1
ELDORADO GOLD
Tomorrow,
Together
Eldorado Gold Year in Review 2017
About “Tomorrow, Together”
“Tomorrow, Together” is a reflection of our belief that in mining the hard work of
taking a project from exploration to reclamation can only be done with support from,
and in partnership with, our employees, local communities and host governments.
Our goal is to work with our stakeholders to build a stronger future.
This 2017 Year in Review report (the “Report”) has been produced
in accordance with the requirements of the “Core” Global Reporting
Initiative (GRI) fourth generation (G4) Sustainability Reporting Guidelines,
and includes data on Eldorado Gold Corporation’s (“Eldorado” or “the
Company”) four producing mines in 2017, as well as its construction and
development projects. However, the performance data focuses on our
producing assets – Kışladağ, Efemçukuru, Olympias and Stratoni. As our
Lamaque site was acquired part way through 2017, its operations are not
included in this Report unless otherwise noted. Data represents the full
2017 calendar year and, unless otherwise noted, all costs are reported in
US dollars. Although we do not have the Year in Review Report externally
verified, the content has been prepared and reviewed internally.
Please note that, where applicable, restatements of prior year data have
been highlighted throughout the Report. Restatements occur as a result of
updated or more accurate data becoming available after the release of our
previous Year in Review Report on June 8, 2017.
We welcome feedback from all stakeholders regarding our sustainability
reporting. Please direct comments or requests for further information
to sustainability@eldoradogold.com.
Other In-Country Sustainability Reporting
In addition to this Report, our Greek subsidiary, Hellas Gold S.A., publishes
an annual GRI aligned Corporate Social Responsibility Report, and our
Turkish subsidiary, Tüprag Metal Madencilik Sanayive Ticaret A.S., publishes
a biannual magazine Altin Sayfa (Golden Page) that includes articles, case
studies and news relevant to our Turkish mines’ social and environmental
performance during the period.
Cover image: Surveying in the open pit
at Kışladağ, Turkey.
Table of Contents
Eldorado Gold at a Glance ..................................................................1
Letter from the President & CEO ........................................................ 2
Our Business ................................................................................ 4
2017 Key Outcomes ....................................................................... 5
Creating Value Throughout the Mining Life Cycle ........................... 6
Our Products ................................................................................ 10
Where We Operate ................................................................... 12
Operating Mines ....................................................................... 14
Kışladağ ....................................................................................... 14
Efemçukuru ................................................................................. 15
Stratoni ........................................................................................ 16
Olympias ...................................................................................... 17
Construction Projects ................................................................ 18
Lamaque ...................................................................................... 18
Skouries ....................................................................................... 19
Development Projects ............................................................... 20
Tocantinzinho ............................................................................... 20
Certej ........................................................................................... 20
Perama Hill................................................................................... 20
Exploration Highlights .............................................................. 21
Responsible Mining: Our Approach ......................................... 22
UN Sustainable Development Goals.............................................. 24
Corporate Governance and Transparency ..................................... 26
Our Performance and Targets ....................................................... 27
Materiality ................................................................................. 30
Analysis of Material Topics ............................................................ 32
Materiality Matrix ......................................................................... 32
Materiality Results ........................................................................ 33
Responsible Performance ......................................................... 34
Economic Performance ................................................................. 35
Responsible Corporate Citizenship ............................................... 36
Providing Decent Work ............................................................. 42
Keeping Our People Safe .............................................................. 43
Providing Employment and Economic Growth .............................. 47
Working with Communities ..................................................... 56
Respecting Our Environment ................................................... 62
Climate Change ........................................................................... 65
Water Usage ................................................................................ 69
Reserves and Resources ............................................................ 74
GRI G4 “Core” Content Index ................................................... 76
Cautionary Note ........................................................................ 82
Corporate Information .............................................................. 83
Glossary of Acronyms, Symbols and Abbreviations ............... 84
Eldorado Gold at a Glance
Eldorado is a Canadian mid-tier gold mining company, with shares trading
on the Toronto (TSX: ELD) and New York (NYSE: EGO) stock exchanges.
Eldorado produced approximately 293,000 ounces of gold in 2017 and had
proven and probable gold reserves of 17.3 million ounces at year end.
Eldorado’s operations are global and the Company has assets in Brazil,
Canada, Greece, Romania, Serbia and Turkey. Eldorado’s activities involve
all facets of mining, including exploration, development, production
and reclamation.
Headquartered in Vancouver, the Company directly employs approximately
4,950 people world-wide. Eldorado operates as a decentralized business,
with the majority of employees and management being nationals of the
countries in which operations and offices are located.
Eldorado’s approach to business is based on having a highly skilled and
dedicated workforce, safe and responsible operations, a portfolio of
quality assets, and long-term partnerships with the communities in which
we operate.
At year end, Eldorado had a market capitalization of approximately
$1.1 billion and revenues of approximately $391.4 million.
For more information on Eldorado Gold, our entities and our performance,
please see our 2017 Annual Information Form on our website:
eldoradogold.com/investors/.
Two employees underground
at Efemçukuru, Turkey.
1
ELDORADO GOLD
KEY FACTS AND FIGURES
4,951
Employees and
contractors world-wide
6
Countries of operation
Brazil, Canada, Greece, Romania, Serbia and Turkey
4
Operating mines
Kışladağ, Efemçukuru, Olympias and Stratoni
2
Construction projects
Lamaque and Skouries
3
Development projects
Certej, Perama Hill and Tocantinzinho
292,971 oz
Gold produced in 2017
17.3 Moz
Gold reserves at year end
25 years
Experience building and
operating mines globally
2
ELDORADO GOLD
YEAR IN REVIEW 2017
Letter from the President & CEO
Setting a positive precedent for responsible mineral extraction has been a priority for Eldorado
since the Company was founded in 1992. Over the past two decades, Eldorado has brought
leading safety and environmental standards to both new and existing mining jurisdictions, built
relationships based on trust and respect, and worked together with local partners to create
opportunities beyond our mines.
TOMORROW, TOGETHER:
OUR COMMITMENT TO SUSTAINABLE OPERATIONS
Today, we continue to work with our stakeholders to build a stronger
future. This includes working collaboratively with industry and peers to
improve our sustainability performance, partnering with local communities
to build long-term benefits, actively participating in several industry
associations and applying world-class standards. We are proud of our
certifications under the ISO 14001 Environmental Management System
Standard, OHSAS 18001 Occupational Health and Safety Management
System Standard, the International Cyanide Management Code (ICMC)
and the World Gold Council’s Conflict-Free Gold Standard. We continue
to seek ways in which our business activities can support the United
Nations Sustainable Development Goals (SDGs), which are a universal call
to action to end poverty, protect the planet and ensure that all people
enjoy peace and prosperity.
“Tomorrow, Together” is a reflection of our belief that in mining, the hard
work of taking a project from exploration to reclamation can only be
done with support from, and in partnership with, our employees, local
communities and host governments.
Mining is a complex, long-term
industry and to continue to
succeed, we must seek out ever
safer and more sustainable
ways to operate.
George Burns
President & Chief Executive Officer
3
LETTER FROM THE PRESIDENT & CEO
2017 YEAR IN REVIEW
WORKING TOGETHER TO SUCCEED TOGETHER
The past year was a challenging one for the Company. Despite successfully
acquiring and advancing the Lamaque project, the technical challenges at
Kışladağ and the political headwinds in Greece overshadowed the Eldorado
value proposition. Although we faced headwinds, some of the year’s
highlights included reaching commercial production at Olympias Phase II,
along with continued exploration success at Lamaque (Canada), Bolcana
(Romania), Efemçukuru (Turkey) and Stratoni (Greece).
We ended the year in a strong financial position, with $485 million in
cash, cash equivalents and term deposits, and $250 million in undrawn
lines of credit; this positions us well for our path forward, provides us with
flexibility, and allows us to make the decisions needed to create value for
all our stakeholders.
Throughout 2017, we continued to work together with local stakeholders
to build opportunities in the communities near our mines. Numerous
initiatives improved educational opportunities and access to healthcare,
supported arts, cultural and sporting activities, and helped to develop other
industries such as agriculture and tourism.
We have improved our alignment with the Voluntary Principles on
Security and Human Rights to ensure our sites’ security teams continue
to uphold and respect human rights. As we continue to embrace diversity
across our operations, we developed a formal Diversity Policy for our
Board and senior management team that recognizes the benefits of
diverse perspectives in delivering superior business performance.
OUR SAFETY GOAL: ZERO HARM
Working safely continues to underpin all that we do, with our ultimate goal
being zero harm. At each site visit last year, I repeated the same message:
if a job cannot be done safely, do not do it. We have work to do in this area
as our lost-time incidents increased in 2017.
During the year, we developed and began implementation of a Global
Health and Safety Directive. This document provides our operations with
a common approach to achieving our safety objectives while allowing our
sites to develop systems that are best suited to their needs. We also recently
published Eldorado’s Golden Rules, a safety handbook that outlines critical
controls and mandatory actions related to higher risk activities. A copy
must be carried by every employee while on site as a reminder to think of
safety first.
Despite rigorous safety protocols being in place, I am deeply saddened by
the fatality at Skouries when an employee of a contractor was struck by a
branch from a falling tree. A full investigation occurred and findings were
acted upon. Such tragedy reminds us that we cannot let our focus on safety
waiver and strengthens our resolve to achieve zero harm.
STRENGTHENING OUR ENVIRONMENTAL COMMITMENTS
DEFINING OUR PATH FORWARD
We can always do better and in 2018 we have committed to strengthening
and reinforcing our safety culture across all our operations. Our corporate
objectives reflect the importance we place on safety, and our leadership
team’s compensation is tied to Eldorado’s safety performance, compliance
with safety and environmental standards, and creating a safety culture
through felt leadership. Everyone is accountable for safety.
Energy inputs represent our second-largest operating cost. As such,
it provides a significant area of opportunity for Eldorado to improve energy
efficiency and reduce our carbon footprint while also reducing costs.
We are developing a strategic energy management plan to drive short- and
long-term reduction goals for energy and emissions, which further illustrates
our commitment to efficient and environmentally responsible operations.
By advancing the Lamaque project through the development phase and
into production, and with the proposed construction of a mill at Kışladağ,
combined with gold production from our existing operations at Efemçukuru,
Olympias and the Kışladağ leach pad, we plan to restore Eldorado’s annual
gold production to over 600,000 ounces by 2021. We will continue
to prioritize our development opportunities and prudently deploy our
capital in a manner that will maximize the value of our portfolio for all
our stakeholders.
With multiple projects under development, our teams continue to seek ways
to mitigate our environmental impacts from the outset. At Lamaque we are
looking at options to reduce our energy use and greenhouse gas emissions.
At Skouries we recently committed to using dry stack tailings, which,
if approved by the Government of Greece, reduces the project’s surface
footprint by 40%. At Kışladağ we honed the site’s water balance model to
increase the recycling and reuse of contact water, minimize groundwater
consumption, and reduce risks attributable to overflow and supply constraints.
Mining is a complex, long-term industry and we must continue to seek out
ever safer and more sustainable ways to operate. Working to meet these
challenges requires the collaboration of a skilled and dedicated team –
a team who partners with key stakeholders to find innovative solutions and
mutually beneficial opportunities. We believe we have this team in place.
Guided by our values of honesty, openness and accountability, we will
continue to measure our performance beyond the balance sheet in 2018
and in the years to come.
At our operations, when areas are no longer needed for mining use, we
begin rehabilitation efforts. In 2017, we restored 26 hectares across our
global sites. We are also proud to report that we had no reportable spills
last year.
Yours sincerely,
George Burns
President & CEO
4
ELDORADO GOLD
YEAR IN REVIEW 2017
Our Business
We find, mine, process and produce gold and byproduct metals. At each stage of the mining
process, we aim to create value for all of our stakeholders while operating responsibly. For Eldorado,
this means finding and developing world-class assets, growing our resources and reserves,
delivering cost savings, responsibly managing our impacts and building opportunities for those
in neighbouring communities.
We are focused on
driving forward our
industry-leading
growth projects under
a disciplined capital
framework to create
long-term value for all
our stakeholders.
Kışladağ open pit at dusk, Turkey.
2017 Key Outcomes (1)
5
OUR BUSINESS
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2015
2016
2017
292,971 oz of gold produced
Gold production was lower in 2017 compared
to 2016 due to lower recovery material being
placed on the pad and slower than expected
leach rates at Kışladağ.
Year end proven and probable reserves
of 17.3 Moz
Proven and probable gold reserves were
lower by 10%, mainly due to depletion
from mining.
$391.4 million in revenue
Revenue was lower due to reduced gold
production and attributable sales.
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2015
2016
2017
2015
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2015
2016
2017
1.65 lost-time injury frequency
rate (LTIFR)
Eldorado’s LTIFR increased 20% in 2017 due
to a corresponding increase in the number
of lost-time injuries across the Company.
$922/oz all-in sustaining cost (AISC)
$735 million in liquidity
Eldorado’s AISC rose slightly by 2%
year over year due to lower ounces produced
in 2017.
At the end of 2017, we had $485 million in
cash, cash equivalents and term deposits, and
$250 million in unused lines of credit.
(1) 2015 and 2016 figures have been adjusted to reflect continuing operations only.
6
ELDORADO GOLD
YEAR IN REVIEW 2017
Creating Value Throughout the Mining Life Cycle
Below we describe each stage of the mining life cycle, the roles of our dedicated teams and the average time frame for each phase.
Eldorado’s Core Business
1. Inputs
2. Exploration
Resources
and
Relationships
■ Brazil
■ Canada
■ Greece
■ Romania
■ Serbia
■ Turkey
3. Evaluation &
Development
■ Certej
■ Tocantinzinho
■ Perama Hill (1)
4. Construction
■
Lamaque
■ Skouries (2)
5. Mining &
Processing
■ Kışladağ
■ Efemçukuru
■ Stratoni
■ Olympias
■ Vila Nova (1)
6. Outputs
■ Gold
■ Silver
Lead
■ Zinc
■
7. Reclamation &
Closure
Timeline:
3–5 years
5+ years
3–5 years
10–20+ years
2–5 years
(1) Perama Hill and Vila Nova are currently under care and maintenance.
(2) Eldorado announced on November 9, 2017 its intention to place Skouries under care and maintenance.
INPUTS
Resources and relationships are critical inputs to the mining life cycle. Various teams manage these
inputs, including Operations, Exploration, Corporate Development, Administration & Legal,
Human Resources, Engineering, Investor Relations and Finance. Effectively managing our
resources and relationships can lower operating costs, reduce site disruptions, secure mine licences and
permits, and accelerate Company growth and expansion.
Resources
■ Employees
■ Contractors
■ Capital
■ Land
■ Services and suppliers
■ Plants and equipment
■ Energy
■ Water
Relationships
■ Labour
■ Unions
■ Suppliers
■ Local communities
■
■
Investors
Industry associations
■ Government
■ Peers
■ Public authorities
■ Religious associations
7
OUR BUSINESS
EXPLORATION (3–5 YEARS)
Eldorado’s Exploration and Corporate Development teams actively look for potential assets within
our focus jurisdictions and in new regions. They assess early and advanced-stage exploration projects
and conduct near-mine and grassroots exploration programs, with the primary goal of adding value
through discovery in order to increase our resources and reserves.
During grassroots exploration, our Exploration teams visit prospective areas to conduct geological
surveys and sampling programs, and often partner with other companies to benefit from their local
knowledge and experience. If results indicate a possible mineralized deposit, we drill exploration holes
to determine whether economically viable concentrations of metals may exist.
