Eldorado Gold
Corporate brand
UnclaimedEldorado Gold is a Canadian gold and base-metals mining company operating mines and development projects in Canada, Turkey and Greece.
Last updated August 31, 2026
AI crawler reads
No AI crawler has read this profile yet.
Overview
Eldorado Gold Corporation is a Vancouver-based Canadian mining company focused primarily on gold, with additional exposure to silver, lead, zinc and copper. Its operating portfolio is centered on the Kışladağ and Efemçukuru gold mines in Turkey, the Lamaque gold mine in Quebec, Canada, and the Olympias polymetallic mine in northern Greece. The company also has a long-term development interest in the Skouries gold-copper project in Greece. Its output is sold as gold doré or mineral concentrates rather than as consumer-facing products, so the Eldorado Gold name functions principally as a corporate and mining-asset brand. The company was incorporated in Bermuda in 1992 by entrepreneurs who had previously worked together at Bema Gold. Its first producing asset was La Colorada in Sonora, Mexico, which entered production in 1994. Eldorado subsequently developed or acquired additional Mexican, Brazilian, Turkish and Chinese assets. In 1996, after resisting a takeover approach from Glamis Gold, the company adopted the Eldorado Gold Corporation name and moved its domicile to Vancouver. A merger with HRC Developments brought Brazilian and Turkish exploration properties into the enlarged group and helped establish the asset base from which Kışladağ was developed. A major expansion phase followed in the 2000s. Kışladağ entered production in Turkey in 2006, São Bento in Brazil operated until 2007, and the company expanded in China through the acquisition of Afcan Mining and later Sino Gold Mining. The 2009 Sino Gold transaction added the Jinfeng and White Mountain mines and helped increase annual production substantially. Eldorado also acquired Brazauro Resources in 2010 for the Tocantinzinho project. An attempted acquisition of Andean Resources and its Cerro Negro project was unsuccessful after Goldcorp made a superior offer. The 2011 acquisition of European Goldfields transformed Eldorado's strategic direction by adding the Greek assets, including Olympias, Stratoni and the proposed Skouries mine. The company later prioritized Greece while selling its Chinese mines in 2016 to China National Gold Group Corporation and Yintai Resources. This portfolio reshaping reduced production in the short term but concentrated the business around a smaller number of larger, strategically important assets. Eldorado acquired Integra Gold in 2017, adding the Lamaque project in Quebec; Lamaque reached commercial production in 2019. Eldorado's business has been shaped by the technical, regulatory and social complexity of mining. In Greece, the Skouries and Olympias projects have attracted both support, based on expected employment and investment, and opposition related to forest clearing, water quality, tourism, agriculture and confidence in environmental regulation. The company has also faced criticism concerning environmental compliance, taxation arrangements and executive compensation. These disputes have periodically affected permitting, construction schedules, investor confidence and the company's share price. Today Eldorado Gold presents itself as an intermediate-scale international precious-metals producer rather than a diversified consumer brand. Its activities cover exploration, mine development, underground and open-pit extraction, mineral processing, concentrate production and reclamation. The company continues to rely on Turkey, Canada and Greece for its operating footprint, while its historical record includes mines and projects in Mexico, Brazil, China and Romania.
