Eldorado prides itself on its corporate governance practices and providing its shareholders with the information on how the Company manages its investment. We comply with our corporate governance policies and the information disclosure standards in Canada, the United States and Australia. We believe that practicing plain disclosure and maintaining communication with all of our stakeholders will continue to encourage confidence in our business practices.
For us, being a responsible corporate citizen means investing in infrastructure, economic development, health and education in the communities where we operate so that we can improve the lives of those who work and live there. As a publicly-listed mining company, Eldorado operates to the highest standards of health, safety and environmental protection. We have a Lost Time Injury (“LTIFR”) rate that is much better than the LTI rate of comparable mines abroad.
Over the past decade, we operated mines and carried out exploration activities in Turkey, Brazil, Greece, America and China. We will continue to grow our operations in China, Greece Turkey and Brazil. We are proud of our record of best practices in the industry that minimize environmental impacts while maximizing social and economic benefits.
Eldorado in China
As the largest foreign gold company operating in China and the largest investor in China’s resource sector, Eldorado co-built three operating gold mines, Jinfeng mine in Guizhou, Tanjianshan mine in Qinghai and White Mountain mine in Jilin, and one gold development project, Eastern Dragon mine in Heilongjiang, with its Chinese partners.In 2010, the Company produced 11 tons of gold in China, ranking the 5th among all the large gold producers in China.
Combining and integrating the advanced technologies and know-hows of China, Canada and Australia, the Company brings a sustainable approach to the gold industry of today’s China. We invest in gold exploration and production by using venture capitals and transparent financing from the international mining capital market. The Company is devoted to investing in resources exploration in China. Since 2003, the Company has been spending over RMB300 million in exploration and drilling over 90,000 meters per annum, contributing 30 tons of gold resource to China each year. In the aspect of community development, the Company launched the first Sustainable Community Development Program in its Jinfeng mine. The program was the first of its kind in China’s resource industry, aimed to make contributions to the development of the local community. Since 2003, the Company has spent over RMB70 million in fulfilling its corporate social responsibility and community development programs. The Company has been helping the local communities to build roads, schools and biogas tanks, and supporting the local planting and breeding industries so that the local economy can achieve sustainable development. At our Tanjianshan mine in Qinghai, the Company adopted new processes, equipment and technologies to promote clean production and recycling economy while trying its best to conserve energy. By actively carrying out waste recycling and re-vegetation activities, the Company effectively protected and improved the local ecology. At our White Mountain mine in Jilin, the Company built a pilot program, the Four-Party Cooperation Platform, a new model of community development. Under this framework, the four parties, namely, the local government, the academia, the local community and the Company, have been paying concerted efforts to solve community problems, help the community residents to improve their livelihood, for instance, launching the Greenhouse Vegetable Program in cold weather. Thus, the local communities will be able to continue to benefit from our programs even after the closure of our mines.
In 2006, our Jinfeng mine won the China Mining Congress “Development of the Year” Award. Our White Mountain mine won the same award in 2008. In the same year, the Provincial Environmental Protection Bureau of Qinghai conferred the Provincial Award for Environment-Friendly Project to our Tanjianshan mine. It’s the first time for a mine to win this award. In 2011, our Jinfeng Mine became one of the first mines winning the title of National Green Mine.
As the only foreign gold producer operating in China, the Company adheres to law-abiding, equitable and transparent operation concepts and adopts sustainable development principles by prioritizing safety production and environmental protection. The Company takes the lead in building and managing mines in China according to the international standards of safety and environmental protection. In the area of environmental protection, the Company’s principle is to ensure that the environment will be no worse or even better than that before mine development.