Advanced-stage exploration projects will include detailed drilling programs designed to define
resources and reserves, and they provide the basis for the evaluation and development stage. During
exploration, we initiate engagement with local communities to identify social and environmental
concerns, and we consider these parts of the mine development plans.
EVALUATION AND DEVELOPMENT (5+ YEARS)
During the development stage, our Engineering, Technical Services and Metallurgy teams conduct
feasibility studies to determine:
■ Optimal mining methods and mineral recovery processes for each project
■ Required infrastructure
■ Optimal facility placement and design, based on thorough impact and mitigation assessments
■ Required mine monitoring, closure and reclamation plans
These studies give us a picture of the capital costs required for development and the longer-term
economics of the project. We are then able to decide whether capital investment makes economic
sense, in order to make a construction decision.
We also build upon our initial environmental baseline studies and conduct extensive environmental
testing to establish baseline data for air, water, soil and biodiversity. This information becomes part
of the Environmental Impact Assessment (EIA), which must be completed and approved by the
relevant authorities before a mine can be developed. Sustainability criteria are built into the EIA, and
throughout the environmental permitting process we engage and consult with local communities,
businesses and government to obtain input. This research and dialogue helps Eldorado develop
innovative solutions for the social and environmental challenges that our projects face, including dust
and air emissions, water and energy use, noise and waste.
Infrastructure development initiatives – such as improving roads, building sewage systems and drilling
water wells – may also commence, according to project and local community needs.
Site preparation work at Certej, Romania.
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ELDORADO GOLD
YEAR IN REVIEW 2017
CONSTRUCTION (3–5 YEARS)
Once the project EIA and other relevant permits are approved by relevant government authorities, and
we have received a positive decision from our Board of Directors to proceed, our Capital Projects
team can begin construction. Explicit requirements described in the EIA guide our activities and help
us manage key social and environmental risks.
This construction phase requires the greatest proportion of capital and resource inputs invested over
a project’s life cycle. During this phase we add significant value to local economies through local job
growth and procurement. Eldorado focuses on local hiring and procurement everywhere we operate,
and our aim is to train all employees and contractors in the industry’s leading environmental, health
and safety practices, procedures and controls.
Based on dialogue with local communities and businesses, we identify gaps in skills and capacity,
provide on-the-job training and, where needed, support local technical schools and universities
to enhance their mining-specific and trades programs, so that local residents and students can improve
their prospects of employment with us.
MINING AND PROCESSING (10–20+ YEARS)
During production, our Operations team and site personnel are responsible for mining, extracting
and processing ore from our mines. Any leftover materials generated by our mining activities – which
typically include topsoil, waste rock and tailings – are either placed on site in engineered facilities for
storage and treatment, or reused elsewhere on site as part of construction activities, rehabilitation
or underground backfill. Rigorous environmental monitoring – to test air, water and soil quality,
and noise, blast vibration and dust levels – allows us to assess our compliance with environmental
regulations and the terms of our operating licences and permits.
We add value during the production phase through a commitment to local employment and
procurement, operational excellence, local investment and community engagement. New equipment
and technologies, continuous improvement projects, low accident rates, a commitment to
environmental stewardship, and effective controls and procedures all combine to deliver productivity
benefits. Frequent consultation with local communities and businesses helps us identify where we
can create new opportunities for sustainable economic development.
Removing a rotor for refurbishment
at the Sigma mill, Lamaque, Canada.
9
OUR BUSINESS
OUTPUTS
Our outputs comprise the products we produce, namely, gold, silver, lead and zinc. Our in-country
Marketing teams are responsible for establishing working relationships and purchase agreements
with downstream refineries. These agreements outline the terms and conditions of payment for our
products, and specify parameters and penalties for the quantity, quality and chemical composition
of our doré and concentrate. More details on our products can be found on page 10.
RECLAMATION AND CLOSURE (2–5 YEARS, PLUS ONGOING MANAGEMENT)
Restoring the land so it is compatible with the surrounding landscape is our responsibility and a priority
for our communities. How we conduct our rehabilitation in one jurisdiction impacts our welcome
in another. Therefore, prior to and throughout a mine’s operation, our Operations teams develop and
continuously enhance plans for the mine’s future closure, in order to:
■ Protect public health and safety
■ Eliminate the potential for environmental damage
■ Return the land to its original condition (or an acceptable and productive alternative)
■ Provide for long-term socio-economic benefits
Whenever possible, remediation and reclamation begin during the mine’s operation. When areas
are no longer needed for mining, they are reclaimed in parallel with other work being carried out
elsewhere. Topsoil removed from mining and construction areas is stored for later use in all reclamation
activities. Some sites investigate different plants, shrubs and tree species suitable for local propagation,
in studies taking place in on-site greenhouses.
As a member of the Mining Association of Canada, we look to our sites to align with the
requirements of the Towards Sustainable Mining (TSM) program, including the TSM Mine Closure
Framework. The framework goes beyond legal compliance and seeks collaboration between mines
and communities to develop closure plans and strategies to mitigate the socio-economic impacts
of mine closure.
Sometimes it is necessary to place a mine site under care and maintenance, such as at our Skouries,
Perama Hill and Vila Nova mines. This means we temporarily halt construction and/or operational
activities so that we may recommence development at a later date. This may occur when economic
conditions or resource prices make the mine uneconomic to operate or, in the case of Skouries,
when political challenges delay the issuance of key permits and licences required for construction.
Environmental risks such as mine tailings and hazardous materials storage continue to be managed,
while idle plant and machinery are maintained. All safety and environmental conditions continue
to apply under care and maintenance.
Once a mine site is permanently closed, we conduct further environmental monitoring and reclamation
activities, as required by our EIA and mine licences, so that the environment can successfully transition
to a productive ecosystem.
All of Eldorado’s mine closure plans address:
■ Decommissioning: dismantling project infrastructure such as facilities and buildings
■ Reclamation: re-vegetating disturbed areas
■ Ongoing monitoring: long-term monitoring of environmental parameters
■ Closure costs: regularly reviewing and updating closure plan costs and making financial provisions
The plant nursery at our Olympias site
in Greece. Over 250 plant species are
grown here and will be used in our
rehabilitation efforts.
10
ELDORADO GOLD
YEAR IN REVIEW 2017
Our Products
Eldorado is committed to responsibly producing gold and other metals that offer a wide range
of uses. Our products are often essential elements in a variety of goods that advance sustainable
development in other fields and contribute to economic growth around the world. We focus on
producing all our products responsibly, and all of our gold-producing sites are certified to the
World Gold Council’s Conflict-Free Gold Standard (CFGS).
Product Responsibility
Eldorado supports industry-wide efforts to steward the responsible production of gold and other
precious and base metals. We acknowledge and believe that our licence to operate requires that
all of our activities be conducted in a manner that do not cause, support or contribute to human
rights abuses, unlawful conflict, or breaches of international humanitarian law. As a member in good
standing of the World Gold Council (WGC), Euromines and the Mining Association of Canada (MAC),
we are committed to operating at the forefront of social and environmental standards. Our operating
mines adhere to the following:
■
ISO 14001 Environmental Management System Standard
■ OHSAS 18001 Occupational Health and Safety Management System Standard
■ Conflict-Free Gold Standard
■
International Cyanide Management Code
Our primary operating cash flows derive from the sale of unrefined gold bullion bars (or doré),
and gold, silver, lead and zinc concentrates.
Product Handling
All of Eldorado’s products are sold in bulk to downstream refineries for secondary treatment.
We do not sell our products to the public and our products do not require packaging. At Kışladağ
and Efemçukuru, doré is sold and transported to precious metals refineries to be further processed into
pure (99.9%) metals. At Efemçukuru, Olympias and Stratoni, metal concentrates are transported to
offshore smelting facilities for further refinement. As 100% of Eldorado’s metal products are sold to
downstream refineries for further processing, we do not undertake product recycling or reclamation.
Our doré, which largely contains gold and silver, has no environmental or safety risks associated with
handling or disposal, and it therefore requires no product service or labelling. As a result, beyond our
product transport and security procedures, we have not developed detailed protocols, procedures or
public labelling for product handling or responsibility.
Our concentrates, which contain combinations of gold, silver, lead and zinc, are transported by conveyor
to a local port facility (e.g. Stratoni) or loaded onto enclosed trucks and transported to sea ports for export
to foreign smelters. The transport of concentrate is subject to numerous risks, mainly with respect to
theft and environmental liabilities in the event of a spill. All road and marine shipments of concentrate
from Efemçukuru, Olympias and Stratoni are performed under the European Agreement concerning
the International Carriage of Dangerous Goods by Road and International Maritime Organization (IMO)
regulations. Eldorado exclusively hires subcontractors certified and trained to follow the standards
and procedures relevant to the aforementioned guidelines for emergency response with respect to
transportation and security.
Gold bars at Kışladağ, Turkey.
Did you know?
The metals we produce,
including gold, silver, lead and
zinc, comprise many of the
fundamental materials of which
our modern world is made. They
are also critical components of
green technologies such as wind
turbines, electric cars, solar cells
and major infrastructure that are
advancing the global transition
to a lower-carbon economy. Just
as our products contribute to a
better world, we are committed
to producing them in a way
that creates positive social,
environmental and economic
value for all our stakeholders.
Concentrate bags ready for export
at Olympias, Greece.
11
OUR BUSINESS
6%
30%
10%
54%
World Gold Demand
■ Central bank net purchase
■ Technology
■ Jewelry
■ Investment
GOLD (AU)
Gold’s technological applications, such
as in health care, electronics, green
technologies and industrial uses, made
up 10% of demand globally, while in
2017, central banks purchased 6% of
all gold produced.(1) Jewelry accounted
for 54% of the global demand for
gold in 2017. Investments, including
bars, coins, exchange-traded funds and
other products, accounted for a further
30% of demand.
SILVER (AG)
Silver has a wide variety of uses due to
its malleability, reflectivity and lustre. It is
commonly used in jewelry and silverware,
and also in medical science, batteries, circuit
boards and photography. Photovoltaic
demand for silver also increased 34% from
the previous year due to a 49% increase
in global solar panel installation. (2)
4%
4%
17%
45%
30%
World Silver Demand
■ Industrial fabrication
■ Investments, coins and bars
■ Photography
■ Silverware
■ Jewelry
LEAD (PB)
The most common application of lead is
in lead-acid batteries (e.g. car batteries),
and this accounts for approximately
85% of world consumption. Due to
lead’s malleable, dense and anti-corrosive
properties, it is often used to line tanks
that store corrosive liquids, to protect
power and communication cables, and to
shield against X- and gamma-ray radiation,
making it an essential part of many modern
technologies (5.8%). Other uses include the
manufacture of paints and pigments and
other chemical compounds (5.5%). (3)
ZINC (ZN)
Zinc is the fourth most widely consumed
metal in the world, with most production
outputs being used in zinc-galvanizing
to prevent the rusting of iron and steel.
Zinc is commonly used in alloys such as
brass, nickel, silver and aluminum solder,
materials used in automobiles, electrical
components and household fixtures. It is
also important as a health supplement.
3%
6%
6%
85%
4%
6%
6%
50%
17%
17%
World Lead Demand
■ Batteries
■ Technological applications
■ Chemical compounds
■ Other
World Zinc Demand (4)
■ Galvanizing
■ Zinc alloying
■ Brass and bronze
■ Chemicals
■ Zinc semi-manufacturers
■ Miscellaneous
(1) See gold.org/what-we-do/investing-in-gold/why-invest-in-gold.
(2) See silverinstitute.org/wp-content/uploads/2017/08/WSS2017.pdf.
(3) See ila-lead.org/lead-facts/lead-uses--statistics.
(4) See statista.com/statistics/240626/share-of-zinc-consumption-by-category/.
12
ELDORADO GOLD
YEAR IN REVIEW 2017
Where We Operate
Eldorado has a portfolio of high-quality assets in
prospective jurisdictions including Turkey, Greece,
Romania, Serbia, Canada and Brazil.
Operating Mines
Construction Projects
Development Projects
Care and Maintenance
CANADA
HEAD OFFICE
Vancouver
European Regional Office
Amsterdam
ROMANIA
SERBIA
GREECE
TURKEY
Underground at the Triangle deposit,
Lamaque, Canada.
BRAZIL
Lamaque■ Commodities: Gold■ Ownership: 100%■ 2P Reserves: 893 Koz AuVila Nova■ Commodities: Iron Ore■ Ownership: 100%■ Currently under care and maintenanceTocantinzinho■ Commodities: Gold■ Ownership: 100%■ 2P Reserves: 1.8 Moz Au CANADA
HEAD OFFICE
Vancouver
European Regional Office
Amsterdam
ROMANIA
SERBIA
GREECE
TURKEY
BRAZIL
13
WHERE WE OPERATE
Eldorado also holds 100% ownership of the
following asset:
■ Sapes Deposit – A high-grade epithermal
gold deposit located in northeastern Greece,
near Eldorado’s Perama Hill project. We
are currently assessing the project and will
determine the optimal project scope after
further drilling.
Our in-country offices:
■ Brazil: Belo Horizonte
■ Greece: Athens
■ Romania: Deva
■ Serbia: Belgrade
■ Turkey: Ankara
(1) On November 9, 2017 Eldorado announced its
intention to place the Skouries construction project
under care and maintenance. You can read more
about Skouries on page 19 of this Report.
Efemçukuru■ Commodities: Gold■ 2017 Production: 96,080 oz■ Ownership: 100%■ 2P Reserves: 877 Koz AuKışladağ■ Commodities: Gold■ 2017 Production: 171,358 oz■ Ownership: 100%■ 2P Reserves: 3.1 Moz AuCertej■ Commodities: Gold, Silver■ Ownership: 81%■ 2P Reserves: 2.4 Moz Au, 15.6 Moz AgPerama Hill■ Commodities: Gold, Silver■ Ownership: 95%■ 2P Reserves: 975 Koz Au, 1.15 Moz AgKASSANDRA MINESStratoni ■ Commodities: Silver, Lead, Zinc■ 2017 Production: 36,699 tonnes of concentrate produced■ Ownership: 95%■ 2P Reserves: 2.8 Moz Ag, 35 Kt Pb, 42 Kt ZnOlympias■ Commodities: Gold, Silver, Lead, Zinc■ Achieved commercial production December 31, 2017■ Ownership: 95%■ 2P Reserves: 3.5 Moz Au, 54.9 Moz Ag, 568 Kt Pb, 783 Kt ZnSkouries (1)■ Commodities: Gold, Copper■ Ownership: 95%■ 2P Reserves: 3.8 Moz Au, 779 Kt Cu 14
ELDORADO GOLD
YEAR IN REVIEW 2017
Operating Mines
Kışladağ
Kışladağ is the largest gold mine in Turkey. It is a low-grade, bulk-tonnage, open-pit operation that currently uses heap leaching for gold recovery. Doré
produced at the site’s refinery is transported to Turkey’s capital, Istanbul, and sold on the Istanbul Gold Exchange. In early 2018, Eldorado announced that
mill construction was identified as the preferred solution to optimize project value going forward, and the Company has elected to proceed with a feasibility
study for the construction of a conventional carbon in pulp mill at Kışladağ.