History
Eldorado Gold began as Eldorado Corporation, incorporated in Bermuda on April 2, 1992, by a group of former Bema Gold colleagues. The founders negotiated development-for-equity arrangements in Mexico, obtaining interests in the La Colorada and La Trinidad projects. La Colorada became the company's first producing mine in 1994. La Trinidad followed in 1996, but its life was short: it was shut down and sold in 1998 during a period of weak gold prices. La Colorada was sold in 2000. In 1995 Eldorado defended itself against a hostile takeover bid from Glamis Gold. In 1996 it changed its name to Eldorado Gold Corporation and moved its domicile to Vancouver. That year it acquired Brazilian and Turkish assets from Gencor in a transaction involving HRC Developments Corporation; Eldorado and HRC subsequently combined. The Brazilian São Bento mine became the group's principal operating asset for several years while Eldorado advanced the Kışladağ project in Turkey. Kışladağ entered production in 2006 as a low-grade, open-pit, heap-leach gold operation. São Bento operated until 2007. Eldorado expanded in China through the acquisition of Afcan Mining, which brought the Tanjianshan mine, and through its 2009 all-share acquisition of Sino Gold Mining, which added Jinfeng and White Mountain. These transactions drove a sharp increase in production. Eldorado was added to the S&P/TSX 60 in 2009. In 2010 it acquired Brazauro Resources and its Tocantinzinho exploration project. Its proposed acquisition of Andean Resources failed when Goldcorp offered a higher-value bid for Cerro Negro. The acquisition of European Goldfields in 2011 added the Greek assets that would define Eldorado's subsequent strategy. The portfolio included the historic Olympias mine, the Stratoni polymetallic mine and the Skouries gold-copper development project, as well as exploration interests in Romania. Efemçukuru in Turkey began commercial production in 2012. Olympias later restarted through staged development and retreatment of historic tailings, reaching commercial production in 2017. Eldorado also operated the Vila Nova iron-ore mine in Brazil from 2011 to 2014. From the middle of the 2010s, Eldorado sold its Chinese mines and concentrated investment on Greece, Turkey and Canada. The Chinese assets were sold in 2016, reducing near-term production. In 2017 Eldorado acquired Integra Gold for approximately C$590 million in cash and shares, obtaining the Lamaque project in Quebec. Lamaque reached commercial production on March 31, 2019. The Greek portfolio has generated persistent controversy. Supporters have emphasized jobs, foreign investment and the potential economic contribution of Skouries, particularly during Greece's debt crisis. Opponents have raised concerns about forest disturbance, water resources, tourism, agriculture and the adequacy of public oversight. Permitting and regulatory disputes contributed to delays and uncertainty, while the company reported having spent about US$1 billion on Greek development by 2017. Eldorado has also been criticized in public reporting over alleged tax-avoidance structures involving Dutch subsidiaries and executive compensation during a period of poor share performance. These allegations form part of the company's reputational history but should be distinguished from proven legal findings. Eldorado's modern operating model combines underground and open-pit mining, heap leaching, processing of polymetallic ore, concentrate shipment and exploration. Its historical evolution—from a small Mexican producer to a multinational owner of assets in North America, Europe, Asia and South America—has been driven largely by acquisitions, divestitures and the development of large, long-life deposits.
- 2019
Lamaque reaches commercial production
[1]The Quebec underground mine reached commercial production on March 31.
- 2017
Integra Gold acquisition
[1]The acquisition added the Lamaque project in Quebec.
- 2016
Chinese assets divested
[1]Eldorado sold its Chinese mines and focused its portfolio on Greece, Turkey and Canada.
- 2012
Efemçukuru reaches commercial production
[1]Eldorado's second Turkish gold mine began commercial production.
- 2011
European Goldfields acquisition
[1]The transaction added the company's Greek mining and development portfolio.
- 2009
Sino Gold acquisition completed
[1]The all-share transaction added Jinfeng and White Mountain in China.
- 2006
Kışladağ begins production
[1]The Turkish open-pit, heap-leach gold mine entered production and became a central asset.
- 1996
Name and domicile change
[1]Following its defense against Glamis Gold, the company became Eldorado Gold Corporation and moved its domicile to Vancouver.
- 1994
La Colorada enters production
[1]La Colorada in Mexico became Eldorado's first producing mine.
- 1992
Eldorado Corporation incorporated
[1]The company was incorporated in Bermuda on April 2, beginning the corporate history of what became Eldorado Gold Corporation.
Products and positioning
An international precious-metals mining company focused on operating and developing gold assets, with selected polymetallic and copper exposure.
Gold mine · 2006
Kışladağ
An open-pit gold mine in Uşak Province, Turkey. The operation uses heap leaching to recover gold from relatively low-grade ore and has historically been Eldorado's largest or most important producing asset.
Underground gold mine · 2012
Efemçukuru
A high-grade underground gold mine near İzmir, Turkey. Ore is mined underground and sold to third parties for processing, distinguishing the operation from Eldorado's on-site heap-leach model at Kışladağ.