1997
2003
2005
2006
2013
2014
2018
Identified deposit
and began in-depth
exploration
Received
EIA approval
Began
construction
Produced
first doré
Poured two
millionth
ounce of gold
Certified
under the
International
Cyanide
Management
Code
Mill construction
identified as preferred
solution to optimize
project value
Quick Facts
2017 in Numbers
Location: Uşak Province, Turkey
Deposit: Gold porphyry
Ownership: 100% Eldorado
Mining/processing:
Open-pit/heap leach (current)
Open-pit/CIP mill (planned)
Life of mine:
9 years, starting 2021, based on mining
of 13 Mtpa (1)
Workforce:
1,052
(747 employees and 305 contractors)
Certifications:
ISO 14001, OHSAS 18001, International
Cyanide Management Code
13,061,861
Tonnes to leach pad
1.03 g/t
Average grade
171,358 oz
Gold produced
171,505 oz
Gold sold
$500/oz
Cash operating costs
$522/oz
Total cash costs
$215.7 M
Gold revenues
(1) Estimated based on current proven
and probable reserves.
$27.9 M
Sustaining capital expenditure
2017 Performance
Kışladağ reported a reduction in ore tonnes to
the leach pad year over year, with no lower grade
run of mine ore being placed on the pad in 2017.
Gold production, sales and revenue were down
year over year due to reduced solution grade
from the leach pad as a result of lower recovery
material being placed on the pad later in the year
and slower leach kinetics being exhibited earlier
in the year.
Cash costs during the year were negatively affected
by a write-down of 40,000 inventory ounces.
Capital expenditures included capitalized waste
stripping, leach pad construction, equipment
overhauls and various process improvements.
2017 Sustainability Highlights
■ Reduced the total number and rate
of recordable injuries
■ No major environmental incidents
or non-compliances
■ Completed an external gap analysis
and audit in preparation for transition
to and certification under the
ISO 14001: 2015 Environmental
Management Systems Standard
Future Outlook
On March 21, 2018 the Company published a
pre-feasibility study that identified the construction
of a mill to be the preferred option in order to
increase long-term recovery rates at Kışladağ. The
Company will continue to work on a mill feasibility
study to be presented to the Board of Directors for
a final investment decision in October 2018.
15
WHERE WE OPERATE
Efemçukuru
Efemçukuru is a high-grade underground gold operation located southwest of Izmir, in western Turkey. It uses gravity circuits followed by flotation
to produce a flotation concentrate and a gravity concentrate.
1992
2005
2008
2011
2014
2016
Deposit identified
Received
positive EIA
certificate
Began
construction
Produced first
concentrate
Increased mine
throughput to
435 ktpa
Increased process
throughput to 472 ktpa
2017 Performance
Gold production at Efemçukuru was reasonably
consistent year over year with slightly higher
processed tonnage and improved recoveries
somewhat offsetting the lower head grade.
Cash operating costs increased slightly, primarily
because of the lower head grade. Capital
spending included costs related to capitalized
underground development and various
process improvements.
2017 Sustainability Highlights
■ No major environmental incidents
or non-compliances
■ Conducted a review of the site’s underground
mining procedures and pumping capacity,
site storage effectiveness and increased water
treatment capability as a part of planned
efforts to improve site water management
■ Conducted an independent review against
the TSM Tailings Management Protocol and
developed a site Operation, Maintenance
and Surveillance Manual for tailings
Quick Facts
2017 in Numbers
Location: Izmir Province, Turkey
Deposit: Epithermal vein
Ownership: 100% Eldorado
Mining processing:
Underground/flotation
Life of mine: 10 years (1)
Workforce: 821
(465 employees and 356 contractors)
Certifications: ISO 14001, OHSAS 18001
481,649
Tonnes milled
7.01 g/t
Average grade
96,080 oz
Gold produced
92,575 oz
Gold sold
$524/oz
Cash operating costs
$556/oz
Total cash costs
$117.6 M
Gold revenues
(1) Estimated based on current proven
and probable reserves.
$28.9 M
Sustaining capital expenditure
16
ELDORADO GOLD
YEAR IN REVIEW 2017
Stratoni
Stratoni is an underground, silver–lead–zinc mine located in the Halkidiki Peninsula in northern Greece. It uses a multi-stage flotation process to extract
a lead–silver concentrate and a zinc concentrate, which are then shipped from the Stratoni and Thessaloniki ports to overseas refineries.
BCE
1996
2003
2004
2005
2011
2012
Gold was
discovered in
this region
during antiquity
TVX Gold
purchased
Stratoni
TVX Gold
closed Stratoni
Operation
passed to Greek
state and then
to European
Goldfields (EGU)
EGU restarted
operations at Stratoni
Received EIA Acquired Stratoni
from EGU
Quick Facts
2017 in Numbers
Location: Halkidiki Peninsula, Greece
Deposit: Silver–lead–zinc carbonate
replacement
Ownership: 95% Eldorado, 5% Aktor
Mining/processing:
Underground/flotation
Life of mine: 3 years (1)
Workforce: 492
(362 employees and 130 contractors)
Certifications: ISO 14001, ISO 39001,
ISO 50001, OHSAS 18001
(1) Estimated based on current proven
and probable reserves.
150,734
Tonnes of ore processed
5.8%
Lead grade
9.4%
Zinc grade
36,699
Tonnes of concentrate produced
41,693
Tonnes of concentrate sold
$1,062/t
Cash costs
$51.2 M
Concentrate revenues
$0.6 M
Sustaining capital expenditures
2017 Performance
Concentrate tonnes produced at Stratoni were
lower year over year due to decreased mill
throughput and lower lead and zinc grades.
Decreased mill throughput was a result of
limited reserves and slower than expected
underground development to access the new
areas. Major expenditures (capitalized and
expensed) of $12.8 million included underground
mine development, much of which focused
on expansion drilling to confirm the downdip
continuity of the ore body from current resources.
2017 Sustainability Highlights
■ Reduced the number of lost-time and
recordable injuries, including injury
frequency rates
■ No major environmental incidents
or non-compliances
■ Re-certified under OHSAS 18001 and
completed several safety initiatives, including
improved risk management protocols,
enhanced training on high-risk work activities,
increased focus on near miss reporting and
hazard identification skills
17
WHERE WE OPERATE
Olympias (1)
Olympias is a gold–silver–lead–zinc underground mine located in the Halkidiki Peninsula in northern Greece. It uses a flotation process to produce three
concentrates (lead–silver, zinc and gold-bearing pyrite–arsenopyrite) that are sold and shipped to overseas refineries. Olympias has very high gold grades
and an ore body that will allow for underground mining rates of up to 1 million tonnes per annum. Olympias achieved commercial production at the end
of 2017.
2011
2012
2013
2015
2016
2017
Received EIA
Acquired
Olympias
from EGU
Began Phase I
tailings re-treatment
and clean-up
Began Phase I
refurbishment
of underground
mine and
existing mill
Completed
Phase I tailings
re-treatment
Began Phase II
commissioning of mill
and production from
underground
Quick Facts
2017 in Numbers
Location: Halkidiki Peninsula, Greece
Deposit: Gold–silver–lead–zinc carbonate
replacement
Ownership: 95% Eldorado, 5% Aktor
Mining processing:
Underground/flotation
Life of mine: 25 years (3)
Workforce: 945
(494 employees and 451 contractors)
Certifications: ISO 14001, ISO 39001,
ISO 50001, OHSAS 18001
18,472 oz
of gold produced (2)
7.5 g/t
Gold grade
116 g/t
Silver grade (3)
3.5%
Lead grade (3)
4.8%
Zinc grade (3)
2017 Performance
Olympias produced 18,472 pre-commercial
ounces of gold in 2017. Phase II of Olympias
achieved commercial production on
December 31, 2017.
As part of the completion of Phase II, a new paste
backfill plant and an additional tailings filter will
be commissioned in 2018 to provide maximum
operational flexibility.
2017 Sustainability Highlights
■ Reduced the number of lost-time
and recordable injuries, including injury
frequency rates
■ No major environmental incidents
or non-compliances
■ Completed a benchmarking exercise
against the International Cyanide
Management Code; established
systems and compliant standard operating
procedures for cyanide management
(1) Olympias achieved commercial production on
December 31, 2017. With this consideration,
we have decided to report Olympias as an
operating mine for 2017, though not all operational
data was available for use in this Report.
(2) Ounces produced includes pre-commercial
production.
(3) Estimated based on current proven
and probable reserves.
18
ELDORADO GOLD
YEAR IN REVIEW 2017
Construction Projects
Lamaque
In July 2017, Eldorado acquired the remaining shares of Integra Gold Corp and its principal asset, Lamaque. Lamaque is an orogenic lode gold deposit
located in the Abitibi–Témiscamingue region of Québec, Canada. Construction had been under way since 2015, and extensive drilling took place
throughout 2017. Lamaque will operate as an underground mine for approximately 10 years.
1923
1935
2011
2014
2015
2016
2017
2018
Gold
discovered
in the region
Operations
at Sigma Mill
began
The Triangle
gold deposit
was discovered
Integra
consolidated
the Sigma
and Lamaque
mines with the
Lamaque South
property
Surface
development
at Triangle
began
Triangle’s
underground
development
began
Eldorado
acquired Integra
Gold and its
Lamaque project
Pre-feasibility
study published
and maiden
reserve of
~900 Koz
declared
2017 Review
Since acquiring Lamaque, development has
focused on infill drilling the upper portion of the
Triangle deposit (one of three currently identified
deposits at Lamaque) to quantify and declare
maiden reserves. Work also commenced on
refurbishing the existing Sigma Mill.
In 2017 test mining extracted 47,750 tonnes of
ore with an average head grade of 8.6 grams per
tonne gold, with approximately 35,400 tonnes
processed at a nearby custom milling facility.
Results from the first two batches (32,000 tonnes)
indicate a gold grade of 7.35 grams per tonne,
which was in line with expectations, and recoveries
were slightly higher than anticipated at an
average 95.4% for the toll treatment. In 2017,
the Company spent $35.8 million in development
capital at Lamaque.
On March 21, 2018 Eldorado published a pre-
feasibility study declaring a maiden reserve of
893,000 ounces of gold at the Triangle deposit.
Aerial overview of the Lamaque
mine site, Canada.
Quick Facts
Location: Eastern Abitibi region,
Québec, Canada
Deposit: Orogenic lode gold
Ownership: 100% Eldorado
Mining/processing: Underground
Life of mine: 8 years (1)
Workforce: 186
(90 employees and 96 contractors)
(1) Estimated based on current proven
and probable reserves.
19
WHERE WE OPERATE
Skouries
Skouries is a high-grade gold–copper porphyry deposit located in the Halkidiki Peninsula in northern Greece. It is currently 50% constructed and is being
moved under care and maintenance. Skouries will operate initially as an open-pit and underground mine, later followed by only underground mining.
2006
EGU
prepared
feasibility
study
2011
2012
2013
2015
2016
2017
Received
EIA
Acquired
Skouries
from EGU
Began
construction
Began pre-feasibility
study of underground
mine
Conducted ongoing
pre-feasibility and
basic engineering
studies of
underground mine,
tailings facilities and
LOM mining options
Announced
intention to
move Skouries
under care and
maintenance
Quick Facts
Location: Halkidiki Peninsula, Greece
Deposit: Gold–copper porphyry
Ownership: 95% Eldorado, 5% Aktor
Mining/processing:
Open-pit and underground/gravity
circuit and flotation
Life of mine: Approximately 23 years (1)
Workforce: 451
(45 employees and 406 contractors)
2017 Review
Project development was slowed considerably
in 2017, due to continued permitting delays
throughout the year. The Company announced
its intention to begin moving Skouries under care
and maintenance in November 2017. The ramp
down to care and maintenance is expected in the
second quarter of 2018.
Capital expenditure at Skouries in 2017 totalled
$73.2 million excluding capitalized interest.
Eldorado will reassess its investment in
Skouries upon approval and receipt of
outstanding permits, coupled with supportive
dialogue between the Company and the
Government of Greece regarding the use and
implementation of best available technologies.
Skouries project site, Greece.
(1) Estimated based on current proven
and probable reserves.
20
ELDORADO GOLD
YEAR IN REVIEW 2017
Development Projects
Tocantinzinho
Certej
Perama Hill
Tocantinzinho is a non-refractory intrusion-
related gold deposit located in the prolific
Tapajós region of Pará State in northern Brazil.
Certej is an epithermal gold–silver project
located in the Apuseni Mountains of
Transylvania in western Romania.
Perama Hill is an epithermal gold–silver
deposit located in the Thrace region of
northern Greece.
2017 Review
Throughout 2017, Eldorado completed
detailed engineering for the tailings dam,
CIP tails pond and waste rock dump.
Installation licences for the project site
including the mine, process plant and
infrastructure were received in 2017.
Capital spending was $9.9 million.
2017 Review
At Certej, Eldorado focused on geotechnical
and metallurgical testing, site preparation and
engineering studies, allowing us to further
advance permitting and the construction of
off-site infrastructure in 2018.
2017 Review
Perama Hill remains under care and
maintenance pending receipt of the
necessary permits.
Quick Facts
Quick Facts
Quick Facts
2008 – Formed option agreement
2000 – EGU acquired stake
1995 – Deposit identified
2010 – Acquired Tocantinzinho project
2012 – Acquired project via EGU
2008 – Acquired Perama Hill
2012 – Approval of preliminary EIA
2013 – 10% increase in gold resources
2015 – Positive Feasibility Study
2014 – Updated technical report
2015 – Positive Feasibility Study
Ownership: 80.5% Eldorado, 19.25%
Minvest S.A., 0.25% minority
shareholder
via Frontier Pacific
2012 – Received approval
of preliminary EIA
2013 – Submitted EIA
2016 – Put under care and maintenance
Ownership: 100% Eldorado
Mining/processing: Open-pit/flotation
oxidation, Carbon in leach
Mining/processing: Open-pit/whole ore,
Carbon in leach
Life of mine: 15 years (1)
Life of mine: 8 years (1)
Workforce: 316
(263 employees and 53 contractors)
Workforce: 10 employees, 0 contractors
Ownership: 100% Eldorado
Mining/processing: Open-pit/flotation
Carbon in pulp
Life of mine: 10 years (1)
Workforce: 82
(10 employees and 72 contractors)
(1) Estimated based on current proven and probable reserves.
21
WHERE WE OPERATE
Exploration Highlights
We invested a total of $42 million in exploration activity in 2017. Exploration drilling totalled 114,900 metres and included early-stage, brownfields
and in-mine programs in Turkey, Greece, Canada, Romania, Serbia and Brazil.
~115,000 m
drilled by Eldorado in 2017
$42 M
exploration budget in 2017
90,000 m
planned drilling for 2018
TURKEY
GREECE
CANADA
At the Efemçukuru mine, 20,000 metres of
exploration drilling during 2017 included resource
conversion drilling on the Kestane Beleni vein
and resource expansion drilling on the nearby
Kokarpinar vein system. The resource conversion
drilling targeted Inferred Resources downdip from
the current production levels in the South Ore
Shoot, in the transition zone between the South
and Middle Ore Shoots and at the Kestane Beleni
Northwest zone. Meanwhile resource expansion
drilling at Kokarpinar tested the central and
northern parts of the vein system, identifying
several zones with vein widths and grades
comparable to parts of the Kestane Beleni system.
At the Stratoni mine, continued development
of the hangingwall exploration drift provided
new underground platforms for 6,000 metres
of resource expansion drilling. The new drilling
confirmed the continuation of the Mavres Petres
orebody downdip from and along strike from
current production levels. This program will
continue with another 10,000 metres of drilling
scheduled for 2018.
Approximately 4,400 metres of drilling was
completed at the Tsikara prospect area during
2017, testing porphyry targets located just south
of the Skouries development project.
Our regional exploration team focused on early-
stage projects and project generation activities
targeting prospective porphyry and epithermal
systems associated with Tertiary volcanic centres
in western Turkey.
Since the July 2017 acquisition of the Lamaque
project, over 44,000 metres of resource
conversion and resource expansion drilling were
completed on the Triangle and Plug 4 deposits.
Drilling at Triangle consisted of both infill holes
focused on resource conversion in the C2 and
C4 zones, and testing the resource potential of
shear zones deeper in the deposit. The resource
conversion drilling was incorporated in the
NI 43-101 compliant Lamaque Technical Report
filed by the Company in late March 2018,
where a maiden Reserve of 893,000 ounces
was declared for the Triangle Zone, within
Measured and Indicated Resources of 1.3 million
ounces with a further 1.3 million ounces of
Inferred Resources. At Plug 4, drilling provided
further definition of both the shear-vein hosted
mineralized zones similar to the C zones
at Lamaque and of peripheral vein-swarm
hosted zones. An additional 34,000 metres
of exploration is planned for 2018.
ROMANIA
BRAZIL
SERBIA
Exploration in Brazil focused on grassroots
programs at the Borborema, Mara Rosa and
Nazareno project areas, with regional sampling
programs, drill target definition and drill testing
of multiple targets completed at all three projects.
Approximately 18,500 metres of drilling
was completed in 2017 at the Karavansalija
Mineralized Center (KMC) project, testing targets
at the Shanac, Copper Canyon, Gradina and
Medenovac prospects. Initial stream sediment,
soil and rock chip sampling programs were
completed at new licences surrounding KMC and
elsewhere in Serbia and Kosovo.
In Romania, exploration focused on the Bolcana
porphyry prospect, located approximately
six kilometres west of the Company’s Certej
epithermal gold–silver development project.
Drilling at Bolcana totalled over 23,000 metres
in 25 holes and tested an area measuring
1,200 metres by 900 metres. Results confirmed
the presence of a large, gold-rich porphyry
system with a higher grade core extending to
a depth of over 1,000 metres from surface.
A further 20,000 metres of drilling is planned for
2018, which will complete drill hole coverage
over the porphyry system to a 150-metre drill
hole spacing.
22
ELDORADO GOLD
YEAR IN REVIEW 2017
Responsible Mining: Our Approach
For us responsible mining means protecting the environment, providing
safe workplaces for our employees, maintaining good relationships with
our stakeholders and investing in the communities in which we operate.
We understand that mining has a significant impact on the social and
environmental well-being of all our stakeholders; our goal is to ensure that
through each phase of the mining process, we are able to generate social,
environmental, and economic value.
23
RESPONSIBLE MINING: OUR APPROACH
Our Guiding Frameworks and Commitments
Transparency and accountability are fundamental to our relationships with all stakeholders. Adoption of, and certification to, leading international standards
and guidelines allow us to support our internal policies with the assistance of frameworks that have been developed in consultation with non-governmental
organizations (NGOs), academics, regulators, and other stakeholders. We seek to incorporate the leadership and expertise that these frameworks provide
into our business operations, to raise our standards of practice and provide a means by which all stakeholders can verify, measure and report on our
performance. The certifications, standards, commitments and organizations we recognize are detailed below.
Certifications, Standards and Commitments
We report under the following:
We are certified to the:
We are guided by the following:
■ Carbon Disclosure Project’s (CDP) Climate
Change Report
■ CDP’s Water Report
■ GRI’s G4 Sustainability Reporting Guidelines
■
■
■
International Cyanide Management Code
■ Voluntary Principles on Security and
ISO 14001 Environmental Management
System Standard
ISO 50001 Energy Management
System Standard
Human Rights (“Voluntary Principles”)
■ United Nations Global Compact
■ United Nations Guiding Principles
on Business and Human Rights
■ WGC’s Conflict-Free Gold Standard
■ MAC’s Towards Sustainable
■ OHSAS 18001 Occupational Health and
Safety Management Standard
Mining Framework
Memberships
Eldorado is also a member of several industry associations that assist in developing best practices and international standards.
These associations include:
■ European Association of Mining Industries,
■ Mining Association of British Columbia
■ Prospectors & Developers Association
■ Mining Association of Canada
of Canada
■ World Gold Council
Metal Ores & Industrial Minerals
(Euromines)
■
International Cyanide
Management Institute
OUR GUIDING PRINCIPLES
Our guiding principles underpin all that we do.
Enrich Lives
We aim to create real, lasting
and tangible benefits for the
people whose lives our
operations touch.
Operate Safely
People come first. We
implement industry best practices,
adhere to all safety regulations and
have strict management systems
in place to promote a culture
of safety wherever
we operate.
Act with Integrity
We are committed to being
honest, straightforward
and accountable in all our
business practices.
Engage Openly
We believe that clear,
comprehensive disclosure,
high standards of corporate
governance and ethical
business practices are the
only ways to do business.
Behave
Responsibly
We strive to demonstrate that
mining can be done responsibly.
We do this by emphasizing
environmental stewardship
at every stage of the
project life cycle.
Efemçukuru vineyard, Turkey.
24
ELDORADO GOLD
YEAR IN REVIEW 2017
Although our business
has direct and indirect
relationships with
all 17 SDGs, we have
chosen to focus on
those that relate
most to our business
operations around
the world.
Employees at Kışladağ, Turkey.
In September 2015, UN member
states adopted a set of Sustainable
Development Goals (SDGs) that
represent a plan of action for
equitable, socially inclusive
and environmentally sustainable
economic development.
The SDGs provide a common
framework that addresses the
most urgent socio-economic
and environmental challenges
of our generation, including the
respective roles for government
and industry in achieving
sustainable development.
UN Sustainable Development Goals
We take pride in the strong connections we build with the communities and countries that host us.
As a global company, we also recognize that our business and our stakeholders extend far beyond
the communities in which we operate. Fulfilling our local, national and international responsibilities
is fundamental to the well-being and health of all our stakeholders.
Together with the assistance and guidance given to us by industry associations and the United
Nations (UN) frameworks and standards of practice, Eldorado is able to provide value to
communities, governments and broader stakeholders. This year, Eldorado has continued to advance
its commitments as a global citizen by focusing on the United Nations Sustainable Development
Goals (SDGs).
By considering the SDGs as we grow and make everyday business decisions, we are supporting the
communities and countries in which we work. We are also contributing to Canada’s own commitment
to advance the SDGs and build a more prosperous and sustainable world.
The mining industry must continue to uphold the SDGs and work with governments to achieve
tangible benefits that advance human and environmental progress.
GOOD HEALTH AND WELL-BEING
GENDER EQUALITY
The industrial nature of mining can pose
health and safety risks to workers and nearby
communities. Further inherent challenges – such
as operating in remote locations and exposure
to tropical diseases, with limited access to health
care – can also pose risks to workers and the
community’s well-being.
Eldorado addresses these challenges by
promoting a strong, Company-wide workplace
health and safety culture. All of our producing
mines have certified Occupational Health and
Safety Management Systems in place to drive
safety performance. Workers are provided healthy
food options, annual on-site health check-ups,
and regular health and safety training. Eldorado
also conducts drug and alcohol tests to maintain
a safe working environment.
We work to improve road safety on and off site,
certify Environmental Management Systems at
all producing mines, and invest in community
health programs and infrastructure to extend
the benefits of our operations to some of our
closest stakeholders.
Gender inequality within mining companies and
within mining communities means that men
often receive greater benefits from mining than
women do.
Eldorado works to promote gender equality
and empower women and girls through the
following measures:
■ Promoting a workplace free from gender-
based discrimination or harassment
■ Upholding our Diversity Policy and Corporate
Code of Business Conduct and Ethics
■ Ensuring that training and sign-off against the
Code for all employees is mandatory
■ Offering equal compensation for men and
women based on their roles, responsibilities
and work experience
■ Where possible, allowing for flexible work
schedules to support childcare
■ Offering educational scholarships to women
25
RESPONSIBLE MINING: OUR APPROACH
CLEAN WATER AND SANITATION
DECENT WORK AND ECONOMIC GROWTH
CLIMATE ACTION
Water can be a source of conflict between mining
companies and communities, particularly if it is
scarce. However, mining can help bring clean
water to communities in remote areas.
Mining provides decent work and economic
growth. However, the presence of mining cannot
on its own guarantee that these sustainable
benefits will be created.
Eldorado recognizes that access to water is
essential to human health and well-being.
We work to minimize our water consumption
while collaborating with local communities and
governments to improve access to clean water.
These activities include:
■ Recycling water at our sites
■ Treating contact water prior to discharge
■ Conducting research and engineering projects
to improve water efficiency and reduce water
consumption
■ Conducting comprehensive monitoring of
water sources (upstream and downstream)
at all sites
■ Collaborating with community and
government representatives to monitor water
at sites
■ Publicly disclosing annual water reporting
(e.g. the CDP’s Water Survey)
■ Publishing Eldorado’s Environmental Policy,
which sets out a commitment to reduce
water use, recycle and reuse water wherever
possible, and discharge water in accordance
with water quality standards
Eldorado actively builds the conditions under
which sustainable economic growth can occur
by providing well-paid jobs, supporting local
businesses and collaborating with local chambers
of commerce to diversify economic growth.
As we work with local businesses, suppliers,
contractors and employees, we provide training
and capacity-building assistance to help them
develop skills that can be transferred to other
opportunities and grow local economies.
INDUSTRY, INNOVATION AND
INFRASTRUCTURE
Mining requires immense investments in
infrastructure to transport materials, water,
energy and information to remote locations
world-wide. By prioritizing local procurement
and training, Eldorado is able to assist in
building infrastructure, innovation and industry.
We proudly partner with local businesses
and universities to promote research and
development, and invest in local infrastructure
such as public roads and irrigation systems that
are fundamental to economic growth.
Look for the SDG icons throughout this Report to see how Eldorado
contributes to sustainable development across our operations.
Climate change is both a local and global issue,
as international challenges have direct effects
on local communities. We recognize that our
operations consume energy and produce
greenhouse gas (GHG) emissions. Our focus
is on mitigating the effects of climate change
by undertaking energy-efficient projects and
reducing our emissions.
In addition to the measures taken by Eldorado to
measure, report and reduce the Company’s direct
(scope 1) and indirect (scope 2) GHG emissions,
we work actively with governments to improve
environmental performance and, through our
membership with the Mining Association of
Canada, to publicly support a price on carbon.
Although governments and industry have
begun work to limit emissions and stem the rise
in global temperatures, the effects of climate
change are already evident, necessitating
adaptation by communities and businesses.
In response, Eldorado has implemented Crisis
Management Plans in accordance with MAC’s
Towards Sustainable Mining (TSM) program to
improve our response to severe weather incidents
and to protect our workers and communities.
Local electricians work at Efemçukuru, Turkey.
The SDG wheel is used in this Report to highlight
areas that correspond to all six SDGs mentioned
on this and the previous page of this Report.
26
ELDORADO GOLD
YEAR IN REVIEW 2017
Corporate Governance and Transparency
CORPORATE DISCLOSURES AND TRANSPARENCY
Central to Eldorado’s record as a trusted operator is its commitment to
ethical business practices and high standards of corporate governance.
We recognize the importance of having an integrated approach to
managing our operations, risks and relationships.
BOARD OF DIRECTORS
Eldorado’s Board of Directors is responsible for overseeing corporate
governance. Their Terms of Reference explicitly require the Chair of the
Board and all members of our Board Committees to be independent.
The Board works with senior management to set long-term goals, develop
strategy and monitor Eldorado’s progress toward achieving its goals,
while providing independent and objective advice. They regularly evaluate
our principal business risks and monitor the effectiveness of our risk
management process.
Our Board is composed of the following four committees:
■ Audit
■ Compensation
■ Corporate Governance & Nominating
■ Sustainability
SUSTAINABILITY COMMITTEE
The Sustainability Committee oversees our policies, programs and
practices in the areas of environment, health, safety, community relations
and security. The Committee seeks assurance that Eldorado consistently
promotes ethical, transparent and responsible behaviour, and meaningfully
engages its stakeholders.
The Sustainability Committee receives detailed quarterly reports for all
sites and works with Eldorado leadership to suggest directives for senior
management to pursue. The Committee receives a briefing within 24 hours
if a fatality, serious lost-time injury, significant environmental incident or
anything that is material or legally reportable occurs. The Board of Directors,
including members of the Committee, periodically visit our sites for first-
hand validation and interaction with our operations personnel.
For more information on our Board committees, visit eldoradogold.com/
about-us/leadership/board-committees.
Our governance systems are designed to help us consistently evaluate and
effectively manage our risks; this, in turn, helps us stay focused on our
long-term planning, decision-making and communication. We believe that
clear and comprehensive disclosure and open communication with our
stakeholders will continue to encourage confidence in the legitimacy and
honesty of our business practices.
GOVERNANCE POLICIES
Our Code of Business Conduct and Ethics, Anti-Bribery and Corruption
Policy, Human Rights Policy, Insider Trading Policy and Disclosure Policy
reinforce our standards and values and outline our expectation that all
employees and suppliers operate in accordance with the highest standards
of legal and ethical behaviour. We also outline our commitments to
protecting the environment and the safety of our people and neighbours in
our Environmental and Health and Safety Policies. All of our policies were
reviewed and updated in 2017. In early 2018, Eldorado also adopted a
Diversity Policy, the first policy of its kind for the Company and a significant
step towards advancing gender equality across the Company’s Board and
leadership team.
For more information, visit
eldoradogold.com/about-us/governance.
SUSTAINABILITY FACTORS IN COMPENSATION
Regular employee performance reviews are performed at all our sites,
typically on an annual basis, although some sites conduct monthly
performance reviews. Health, safety and environmental performance
indicators and social performance measures are embedded in performance
reviews that are linked to our senior management compensation. In 2018,
we revisited the sustainability factors tied to Eldorado’s senior management
compensation. We also set new targets and key performance indicators
aligned with promoting compliance with Eldorado’s Global Health & Safety
Directive and our recently released Golden Rules Handbook. (1)
SENIOR MANAGEMENT OVERSIGHT
Eldorado operates with a decentralized yet coordinated approach to
operations. Our senior management team in Vancouver works closely with
management teams in each of our operating jurisdictions, providing a clear
line of sight to each operation.
Version 1.0
Approved 1st October, 2017
GLOBAL HEALTH & SAFETY DIRECTIVE
Eldorado Gold Corporation
Ultimate accountability for social and environmental performance rests with
our President & Chief Executive Officer (CEO) while day-to-day oversight is
shared at the corporate level by the Chief Operating Officer (COO) and the
Senior Vice President, External Relations & Sustainability.
In addition to frequent site visits, our senior management team aims for
open communication and appropriate oversight through weekly reporting
on safety, health, environment and community performance from mine
General Managers and country Vice President & General Managers.
S
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HEALTH & SAFETY HANDBOOK
Golden Rules Handbook, which was
rolled out across sites globally in 2018.
(1) Please see page 44 for more details on Eldorado’s Global Health & Safety
Directive and Golden Rules Handbook.
27
RESPONSIBLE MINING: OUR APPROACH
Our Performance and Targets
Eldorado sets annual goals to drive performance towards meeting the Company’s strategic, operational and sustainability objectives. The tables below
place our progress towards our goals for 2017 and set our goals for 2018. We review our targets annually as we move forward with a strategic focus
on advancing our long-term business performance.
Achieved
Partially achieved
Not achieved
ECONOMIC AND OPERATIONAL PERFORMANCE
Goal
Why is this important?