Underground gold mine · 2019
Lamaque
An underground gold mine in Val-d'Or, Quebec, acquired through Integra Gold. It became one of Eldorado's core North American operations after reaching commercial production in 2019.
Polymetallic mine · 2017
Olympias
An underground mine in northern Greece producing gold, silver, lead and zinc-bearing material. Concentrates are shipped through facilities connected with Thessaloniki and Stratoni for further processing.
Gold-copper development project
Skouries
A major Greek gold-copper project in the Chalkidiki region. Its development has been a strategic priority for Eldorado but has also faced permitting delays, public opposition and debate over environmental and economic effects.
Silver-lead-zinc mine
Stratoni
An underground polymetallic operation in northern Greece producing silver-, lead- and zinc-bearing concentrates. It is part of the Greek asset portfolio acquired through European Goldfields.
Controversies
2017
Criticism over Greek project impacts and corporate conduct
Public criticism surrounding Eldorado's Greek projects included alleged environmental risks, the use of Dutch subsidiaries in alleged tax-avoidance arrangements and executive compensation viewed by critics as excessive relative to company performance.
Environmental compliance allegations at Olympias
A Greek environmental inspection committee reported that the Olympias operation violated environmental protection requirements, including concentrations of cadmium, lead and arsenic above permitted limits in a water stream used by the operation.
Marketing campaigns
- Support and opposition surrounding Skouries
Greece
Eldorado's Skouries development became the focus of competing public campaigns. Supporters highlighted employment, foreign investment and regional economic development, while opponents objected to forest clearing and possible effects on water, tourism, agriculture and environmental values.
Outcome. The project remained subject to prolonged regulatory, political and social controversy and development delays.
Brand decisions
2017
Acquire Integra GoldM&ABackground
Eldorado sought a Canadian development asset to complement its international portfolio.
Action taken
Acquired Integra Gold in a cash-and-share transaction valued at approximately C$590 million according to the referenced account.
Aftermath
The acquisition provided the Lamaque project, which became a producing mine in 2019.
Transaction value. Approximately C$590 million (2017)
2016
Divest Chinese operating portfolioStrategyBackground
Eldorado chose to concentrate capital and management attention on Greece, Turkey and Canada.
Action taken
Sold its Chinese assets to China National Gold Group Corporation and Yintai Resources in separate transactions.
Aftermath
The sales generated approximately US$900 million in aggregate according to the referenced account, while reducing production and narrowing Eldorado's geographic footprint.
Aggregate divestiture proceeds. Approximately US$900 million (2016)
2011
Acquire European GoldfieldsM&ABackground
Eldorado wanted to add large-scale Greek gold and polymetallic assets and strengthen its development pipeline.
Action taken
Agreed to acquire European Goldfields in an all-share transaction valued at approximately US$2.5 billion according to the referenced historical account.
Aftermath
The deal made Greece central to Eldorado's strategy and created the platform for development of Olympias and Skouries.
Transaction value. Approximately US$2.5 billion (2011)
2009
Acquire Sino Gold MiningM&ABackground
Eldorado sought to increase its production base and add established Chinese gold assets.
Action taken
Completed an all-share acquisition of Sino Gold Mining, adding the Jinfeng and White Mountain mines.
Aftermath
The transaction materially expanded production and geographic exposure in China before the later divestiture of those assets.
Recent events
Reported
G Mining completes acquisition of Tocantinzinho Gold Project[3]
G Mining Ventures Corp. completed its $115 million acquisition of the Tocantinzinho Gold Project from Eldorado Gold Corporation, acquiring the issued and outstanding shares of Brazauro Recursos Minerais S.A. associated with the project.
Reported
Eldorado Gold completes acquisition of QMX Gold[4]
Eldorado Gold completed its acquisition of QMX Gold, making the Canada-based resource company a wholly owned subsidiary of Eldorado.
Sources4 sources
Cite this profile: Cite the canonical profile. /brand-wiki/eldorado-gold · Editorial policy · How profiles are compiled