Outcome
Explanation
Produce 365,000–400,000 ounces
of gold; revised Q3 guidance to
280,000–310,000 ounces of gold
Gold ounces produced is a key
indicator of operational performance
Deliver cash operating costs
of $485–$535 per ounce
Cash operating costs reflect the direct
cost of mining an ounce of gold and
is an indicator of operational efficiency
Maintain gold reserves between
20 and 25 times the production rate
Maintain a debt-to-capital ratio
of less than 30%
Gold reserves provide an indication
of mine size and asset quality;
Eldorado’s mineral reserves and
resource base supports our
growth pipeline
Indicates the proportion of our
total capital that is debt; a lower debt-
to-capital ratio is a positive indicator
of the Company’s financial health
Gold production: 292,971 oz
Due to technical issues at Kışladağ
and permitting issues in Greece,
this production target was not met.
However, we met revised guidance
Cash operating costs:
$509/oz
Average cash operating costs per
ounce for 2017 met Eldorado’s target
Gold reserves: 17.3 M
With 17.3 million ounces of gold in
reserves and a 2017 production rate
of 292,971 ounces, gold reserves
were 59.1 times the production rate
Debt-to-capital ratio: 13.8%
With debt of $593.8 million versus
total capital of $4.3 billion, Eldorado
maintained a debt-to-capital ratio
of 13.8% as at December 31, 2017
HEALTH AND SAFETY
Goal
Zero fatalities
Achieve a minimum 10% year over
year improvement in the total
recordable injury frequency rate (TRIFR)
Achieve a minimum 5% year over
year improvement in lost-time injury
frequency rate (LTIFR)
Why is this important?
Outcome
Explanation
The health and safety of our workforce
is our highest priority; we strive to
provide decent work that is free of
hazards, risks and accidents, which is
in alignment with the UN Sustainable
Development Goals
This provides a measure of our health
and safety performance; the TRIFR
and LTIFR indicate how many events
happened over a given period
Provides a measure of our health and
safety performance. The LTIFR shows
how many lost-time injuries happened
per million man-hours worked
Fatalities: 1
In August 2017, we were sad to
report the fatality of an employee
of a contractor during tree-cutting
operations at our Skouries mine
in Greece
TRIFR: 6.61 (-8%)
Decrease in TRIFR from 7.18 to 6.61,
representing an 8% improvement in
the TRIFR but slightly behind target
TRIFR: 1.65 (+21%)
Increase from 1.37 to 1.65,
representing a 21% increase
to the LTIFR
28
ELDORADO GOLD
YEAR IN REVIEW 2017
ENVIRONMENT
Achieved
Partially achieved
Not achieved
Goal
Why is this important?
Outcome Explanation
Have no reportable
environmental incidents
The number of fines and penalties
Eldorado receives is an indication of our
mines’ success and adherence to all legal
permitting and licensing requirements
Fines and penalties: 0
There were no reportable environmental
incidents at our sites in 2017 that resulted in
fines or penalties against Eldorado
Maintain adherence to the
International Cyanide Management
Code (ICMC) at all sites that use
cyanide, and design projects to
ICMC standards upon start-up
Establish energy and GHG emission
targets at operating sites
Eldorado’s compliance with the
ICMC reflects our commitment to manage
cyanide in a safe and responsible manner
Maintained ICMC compliance
Kışladağ was recertified under the ICMC
on January 11, 2017
Having energy and GHG emission targets
allow us to be transparent and proactive
in identifying areas for improvement
and reducing our emissions to increase
efficiency and meet global climate
change objectives
No energy or GHG emission targets
Site feedback encouraged Eldorado to focus
instead on developing an energy management
plan in an effort to integrate energy efficiency
into day-to-day operations. Eldorado has
retained a consultant to facilitate preparation
of a Corporate Energy Management Plan and
associated reduction targets
GOVERNANCE
Goal
Publish Eldorado’s first public
report, in accordance with the
ESTMA, by May 31, 2017
Why is this important?
Outcome Explanation
The publication of this Report is
fundamental to adhering to regulatory
requirements, and it provides additional
transparency and legitimacy to our
operations within Canada and abroad
Establish and implement a Global
Security Directive, which outlines
the minimum expectations for
security risk assessment, control
measures and incident response in
line with the Voluntary Principles
Establishing effective security controls,
standards, policies and procedures
contribute to the safety and protection of
our employees, assets and reputation as well
as the communities in which we operate
Introduce human rights training for
all employees and contractors who
work at our sites
Human rights education and training
promotes values, beliefs and attitudes that
encourage our employees to uphold their
own rights and those of others
Conduct training for all armed
security personnel in accordance
with the Voluntary Principles
Adequate and effective training allows
Eldorado to communicate its policies on
ethical conduct and human rights, and
ensures that security personnel are familiar
with the requirements of the Voluntary
Principles in order to respect the rights of
our employees and community members
Published ESTMA report
On May 30, 2017 Eldorado submitted its first
ESTMA report to Natural Resources Canada.
A copy can be downloaded within the Investors
section of Eldorado’s website
Drafted a Global Security Directive
In 2017, Eldorado drafted a Global Security
Directive and received input from its global
security teams. However, we delayed
implementation of the Directive until an
independent gap assessment under the
Voluntary Principles was completed in order
to identify further improvements.
Conducted human rights training
A human rights training video was distributed
to all of Eldorado’s sites for use in employee
and contractor induction and refresher training
Began security training in accordance with
the Voluntary Principles
Training for armed security personnel in
accordance with the Voluntary Principles was
completed in Q1 2018 at two of the three sites
where Eldorado has armed security personnel
29
RESPONSIBLE MINING: OUR APPROACH
Achieved
Partially achieved
Not achieved
COMMUNITY
Goal
Why is this important?
Outcome
Explanation
Complete implementation of Eldorado’s
formal grievance mechanism at our
operating mines and development
projects, and publicly report on the
number and types of grievances raised
in 2017
Grievance mechanisms serve as a key
tool for developing feedback loops and
providing a formal basis on which to be
heard, for people close to or affected by our
mining activities. It helps Eldorado manage
risks and foster a positive relationship
with stakeholders
Progressed implementation
of Eldorado’s formal
grievance mechanism
The grievance mechanism at select
sites remains subject to ongoing
implementation steps. Informal
grievance channels and stakeholder
engagement practices continue across
all Eldorado locations
2018 GOALS
Area
2018 Goal
Economic/Operations
■ Produce at least 313,00 ounces of gold and gold equivalent
■ Deliver all-in sustaining costs of $1,073/oz or lower
■ Deliver cash flow from operations of $0.11 per share
■ Secure appropriate funding to support the Company’s
growth plans
■ Progress or resolve permitting challenges in Greece
■ Maintain disciplined capital allocation in accordance with
Eldorado’s Capital Investment Framework
■ Develop and implement a robust business plan
■ Develop capital projects that are fit for purpose, on schedule
and within budget
■ Maintain gold reserves at 2017 levels
Health and Safety
■ Zero fatalities
■ Reduce LTIFR and TRIFR by 10%
■
Full implementation of Eldorado’s Golden Rules and Health
& Safety Directive
Children enjoy getting their faces
painted at the annual Lamaque BBQ in
the city of Val d’Or, Québec, Canada.
Environment
■ Zero major environmental incidents (1)
■ Reduce impacts of development projects to a viable minimum
Governance
■ Advance alignment with the Voluntary Principles on Security
and Human Rights
■ Develop a corporate strategic energy management plan
■ Develop a corporate sustainability strategy to integrate a
sustainability vision into Eldorado’s long-term strategic planning
Community
■ Complete implementation of Eldorado’s formal grievance
mechanism at all sites
(1) We define major environmental incidents as adverse environmental impacts that result
in fines or penalties to Eldorado.
30
ELDORADO GOLD
YEAR IN REVIEW 2017
Materiality
This Report provides an opportunity for Eldorado to take a broad
view of the issues and topics that are most material to the Company.
Although we have a strong understanding of material issues as they
evolve, a formal assessment allows us to map the topics most important
to our stakeholders and connect what may be material in one of our
operating regions to similar circumstances across our global operations.
This broad view provides valuable internal insights into our business,
and is the foundation of this Report.
31
MATERIALITY
DEFINING MATERIALITY
In accordance with the GRI Principles, we define a “material topic” as a
matter that reflects the Company’s significant economic, environmental
and social impacts, or a matter that could substantively influence the
assessments and decisions of our stakeholders. The importance of a material
topic may vary from region to region or among different stakeholder groups.
DETERMINING MATERIALITY
Each year we conduct a materiality assessment to identify those key topics
and aspects that should receive attention in this Report. Although we have
a clear understanding of our relationships from an internal perspective,
the annual materiality assessment process allows us to consider issues
throughout the mining industry and topics that are most important to
the regions and communities in which we operate. Senior management
has taken time to review the material topics presented in this Report with
consideration to our business and our stakeholders.
This materiality exercise creates additional value for Eldorado by:
■ Adding purpose and structure to our internal and external
engagement initiatives
■ Encouraging new levels of collaboration among our senior management
and stakeholders on topics that matter most to them
■ Providing direction to and validation of the importance of new
sustainability initiatives and strategies we adopt
■
Improving our understanding of and responses to stakeholder needs
and concerns
HOW WE DETERMINE MATERIAL TOPICS
Step 1
Identifying materiality topics
Conducting the materiality assessment begins with defining its purpose and objective.
This year we sought to focus on environmental materiality. Once the purpose of the
assessment is determined, we consider which topics best address our objectives. We take
our prior year materiality assessment results as a starting point, and then review peer
reports, industry reports and internal documents to refine our selected topics. As material
topics remain relatively stable year to year, this year’s assessment was conducted internally
with the assistance of previously collected external data.
Step 2
Designing material assessment
We then select the sources from which we gathered
our information, select the stakeholders involved, and
design interview questions for internal and external
stakeholders to address a range of material topics.
Step 3
Prioritizing material topics internally
We conduct online questionnaires with senior executives
and management across corporate, regional and site
offices, including professionals responsible for overseeing
social, environmental and economic performance at
each site. Respondents are asked to rank the material
topics and priorities during the previous year, based on
their relevance, level of importance and impact on our
stakeholders and the Company.
Step 4
Engaging stakeholders
to review our results
We review the results of our internal
assessments with a selection of
Eldorado’s external stakeholders;
this allows us to reassess the
importance of each topic from
a diverse range of perspectives.
Step 5
Reporting our final results
We review the results of our
materiality assessment with
Eldorado’s leadership, and then
prioritize the material topics to
be included in this Report.
Efemçukuru processing plant, Turkey.
32
ELDORADO GOLD
YEAR IN REVIEW 2017
Analysis of Material Topics
Responsible Performance
Respecting Our Environment
Working with Communities
Operational costs
Metal production
Permits and licences
Bribery and corruption
Transparency of payments to governments
Political climate in countries of operation
Human rights
Security standards
Sustainable Development Goals
Water use and management
Community and government support
Waste management
Stakeholder engagement
Climate change adaptation and mitigation
Community investment
Corporate reputation
Complaints and grievances
Providing Decent Work
Health and safety performance
Training and skills development
Emergency preparedness
Relationships with labour unions
Regional economic development
Local employment and procurement
MATERIALITY MATRIX
After subjecting each of the above data points to our materiality assessment
processes, we developed the materiality matrix on the next page. This
matrix identifies each topic in relation to its importance to our stakeholders
(vertical axis) and its influence on our business (horizontal axis).
Topics that fall within our reporting threshold of moderate to higher materiality
form the main areas of focus in this Report. For each topic that surpasses the
threshold, we describe our management approach and provide performance
data and analysis. For topics that do not pass the threshold, we provide
information on our management approach, but have chosen not to provide data
or analysis.
Environmental testing at Efemçukuru, Turkey.
33
MATERIALITY
MATERIALITY RESULTS
The results of our 2017 materiality assessment are outlined in the following
materiality matrix.
Following our assessment, we ascribed increased importance to the
following topics, in comparison to our 2016 results:
■ Political climate in countries of operation
■ Community and government support
■ Metal production
Similarly, the following topic was deemed less important in comparison
to the 2016 results:
■ Complaints and grievances
Figure 1: Material Topics/Aspects
Following the 2017 materiality assessment, a number of additional topics
and priorities were identified; however, given they were of lower materiality
we did not include them in this Report. These topics are:
■ Biodiversity & reclamation
■
Land acquisition & use
■ Supply chain management
■ Capital allocations & budgets
Energy use, greenhouse gas emissions, climate change and cyanide
management were also identified as lesser material topics, but due to
the social salience of these issues, they are discussed in the Respecting
Our Environment section of this Report.
In response to internal and external considerations, we have also added
to our 2017 materiality matrix the following topics to this Report: climate
change adaptation and mitigation, and Sustainable Development Goals.
I
H
G
H
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P
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T
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S
L
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Health and Safety
Community & Government Support
Permits & Licences
Stakeholder Engagement
Water Use & Management
Local Employment & Procurement
Waste Management
(including Tailings)
Climate Change Adaptation & Mitigation
Political Climate in
Countries of Operation
Human Rights
Regional Economic
Development
Training & Skills Development
Emergency Preparedness
Sustainable Development Goals
Complaints & Grievances
Metal Production
Community Investment
Operational Costs
Corporate Reputation
Bribery & Corruption
Transparency of Payments to Government
Relationships with Labour Unions
LOWER
INFLUENCE ON BUSINESS
HIGHER
34
ELDORADO GOLD
YEAR IN REVIEW 2017
Responsible Performance
Our strategy of discovering, acquiring and developing high-quality assets in
prospective regions has remained consistent for the past 25 years. Our disciplined
and strategic approach will allow us to create value for our stakeholders and
contribute to the sustainable development of economies around the world as
we work to build tomorrow, together.
Economic Performance
SUSTAINING LONG-TERM ECONOMIC
GROWTH AND PERFORMANCE
ACCOUNTABILITY FOR ECONOMIC AND
OPERATIONAL PERFORMANCE
Our goal is to create value for all those invested
in us – from our employees and communities
to host countries and shareholders. We do this
by discovering, acquiring and developing quality
gold assets in prospective jurisdictions. This has
been our strategy for the past 25 years, and it is
fundamental to our future as a sustainable, high-
quality business in the gold sector.
By focusing on productivity and operational
success, we maintain long-term economic
growth, create value for all of our stakeholders
and make meaningful contributions to
sustainable development.
At each site, local operations teams are
responsible for the day-to-day oversight,
management and operations of our assets.
Operations teams report directly to their mine
General Manager and country Vice President
& General Manager, who in turn report to
Eldorado’s COO. The COO oversees annual
operational objectives and targets, is responsible
for overseeing development projects, and reviews
operational performance on a weekly basis.
A finance team is responsible for overseeing
economic performance and working with sites
to ensure that production and development
activities follow mine plans and budgets; one
such team is assigned to each of our operating
regions. Regional finance teams report to
Eldorado’s Corporate Controller, who in turn
reports to Eldorado’s Chief Financial Officer
(CFO). The CFO oversees annual financial
objectives and targets, and reviews progress
against plans and budgets on a monthly basis.
35
RESPONSIBLE PERFORMANCE
At Eldorado’s Corporate Office, the Executive
Vice President, Strategy & Corporate
Development and the Executive Vice President
& General Counsel are responsible for
overseeing activities related to the acquisition
or sale of assets by the Company.
Eldorado’s President & CEO is ultimately
accountable for our economic and operational
performance. The President & CEO is responsible
for reviewing annual objectives, targets, budgets
and plans, while working with the Board of
Directors. The President & CEO and Board
oversee the Company’s Officers and management
team, the members of which are responsible for
the daily operations of the business.
For more details on Eldorado’s economic
and operational performance, please see
our 2017 Annual Report available here:
eldoradogold.com/investors/financial-information/
annual-reports/.
ELDORADO’S STRATEGIC PRIORITIES
In order to build a competitive business that is economically, socially and environmentally sustainable, our decisions are guided by four strategic principles:
Quality Assets
Operational Excellence
Our business is based on a portfolio of long-life assets in prospective
jurisdictions. The quality of our asset base allows us to achieve
long-term growth with solid margins, and this enhances our ability
to generate free cash flows and earnings per share. Quality, long-life
assets are also critical to the communities and countries in which
we operate, as they create stable employment and opportunities to
partner with governments to achieve Sustainable Development Goals.
Maintaining a level of excellence across our operations requires
investing in new technologies and investing in our employees.
These investments allow us to work safer, smarter and more
efficiently, so that we can increase our productivity, reduce
risk and operate to guidance while improving environmental
performance year over year.
Capital Discipline
Accountability
Capital discipline underpins every business decision we make.
Eldorado prioritizes capital for sustaining our operations and
developing our key projects. We strive to maintain a solid balance
sheet that enables us to develop our assets, take advantage of
opportunities and withstand external market pressures.
We are accountable to all of our stakeholders and are committed
to conducting our business with the transparency, honesty and
respect these relationships deserve. This means keeping our people
safe, minimizing our environmental impacts and working with our
neighbours to create inclusive and sustainable development.
Underground at Efemçukuru, Turkey.
36
ELDORADO GOLD
YEAR IN REVIEW 2017
Responsible Corporate Citizenship
Our operations and projects aim to make positive, long-lasting contributions to the sustainable
development of the communities and countries in which they are located. But we are only able to
do so with the cooperation of our stakeholders, particularly those found in local communities and host
country governments.
Mining is a complex industry and we must increasingly demonstrate how we manage risks and
mitigate impacts affecting our environmental and social performance. As we continue to improve
our transparency and disclosures, we aim to show that the controls that we have in place protect and
respect human rights, address and respond to community concerns, provide a safe and respectful
working environment, and minimize harm to the environment, while ultimately leaving a positive
and lasting legacy.
Even with the best due diligence, political risks can never be entirely mitigated. Our due diligence
reports assess the host country’s political climate, governance structures, legal system, transparency
of doing business, history of foreign investment, and tax and royalty regimes. However, political
climates can change abruptly and without warning, and as a mine can operate for over 20 years,
the political context of any given country can change substantially within the life cycle of a mine.
To further mitigate the risks associated with political instability, Eldorado advocates for clear, fair
and transparent regulations and proactively shares its experiences as a global operator to help host
governments develop and maintain appropriate legislation. We recognize that advancing sustainable
development and building strong political institutions in host countries is critical to creating social and
political stability, and continuously work with governments to achieve sustainable development goals.
PERMITS AND LICENCES
Obtaining permits and licences is critical to our project development and ongoing operations. It is our
responsibility to meet relevant environmental and commercial regulations and it is the host governments’
responsibility to grant permits and licences in a timely fashion when those regulations are met.
During construction and development, Eldorado’s Engineering and Capital Projects teams are
responsible for preparing our applications and submitting these to governments to obtain the permits
and licences we require to operate. These teams report to Eldorado’s Senior Vice President, Engineering
& Capital Projects, who in turn reports to Eldorado’s COO. Throughout the permitting process, our
teams are supported by country Vice President & General Managers who frequently engage with local
governments to address questions or concerns.
During production, our mines must maintain adherence to the operating requirements prescribed within
our permits and licences. These generally include explicit social or environmental conditions, such as
targets for local employment or air quality and emission thresholds. Our various mine departments –
including Environmental, Health and Safety, Community Relations and Corporate Social Responsibility –
are responsible for monitoring and adhering to these requirements. Mine General Managers are ultimately
accountable for compliance with our permits and licences, and report directly to Eldorado’s COO.
Olympias processing plant
at night, Greece.
Political Climate
in Countries of
Operations
Our operations are subject to
changing political conditions,
geopolitical environments, host
governments and regulatory
requirements in the countries where
we do business. Changes, if any, in
mining or investment policies, or
shifts in political attitudes in these
jurisdictions may adversely affect
our operations or profitability.
In 2017, the continued delay in receiving the
necessary permits to develop our Skouries
and Olympias mines negatively impacted
our project schedules and costs and
hindered our ability to effectively advance
development and operation of these assets.
We received the outstanding operating
permit for the Olympias Phase II processing
plant in September 2017, allowing
commencement of commercial production
in December 2017. However, in November
2017, due to the non-issuance of permits,
we announced our intention to begin
moving the Skouries project under care and
maintenance. We expect to complete the
ramp down into care and maintenance by
the end of the second quarter 2018.
Also in 2017, our Greek subsidiary,
Hellas Gold, received formal notice from
Greece’s Ministry of Finance and Ministry
of Environment and Energy initiating
domestic Greek arbitration. The arbitration
notice alleged that the Technical Study
for the Madem Lakkos Metallurgical
Plant for treating Olympias and Skouries
concentrates, submitted in December 2014,
was deficient and thereby in violation of the
Transfer Contract between the Company
and the Greek state. In early April 2018, the
arbitration panel in Greece issued a positive
ruling, rejecting the Greek state’s motion
that the Technical Study was in breach of
the provisions of the Transfer Contract.
Despite Turkey experiencing continued
heightened levels of political, economic
and regional geopolitical instability in 2017,
our operations experienced no significant
disruptions and continued to operate under
normal business conditions.
37
RESPONSIBLE PERFORMANCE
HUMAN RIGHTS
In the past two decades, the mining industry has attracted international attention for failures relating
to human rights. While operating in complex social and political environments can pose inherent
human rights-related challenges, prioritizing human rights through clear policies and due diligence
procedures often leads to better outcomes for all stakeholders.
Eldorado believes that respecting and supporting human rights begins with the fundamental
recognition of the equality and dignity of all people. These values are in a number of international
documents recognized by Eldorado, including the International Bill of Human Rights, the Voluntary
Principles on Security and Human Rights, the Ten Principles of the UN Global Compact, and the
International Labour Organization’s Declaration on the Fundamental Principles and Rights at Work.
These values guide our respect for human rights across our sites and communities, and across all
aspects of our operations, from developing a workplace culture that values safety and diversity
to assisting local communities achieve socially inclusive development goals.
We require our employees and contractors to comply with Eldorado’s Human Rights Policy, which
was updated and signed by Eldorado’s President & CEO in 2017. The Policy outlines our requirements
for upholding and respecting the human rights of our employees, contractors, supply chain workers,
local community members, and other stakeholders who may be impacted by our activities. As stated
in the Policy, Eldorado supports the global elimination of child and forced labour, as well as the
elimination of workplace discrimination on the basis of race, gender, religion, age, social status, sexual
orientation or any other arbitrary characteristic unrelated to an individual’s job performance.
As a significant economic actor in our host communities, Eldorado has a particular responsibility to
respect and advance human rights. Although this influence enables us to make positive contributions
to human rights in local communities, governments hold primary responsibility for protecting and
upholding the human rights of their citizens.
Alignment with the Voluntary Principles
on Security and Human Rights
Created in 2000, the Voluntary Principles on Security and Human Rights
(VPs) are a set of principles designed to guide extractive sector companies in
maintaining the safety and security of their operations within an operating
framework that encourages respect for human rights. The Government
of Canada identified the VPs as one of six leading standards in Canada’s
CSR Strategy for the Extractive Sector.
In March 2017, the Mining Association of Canada (MAC) announced a membership commitment
to implement the VPs. Member companies, including Eldorado Gold, that rely upon private
or public security forces must commit to implementing a human rights and security approach
consistent with the VPs and based on a determination of risk at mining facilities that they control.
Eldorado retained an independent consultant to conduct a long-term project to review existing
security arrangements and to develop a plan to address performance gaps and training needs in
accordance with the VPs. The assessment included a review of management policies, site actions,
and stakeholder perceptions related to security and human rights. In November 2017, training
on the VPs was provided to Eldorado’s leadership team including Officers, country Vice Presidents
and mine managers, and in early 2018 a pilot project was undertaken at Eldorado’s Tocantinzinho
project in Brazil. Key gaps and recommendations from the review will inform the development of
security and human rights training materials that will be adopted, adapted and applied across all
Eldorado sites.
Employee at Efemçukuru, Turkey.
38
ELDORADO GOLD
YEAR IN REVIEW 2017
PRINCIPLES AND STANDARDS OF RESPONSIBILITY
United Nations Global Compact
Eldorado is a signatory to the UN Global Compact (UNGC), the world’s largest corporate responsibility
initiative. The UNGC’s Ten Principles provide fundamental guidance for our business in the areas of
human rights, labour standards, the environment and anti-corruption. We have considered the UNGC’s
Principles in the development of our Code of Business Conduct and Ethics, Anti-Bribery and Anti-
Corruption Policy, Human Rights Policy, Diversity Policy and our Environmental Policy, with the goal
of being a welcome and trusted partner everywhere we operate.
Voluntary Principles on Security and Human Rights
The Voluntary Principles comprise a “set of principles designed to guide companies in maintaining
the safety and security of their operations within an operating framework that encourages respect
for human rights.” The Voluntary Principles were established in 2000 and are considered the
standard for best practice in managing security for extractive industry operations.
Eldorado’s Human Rights Policy, which was updated in 2017, states that all of our mine sites
are required to align their security practices with the Voluntary Principles and follow all laws
in the jurisdiction of operation when engaging with private or public security forces. Through
2017, all Eldorado country Vice Presidents and mine managers attended training sessions on the
Voluntary Principles, and they were given the opportunity to review and discuss Eldorado’s enterprise-
wide alignment with the Voluntary Principles. As we work to advance cross-Company alignment with
the Voluntary Principles, Eldorado is also working with the MAC, which announced on March 2, 2017
its commitment to the Voluntary Principles, to formalize alignment. MAC members, including
Eldorado, will now report on progress towards the Voluntary Principles in the MAC’s annual Towards
Sustainable Mining Progress Report.
The Voluntary Principles are an important part of our commitment to protecting and respecting the
human rights and safety of all our stakeholders while maintaining the security of our employees,
contractors and assets.
Conflict-Free Gold Standard
The World Gold Council published the CFGS in 2012, following extensive consultation with
governments, civil society, external auditors and supply chain participants. The standard creates a
framework for assurance that the production of gold by a company does not contribute to unlawful
armed conflict or human rights abuses. The CFGS is based on a recognition across much of the mining
industry that the value created by gold-producing activities has the potential to cause or contribute
to conflicts within communities and countries, and that companies should mitigate the potential
for their activities and products to contribute to conflict. The CFGS also serves to operationalize the
Organisation for Economic Cooperation and Development’s (OECD’s) Due Diligence for Responsible
Supply Chains for Minerals from Conflict-Affected and High-Risk Areas.
Eldorado’s operations are not located in conflict-affected areas, but we nonetheless chose to adopt
the CFGS in 2013, to provide assurance that the gold we produce does not cause, support or benefit
armed conflict or contribute to human rights abuses or breaches of international humanitarian law.
In 2017, we published our fourth annual Conflict-Free Gold Report. The Report details our findings
that Eldorado’s operations, and all gold and gold-bearing material produced by our operations,
conform to the CFGS. Conformance with the Standard was subject to independent assurance.
A copy of our report and independent assurance statement can be found here:
eldoradogold.com/responsibility/our-approach/accountability/.
Gold pour at Kışladağ, Turkey.
WORKING WITH GOVERNMENTS
Government authorities are some of our most important stakeholders and essential partners
throughout the mining life cycle. Governments in all of our operating jurisdictions play an important
role by instituting laws and regulations that provide a clear and stable framework for responsible
business operations. Stable regulation provides guidance and clarity for our business, and helps us
mitigate risks when making investment decisions. All of our operations are required to abide by the
laws and regulations of the countries in which we operate.
To better understand government objectives and policies, provide information about our projects,
discuss relevant issues and advance our permits, Eldorado maintains frequent dialogue with
government authorities at the local, regional and national levels through our in-country teams.
At the corporate level, we work with ministerial offices and diplomats, both in Canada and abroad.
The knowledge we derive from these communications helps guide our decision-making processes
while keeping our government stakeholders aware of our development successes and challenges.
Appropriate regulation, accompanied by strong and stable judicial and political institutions, allows
us to develop operations capable of generating value for all our stakeholders. Strong government
institutions are also important to the legitimacy, inclusivity and accountability of our operations among
many of our other stakeholders, particularly local communities. For this reason, Eldorado encourages
the development of effective, accountable and inclusive institutions at all levels of government in
accordance with the UN SDGs.
Eldorado does not participate in any party politics or make donations to political parties.
TAXES AND ROYALTIES
Following a commitment stated in Eldorado’s 2016 Year in Review Report – namely, to incorporate
a tax strategy into our overall business strategy – we finalized our corporate tax strategy in 2017.
The strategy focuses on adhering to all tax obligations and understanding tax risks in the jurisdictions
in which we operate.
Paying taxes is an important part of our contribution to the economic growth and social development
of the communities and countries in which we operate. Our tax requirements are not only legal
obligations, but also reflect the relationships we have with our stakeholders. We focus on meeting
all tax obligations while managing taxes and tax risks to provide sustainable outcomes within the
parameters of Eldorado’s strategic and commercial objectives. Eldorado expects to pay taxes in the
countries in which activities occur, and believes double taxation of the same activity by different
jurisdictions should be avoided. We are transparent about our profit-generating activities and tax
payments in the countries where we operate. Maintaining an open dialogue with governments and
tax authorities is an important part of our socially and economically responsible business operations.
Transactions in lower taxed jurisdictions do occur but are minor, and our objective is not to shift profits
to such jurisdictions to reduce our tax burden or limit the transparency of our transactions.
Responsibility for Taxes
In-country teams that have expertise in navigating and understanding the legislative, cultural and
political circumstances of their home countries manage day-to-day tax-related issues. We also work
closely with reputable tax advisors to comply with local tax legislation.
Eldorado’s Global Tax Manager is responsible for global tax planning, the maintenance of tax records
and the oversight of tax matters world-wide, and reports to the CFO.
39
RESPONSIBLE PERFORMANCE
Contributing
to Sustainable
Development
Taxes and other legally required
payments to governments
are important ways in which
Eldorado contributes to economic
growth and social development
in the countries in which we
operate. In addition to our
community investments, we
rely on capable government
institutions to distribute tax
revenue towards inclusive and
sustainable development that
supports the well-being of our
host communities.
Introduction of the Golden Rules
Handbook to employees in Greece.
40
ELDORADO GOLD
YEAR IN REVIEW 2017
OUR TAX STRATEGY
Accountability
■ We observe all applicable laws and
disclosure requirements in the countries
in which we operate
■ Paying taxes is an important social
and economic contribution to our
host countries
Alignment with
Business Strategy
■ Our tax strategy supports and is consistent
with our business strategy
■ Transactions are only performed if they have
a business purpose and are never tax driven
Decentralization
■
Local teams manage day-to-day tax issues
■ The Global Tax Manager is responsible
for tax matters world-wide
■ We work with reputable tax advisors
in all countries of operation
Efficiency
Risk Management
Transparency
■ We undertake the most tax-efficient
approach in compliance with all
relevant laws
■ We apply diligent professional care and
■ We seek to establish and maintain
judgment when interpreting tax laws and
assessing tax risks, particularly when laws are
unclear or subject to interpretation
■ We consider Eldorado’s reputation, brand,
and corporate and social responsibilities when
making tax decisions
reciprocally cooperative relationships
with tax authorities
■ We intend to provide clear
communication of main tax items
for all stakeholders
On May 29, 2018, Eldorado filed its second report under ESTMA, which
covers payments made in 2017 to all levels of foreign and domestic
governments. This report summarizes Eldorado’s payments of taxes,
royalties, fees, bonuses, production entitlements, dividends and other
categories of payment as prescribed by ESTMA. This year we undertook
an additional step to have our 2017 ESTMA report independently audited
by KPMG. The report is publicly available on our website: eldoradogold.com/
investors/financial-information/ESTMA/.
Under the EU Directives, member states were required to adopt the
requirements into domestic law in 2015 and they became effective
on January 1, 2016. Romania and Greece have both implemented this
legislation. As we do not have mining operations in the Netherlands,
our Dutch subsidiaries fall outside the scope of the EU Directives.
TRANSPARENCY OF PAYMENTS TO GOVERNMENTS
Transparent and fairly collected tax revenues and other royalties are
fundamental resources through which governments are able to build stable
political institutions capable of creating lasting peace and sustainable
development. Revenue transparency is also an important part of maintaining
honest relationships with our investors and other stakeholders. To this end,
we aspire to further increase the level of disclosure we make with respect to
payments made to governments as part of a broader industry mandate to
fight corruption.
We recognize the importance of initiatives such as the Extractive Industries
Transparency Initiative (EITI) in improving revenue transparency, as well
as in strengthening government and Company systems, informing public
debate and enhancing stakeholder trust. While we do not operate in
any EITI signatory countries, both Canada and the European Union (EU)
have passed laws that require mandatory public reporting of payments to
governments by the extractive sector. The respective laws are:
■ Canada’s Extractive Sector Transparency Measures Act (ESTMA), which
came into force on June 1, 2015
■ EU’s Transparency and Accounting Directives (EU Directives), introduced
in 2013
41
RESPONSIBLE PERFORMANCE
Table 1: Payments to Government (1)
($ millions)
Taxes
Royalties
Fees
Infrastructure improvement payments
Total
Brazil
Canada
Greece
Romania
Turkey
2017 Total
2016 Total (2)
–
–
0.22
–
0.22
0.13
–
–
–
0.13
0.18
0.15
–
–
0.33
–
–
0.23
–
0.23
11.10
7.57
20.10
–
38.77
11.41
7.72
20.55
–
39.68
40.64
6.96
4.86
0.73
53.19
(1) Payments to government have been calculated on a cash basis and in accordance with the Extractive Sector
Transparency Measures Act (ESTMA). Eldorado’s 2017 ESTMA report was published on May 30, 2018.
(2) For comparative purposes, 2016 ESTMA payments have been adjusted to exclude contributions to
the Government of China due to Eldorado not holding assets in China in 2017.
BRIBERY AND CORRUPTION
Eldorado and its subsidiaries comply with all applicable anti-bribery and anti-corruption laws and
regulations. Our Anti-Bribery and Anti-Corruption Policy has been in place since 2015 and is
designed to educate our employees and contractors on their responsibility to comply with applicable
anti-bribery and anti-corruption laws. It also encourages staff to be alert to potential violations of
applicable laws by any of Eldorado’s personnel or independent representatives, distributors, consultants
or agents.
All employees participated in anti-bribery and anti-corruption workshops in 2017. Company officers,
leadership and key staff also attended in-person anti-corruption training at the corporate, regional and
site levels. Company leadership, key management and employees are also required to sign an annual
declaration affirming that they have read and understood Eldorado’s Anti-Bribery and Anti-Corruption
Policy, as well our Code of Business Conduct and Ethics. Copies of these policies are posted at each
of our sites, in communal work areas and on noticeboards. The policies are overseen by Eldorado’s
Corporate Secretary and Global Internal Controls Manager.
Team meeting at Efemçukuru, Turkey.
42
ELDORADO GOLD
YEAR IN REVIEW 2017
Providing Decent Work
People are at the core of our business, and our primary concern
is the safety and well-being of our employees and contractors.
Working in the mining industry has inherent safety risks, and it is our
job to mitigate those risks by training all employees and contractors to
follow safety protocols and procedures. By keeping our people safe and
providing well-paid jobs, our operations contribute to the socio-economic
development of the communities in which we work.
43
PROVIDING DECENT WORK
Keeping Our People Safe
Health and safety in the workplace matters to everyone at Eldorado, particularly given the high
risks of working in heavy industry that are inherent across all of our sites. Protecting the health
and safety of our employees, contractors and communities is therefore our biggest priority and
a cornerstone of our operating philosophy.
High-risk and safety-sensitive activities include but are not limited to: working at heights, handling
and using explosives, exposure to hazardous chemicals, working in confined spaces, operating with
or near heavy equipment and driving vehicles. Protecting the health and safety of our employees,
contractors and communities is critical to fulfilling our role of providing sustainable, responsible value
to stakeholders.
Health and safety risks such as disease and injury related to working in natural environments are
addressed in our health and safety planning. Climate change may also affect the health and safety of
our workers and communities, which we consider later on in the environmental section of this Report.
STRENGTHENING OUR SAFETY CULTURE
Building a healthy and safe work environment requires employees to have the skills and knowledge to
identify hazards and avoid risks. Individuals must also value health and safety in order to make the right
decisions, while strong policies, procedures and systems must be in place to safeguard workplaces.
We continuously strengthen our safety culture by taking a holistic view towards safety leadership. We
understand that how our people feel, what our people do, and how our policies, procedures and systems
address health and safety are all interdependent. A culture of safety means that each individual values
their safety and the safety of those around them; having this culture allows for our policies, procedures
and systems to be implemented effectively and leads to safety-conscious behaviour.
RESPONSIBILITY FOR SAFETY
Safety begins with every Eldorado employee. Everyone is responsible for their own and their
colleagues’ safety. At each of our sites, Health and Safety teams and site management are responsible
for the day-to-day oversight, implementation and management of our Health and Safety policies,
programs and activities. Each team reports directly to its mine General Manager, who in turn reports
to the country Vice President & General Manager and Eldorado’s COO. The COO annually oversees
safety objectives and targets, and reviews safety performance on a week-to-week basis.
Eldorado’s President & CEO is ultimately accountable for our safety performance. At the Board level,
the Sustainability Committee has oversight of all health and safety activities.
Safety begins
with every Eldorado
employee.
HEALTH AND SAFETY MANAGEMENT SYSTEMS
George Burns, President & CEO,
presenting the Golden Rules Handbook
at Stratoni, Greece.
Each of our operations follows Eldorado’s corporate Health and Safety Policy, which establishes
requirements to monitor and report lead and lag indicators. Site-specific health and safety
targets are defined annually as part of the management review element of our health and safety
management systems.
To complement our internal systems, we use the internationally recognized OHSAS 18001
Occupational Health and Safety Management System Standard to help us better identify and manage
safety risks and improve our safety performance. Our Kışladağ and Efemçukuru mines in Turkey and
our Halkidiki assets in Greece are all independently certified to OHSAS 18001.
On site at Kışladağ, Turkey.
44
ELDORADO GOLD
YEAR IN REVIEW 2017
TRAINING AND SKILLS DEVELOPMENT
Developing workforce capacity and conducting regular training across all of our sites is an ongoing
priority. The majority of our workforce comes from local communities and the regions surrounding
our mines, and they often have no prior mining experience. We believe there are significant socio-
economic benefits to building a local workforce and economy, and we invest in relevant training and
development initiatives to improve the productivity and safety of our employees.
All new recruits and interns at our facilities undergo training on safety, accident prevention,
environmental issues and Company procedures, among other topics. Ongoing training priorities are
defined based on job requirements, performance evaluation notes and legal requirements. Even at sites
with a long mining history and a well-established workforce, such as Kışladağ, we see the benefits of
refresher training to improve employee capacity, productivity, and health and safety performance.
Table 2: Total Hours of Employee Training by Region and Gender
Brazil
Greece
Romania
Turkey
Total
Female
Male
Female
Male
Female
Male
Female
Male
Female
Male
Employees
Supervisors
Executives
Contractors
Total
–
–
–
1,960
346
–
401
12,681
3,360
398
332
329
18,172
4,016
827
7,488
1,059
6,937
2,482
80,423
6,901
107,492
–
30
–
121
161
384
264
75
438
5,668
2,322
18,790
662
437
1,168
10,151
3,310
39,343
169,464
Table 3: Total Hours of Employee and Contractor Safety Training by Region
Employee
training hours
Contractor
training hours
Brazil
2,306
13,082
Greece
Romania
9,035
6,298
7,956
384
Turkey
20,763
7,321
Total
40,060
27,085
Creating a Culture of Safety Across Our Operations
In 2017, Eldorado launched its Global Health & Safety
Directive, designed to create and sustain injury-free
and healthy work environments for our employees and
contractors. The Directive recognizes the importance
of strong leadership in creating a culture of safety
throughout the Company.
To further advance the objectives of our Global Health
& Safety Directive, we have developed the Golden Rules
Health & Safety Handbook. The Golden Rules outline
specific health & safety risks and risk-mitigation procedures
that must be followed across all of our operations.
Every worker across the Company must have a copy of the
Golden Rules and carry it with them while on site as part
of their personal protective equipment.
By integrating health & safety awareness
into our day-to-day activities, the Golden
Rules and the Global Health & Safety
Directive provide a foundation from
which we can work to continuously
improve health & safety performance
and accomplish our most important
task: the prevention of harm.
S
E
L
U
R
N
E
D
L
O
G
HEALTH & SAFETY HANDBOOK
45
PROVIDING DECENT WORK
HEALTH AND SAFETY PERFORMANCE
Table 4: Safety Performance
Turkey
Greece
Brazil
Romania
Eldorado Global (1)
Efemçukuru
Kışladağ
Olympias
Stratoni
Skouries
Tocantinzinho
Certej
2017
2016
Fatalities
LTIFR (2)
TRIFR (2)
–
3.0
14.3
–
1.7
2.6
–
1.0
5.0
–
2.1
7.3
1
1.1
5.6
–
–
3.1
–
1.6
1.6
1
1.65
6.61
1
1.37 (3)
7.18 (4)
(1) Eldorado Global includes all injuries incurred across Brazil, Canada, Greece, Romania, Turkey and
exploration activities.
(2) The frequency rate is the number of injuries that occurred per one million man-hours worked.
(3) The 2016 LTIFR was adjusted to exclude injuries and man-hours worked attributable to Eldorado’s formerly
owned Chinese assets, increasing from 0.93 to 1.37.
(4) The 2016 TRIFR was adjusted to exclude injuries and man-hours worked attributable to Eldorado’s formerly
owned Chinese assets, increasing from 5.47 to 7.18.
Eldorado’s total number of injuries, particularly LTIs, increased in 2017 compared to the previous year.
Unfortunately we also experienced a fatality at our Skouries project in August. A woodcutter employed by
our contractor was struck by a large branch from a diseased tree located behind him while he was cutting
another tree. The incident was investigated separately by the external authorities and the Company’s own
health and safety staff. We are waiting on the inspector’s final report; however, our internal investigation
resulted in a number of additional administrative control measures and training opportunities that have
been implemented to increase hazard awareness and surveillance during logging and vegetation clearance.
Our Greek subsidiary, Hellas Gold SA, is required to follow Department of Forestry vegetation clearance
protocols which prohibit the use of mechanical tree-removal equipment.
We are disappointed by our safety performance in 2017 and are committed to strengthening and
reinforcing a strong safety culture across the Company to drive improved performance. A number
of new safety initiatives were introduced during the year partly in response to this, including Eldorado’s
Health and Safety Directive. In 2018 we also introduced Eldorado’s Golden Rules to our workforce
and celebrated our inaugural International Safety Week by hosting safety training, presentations,
competitions and other activities to remind ourselves of the importance of working safely.
Weekly health and safety incident reports are prepared by each site and region and outline weekly,
month-to-date and year-to-date statistics including:
Near Misses
First Aid Incidents
Medical Treatment Injuries
An incident which, in different circumstances,
could have resulted in harm to people,
damage to property or loss to a process
Care is provided to a person who is injured
or who suddenly becomes ill (e.g. disinfecting
a cut, applying a bandage, treating a
sunburn, etc.)
An injury or disease that resulted in basic
treatment (not first aid treatment) given
by a physician or other medical personnel
(e.g. prescription medication, sutures,
therapeutic treatment, etc.)
Restricted Work Injuries
Lost-Time Injuries
Fatalities
An injury or disease that results in a person
being unable to perform their normal duties,
including temporary or permanent transfer
to another job
A work-related injury or disease that resulted
in lost time from scheduled work of at least
one day or shift, a permanent disability or
a fatality
Death resulting from a work-related accident
46
ELDORADO GOLD
YEAR IN REVIEW 2017
ENSURING CONTRACTOR SAFETY
We communicate our minimum expectations regarding contractor health and safety rules as a
component of the tender notice and project assignments at our mining facilities. These expectations
form an integral part of the agreements Eldorado signs with each contractor and they:
■ Educate contractors on how to carry out work safely and in line with Eldorado’s standards
■ Prevent accidents among their staff, our staff or third parties
■ Avoid damage or harm to facilities and equipment belonging to the contractor,
Eldorado or third parties
If contractors do not follow safe practices, we require them to cease work until remedial actions
have been taken. This may include implementing written procedures for high-risk tasks within the
contractor’s scope, documenting training for all personnel, conducting fit-for-purpose audits of
machinery, materials, PPE and emergency equipment used by the contractor, and re-inducting their
employees to Eldorado’s site safety requirements.
SAFETY BEYOND THE MINE
Our commitment to health and safety does not end with our employees and contractors. We also
consider local stakeholders’ health and safety in our activities. As we transport materials to and from
mine sites, the safety of our workers relates directly to the safety of local communities and neighbours.
Our workers and contractors follow strict transportation safety guidelines and must adhere to all local
transportation laws and regulations. An important part of being a responsible operator and a good
neighbour is respecting common areas outside of our mining sites (such as roadways), and Eldorado
is committed to transportation safety.
To promote health and safety in the communities near our operations, our sites have both informal
and formal aid-assistance programs in which Eldorado’s emergency response teams help in community
emergencies, if needed. Health programs at our sites provide basic medical treatments and services
for employees and contractors, including immunizations and medical checkups.
EMERGENCY PREPAREDNESS
By planning for emergencies, we identify, prioritize and implement controls for potential hazards at
our sites, which helps minimize their impact while safeguarding our employees, the environment and
local communities.
Emergency response programs are in place at all our operations. Our emergency response teams
comprise employees with additional training in emergency protocols, procedures and equipment.
The emergency response programs include extensive emergency drills and training, such as mine rescue
drills, fire drills, CPR first aid training, and training in the use of hazardous materials suits and other
safety equipment.
Our emergency response teams also maintain close working relationships with community-based
emergency responders, and provide additional support and resources to local responders in the
event of a serious off-site incident. In cases of natural disaster and irregular weather events such as
floods and forest fires – which may become more frequent due to climate change – our emergency
responders are prepared to assist community-based response teams to protect our workers, assets
and neighbours.
Our operating regions and corporate head office also have crisis management plans in place that are
consistent with the MAC’s TSM Crisis Management and Communications Planning protocol.
One of our mine rescue responders in training
at the Kassandra Mines in Greece.
47
PROVIDING DECENT WORK
Providing Employment and Economic Growth
Mining can be an incredible source of value for communities and countries, as it generates
employment and investment by producing the raw materials that have become integral to modern life.
However, mining is able to generate value for all stakeholders only when companies are able to work
with communities and governments. We recognize our responsibilities to the communities in which we
operate, and believe that providing decent work is one of the most meaningful ways that we can work
together with our stakeholders.
Everywhere we operate, we take pride in the relationships we build with our workforce and
their communities.
LOCAL EMPLOYMENT AND PROCUREMENT
Wherever possible, we prioritize hiring local employees and working with local suppliers. We
are proud of the contributions we are able to make to communities through direct and indirect
employment. Some of the benefits of local employment include skills development, increased income
levels and economic diversification.
While we do not have a formal policy, we encourage the purchasing department at each site to hire
locally, use local suppliers, and work with local businesses to improve their capacity and ability to work
with us.
This strategy helps build strong working relationships with local communities and industry, brings
about operating efficiencies and lowers long-term costs by having an educated and experienced
workforce near our sites. Conversely, negative impacts can include inflated local prices for goods and
services, as well as income disparity between the mining and non-mining workforce. Our community-
based investments, detailed in the next section, help to mitigate these negative effects and distribute
value across a broader range of stakeholders.
Our broad target is to increase every year the percentage of materials purchased from companies near
our sites. This enables local suppliers to develop their businesses and increases their capabilities with
regards to providing a larger proportion of products and services.
Local contractors at Kokinolakas tailings
facility, Greece.
Domestic suppliers of goods and services are the biggest recipients of our supplier expenditure,
accounting for 89% and 79% of our host-country investment in 2017 and 2016, respectively.
Our local procurement practices centre on:
■ Promoting an open and shared culture across all our workplaces
■ Providing ongoing training and education
■ Upholding equal opportunities, diversity and anti-discriminatory practices
■ Hiring employees, contractors and suppliers from the local community
Table 5: Payments to Suppliers (1)
($ millions)
Brazil
Canada
Greece
Romania
Turkey
2017 Total
2016 Total
Payments to domestic suppliers
Payments to international suppliers
Total
% spend on domestic versus
international suppliers
11.00
–
11.00
100%
65.80
–
65.80
100%
177.29
23.85
201.14
88%
19.09
3.32
22.41
85%
185.95
31.78
217.73
85%
459.12
58.95
518.07
89%
358.40
92.60
451.00
79%
(1) We define “local” as procurement from contractors and suppliers located within the neighbouring villages and
communities of our sites. However, for data-reporting purposes, we report on “payments to suppliers” within
the categories of domestic and international suppliers only. Domestic suppliers are those where the payment
recipient is located in the same jurisdiction. Payments to commercial enterprises are considered “domestic” if the
commercial enterprise is registered in the same jurisdiction for tax purposes.
48
ELDORADO GOLD
YEAR IN REVIEW 2017
OUR WORKFORCE
Our success is a result of the dedicated employees and contractors who work for us and our global
subsidiaries. It is our people’s motivation and commitment to excellence that drives our performance
and helps us achieve our corporate objectives.
Across the organization, 99% of our employees and contractors are nationals of the country in which
they work. We believe in recruiting local employees whenever possible, and for senior roles. Turkish,
Greek, Brazilian, Canadian and Romanian employees form the majority of our management teams
working in their respective home countries, alongside a small number of expatriate employees.
In accordance with the relevant laws and regulations, we uphold strong and fair labour practices.
We encourage equal opportunities and base our hiring practices on skills and experience as stated
in our Diversity Policy. Male and female employees are paid equally for equivalent jobs.
As outlined in our Code of Business Conduct and Ethics, everyone at Eldorado is expected
to maintain a safe and healthy work environment and promote a workplace that is free from
discrimination and harassment on any basis, including race, colour, religion, gender, age, national
origin, disability or sexual orientation.
Please see the tables below for a detailed breakdown of our employee and contractor data.
All breakdowns are based on data collected as of December 31, 2017.
In early 2018, Eldorado adopted
its first Diversity Policy intended
to promote and maintain diversity
within the Board of Directors
and among senior management.
The Policy follows our belief that
diversity facilitates a broader
exchange of perspectives and
leads to greater organizational
strength. You can read more
about our Diversity Policy at
eldoradogold.com/about-us/
governance/.
Table 6: Our Workforce
Country
Site
Description
Employees
Contractors
Turkey
Greece
Brazil
Romania
Canada
Kışladağ
Efemçukuru
Other
Stratoni & Mavres Petres
Olympias
Skouries
Kassandra Mines Offices
Perama Hill & Sapes
Other
Tocantinzinho
Vila Nova
Other
Certej & Deva
Lamaque Site
Lamaque Other
Vancouver
Operating Mine
Operating Mine
Offices, Quarries and Laboratory
Operating Mine
Operating Mine
Construction Project (1)
Offices and Medical Clinic
Development Project
Offices and Exploration
Development Project
Care and Maintenance
Offices and Exploration
Construction Project and Office
Construction Project
Office
Corporate Office
Netherlands
Amsterdam
Serbia
China
–
–
Barbados
Bridgetown
Office
Exploration
Office
Office
747
465
59
362
494
45
124
14
49
10
19
27
263
55
35
49
6
9
–
1
305
356
–
130
451
406
127
–
77
72
8
35
53
96
–
–
–
2
–
Total
1,052
821
59
492
945
451
251
14
126
82
27
62
316
151
35
49
6
9
2
1
(1) Eldorado announced on November 9, 2017 its intention to place Skouries under care and maintenance.
2,833
2,118
4,951
49
PROVIDING DECENT WORK
Underground core logging at the
Triangle deposit, Lamaque, Canada.
Table 7: Total Workforce and Composition
Local (%) National (%)
Expatriate (%)
Employees
Contractors
Total
77
48
64
99
99
99
1
1
1
Total
2,833
2,118
4,951
Table 8: Employees by Gender and Region
Region
Brazil
Canada
Greece
Romania
Turkey
Other
Total
Percentage female (%)
Percentage male (%)
Total employees
16
32
11
13
5
43
10
84
68
89
87
95
57
90
56
139
1,088
263
1,271
16
2,833
Table 9: Employees by Age Group, Gender and Region
Region
Brazil
Canada
Greece
Romania
Turkey
Other
Total female
Total male
Total Eldorado
% Under 30
% 30–50
% Over 50
2
19
12
11
14
33
25
12
13
63
47
70
52
78
47
64
71
71
36
34
18
37
8
25
11
17
16
50
ELDORADO GOLD
YEAR IN REVIEW 2017
Table 10: Employees by National Representation
Region
Brazil
Canada
Greece
Romania
Turkey
Other
Average
Local (%)
National (%)
Expatriate (%)
73
60
89
98
67
37
77
100
88
99
100
99
62
99
–
9
1
–
1
6
1
Table 11: Employees by Employment Type and Gender
Brazil
Canada
Greece
Romania
Turkey
Other
Total
Employees
Female Male
Female Male
Female Male
Female Male
Female Male
Female Male
Female Male
Full-time
Part-time
Total
Permanent
Fixed-term
Total
9
–
9
9
–
9
47
–
47
47
–
47
45
–
45
44
1
45
92
2
94
93
1
94
113
972
2
1
115
973
102
13
952
21
115
973
34
1
35
34
1
35
227
1
228
204
24
228
69 1,201
1
–
70 1,201
70 1,173
–
28
70 1,201
7
–
7
6
1
7
9
–
9
8
1
9
277 2,548
4
4
281 2,552
265 2,477
16
75
281 2,552
Table 12: Employee Hire and Turnover Rates by Region and Gender (1)
Region
Brazil
Canada
Greece (2)
Romania
Turkey
Other (3)
Total
Female
hire rate (%)
Female employee
turnover (%)
Male
hire rate (%)
Male employee
turnover (%)
Total
hire rate (%)
Total
turnover rate (%)
40
40
144
–
6
129
70
–
9
133
6
10
71
61
11
35
15
14
7
138
12
11
12
18
9
7
125
12
9
37
28
13
40
133
18
9
14
30
8
8
100
17
(1) Rates are calculated by dividing the total number of new employee hires (or total employee turnover) during the
reporting period, by the total number of employees at the end of the reporting period.
(2) Due to the Skouries project being placed under care and maintenance and further political instability in Greece,
both turnover and hire rates at our Greek operations vary significantly from averages across other operations.
(3) Employee hire and turnover rates increased significantly in 2017 across Eldorado’s non-mining regions due to
the use of short-term contract employees during the ramp-up and completion of planned exploration drilling at
Serbia’s KMC Project.
51
PROVIDING DECENT WORK
Eldorado’s Board of Directors, May 2018.
Table 13: Employee Hire and Turnover Rates by Age and Gender
Age
category
<30
30–50
>50
Female
hire rate (%)
Female turnover
rate (%)
Male
hire rate (%)
Male turnover
rate (%)
250
10
6
230
3
25
63
5
7
51
5
15
Table 14: Board of Directors Gender Composition
Board of Directors
Audit Committee
Compensation Committee
Corporate Governance
and Nominating Committee
Sustainability Committee
Female
Male
Total
1
1
–
1
–
7
3
3
2
4
8
4
3
3
4
Table 15: Officers and Management Gender Composition (1)
Officers
Management
Female (%)
Male (%)
20
22
80
78
(1) For more information on Eldorado’s Officers and Management, please see
eldoradogold.com/about-us/leadership/officers-and-management/.
52
ELDORADO GOLD
YEAR IN REVIEW 2017
Our Contractors
We regularly partner with contractors, particularly during the construction of new projects
(such as Skouries) and for ongoing project development (such as Olympias Phase II). These partnerships
enable us to draw on short-term labour and leverage specific construction expertise that may not be
readily available within our own workforce. Doing so also allows us to focus on our core business,
while supplementing expertise, experience and labour.
All contractors that work on our sites must adhere to Eldorado’s governance policies, including
our Code of Business Conduct and Ethics, and our Environmental, and Health and Safety
policies. Contractor companies are required to implement systems or procedures that, at a minimum,
meet our requirements for social and environmental performance.
Examples of our contractor activities include:
Activity
Description
Examples
One-off major
projects
Significant capital-intensive
projects, where short-term contract
labour is hired for the duration of
the project
Mine construction at Skouries
and Lamaque
Mine development at Tocantinzinho
and Certej
Specialized
projects
Minor to major projects, using
skills, equipment and/or labour
not typically available in the
mine workforce
Construction of the Kokkinolakkas
tailings facility at Stratoni
Diamond drilling at exploration sites
Major support
services
Full-time services for important
non-mining work
Catering and employee transportation
services at Kışladağ and Efemçukuru
Private security services at all sites
Minor support
services
Part-time support services
Office cleaning
Ad hoc professional services
(auditors, lawyers, consultants, etc.)
Contractor transport services
at Efemçukuru, Turkey.
53
PROVIDING DECENT WORK
Table 16: Contractors by Gender and Region
Region
Brazil
Canada
Greece
Romania
Turkey
Other
Total
Percentage
female (%)
Percentage
male (%)
Total
contractors
2
–
10
–
4
100
7
98
100
90
100
96
–
93
115
96
1,191
53
661
2
2,118
Table 17: Contractors by National Representation
Region
Brazil
Canada
Greece
Romania
Turkey
Other
Total
Local (%)
National (%)
Training of security team
at Tocantinzinho, Brazil.
89
86
37
99
50
100
48
100
100
100
99
100
100
99.9
~100%
of Contractors
are local nationals
54
ELDORADO GOLD
YEAR IN REVIEW 2017
Relationships with Labour Unions
The majority of our employees are unionized, with employment terms and conditions negotiated
through collective bargaining agreements. In 2017, we renewed each of our agreements in Romania
and Brazil, while in Greece we agreed to operate under status quo while we negotiate a new
agreement. Existing agreements were extended for one additional year in Brazil and Turkey, and until
January 29, 2020 in Romania. There were no significant changes made in 2017 to the terms of our
agreements. We also welcomed a new unionized workforce to the Company through our acquisition
of Integra Gold’s Lamaque project. In early 2018, the union members at our Lamaque site voted to
dissolve their union.
As shown by our ability to form agreements with our unions – as well as the trust placed in
the Company by our workers in Lamaque, who are no longer unionized – we believe we have
good relations with both our unionized and non-unionized employees. We are committed to
resolving employee relations matters promptly and to mutually beneficial outcomes. Eldorado’s
labour agreements are overseen by our mine General Managers and country Vice President &
General Managers.
Table 18: Percentage of Employees Covered by Collective Bargaining Agreements
(%)
Kışladağ
Efemçukuru
Stratoni
Olympias
Skouries
Tocantinzinho
Vila Nova
Certej
Lamaque
Percentage of
employees covered
73
66
71
100
100
98
9
Employees finishing a work day
at Efemçukuru, Turkey.
REGIONAL ECONOMIC DEVELOPMENT
By investing in local, regional and national economies, our mining projects create employment
opportunities wherever they are located. Direct jobs are created at the mine itself, while indirect jobs
are created throughout the industry supply chain. These immediate jobs in turn create employment
throughout the broader economy as demands for local services (such as shops, restaurants, hotels,
schools and hospitals) increase. The International Council on Mining and Metals (ICMM) estimates
that for every one direct mining employee, three to five people may be employed indirectly elsewhere
in the host country’s economy. Furthermore, studies by the ICMM indicate that for every $1 of
economic activity invested by a mining project, an additional $3 or more is generated elsewhere
in the host economy.
The infographic on the opposite page shows the direct, indirect and induced impacts of
a mining project.
Economic Impacts of a Mining Project
Cash dividends
Share price
appreciation
Lodging for mine
personnel
Sales of metals
Skills development
DIRECT
impacts result from
the development
and operation of
a mine.
55
PROVIDING DECENT WORK
Payments to suppliers
Payments for land use
Community projects
Government taxes
(personal and corporate)
Royalties
Export revenues
Job creation
(mining site)
Salaries
Infrastructure
development
(installation of power,
water, roads)
INDIRECT
impacts result from
suppliers purchasing goods
and services to meet
mine demand.
Mining fleet
(trucks and loaders)
Utilities
(wider economy)
Job creation
(supply chain)
Industrial materials
Transport
Parts, equipment
and machinery
Accounting and
legal services
Engineering and
environmental
services
INDUCED
impacts result from
employees of both the
mine and the supply chain
relocating to, and spending
their wages in, the local
community.
Development of
municipal facilities
(schools, universities,
hospitals, sport centres)
Job creation
(wider economy)
Development of local
goods and services
(shops, grocers, restaurants,
leisure activities)
Increased needs for
municipal services
(police, fire, transport)
56
ELDORADO GOLD
YEAR IN REVIEW 2017
Working with Communities
We are deeply connected to the communities where we operate.
Partnering with our neighbours and local suppliers to improve health,
education and infrastructure is crucial to creating long-lasting, inclusive
and sustainable value beyond the life of our mines.
57
WORKING WITH COMMUNITIES
Mining is an inherently social venture. From the initial stages of exploration to the eventual reclamation
and restoration of a mine site post-operations, Eldorado relies on its partnerships with local
communities to build long-lasting socio-economic development. The relationships we have with our
stakeholders are critical to our mutual success, and to ensuring that the opportunities created by our
operations produce socially inclusive and sustainable development for the communities in which we
work. By providing competitive wages and benefits, prioritizing local procurement, contributing our fair
share of taxes and royalties, and investing in community programs and infrastructure, we work hard to
support the development goals of our host communities and governments.
Trust, honesty and transparency are fundamental to every relationship we have with our stakeholders,
and these relationships enable us to follow through on our promises and operate responsibly.
Building and maintaining these relationships requires us to listen to our stakeholders and work to
identify mutually agreeable solutions. Our reputation is built by our actions, and our sound record
of responsible operations helps us foster trust, strengthen relationships and continue to create
stakeholder value.
RESPONSIBILITY FOR OUR COMMUNITIES
Community and/or Public Relations teams are located at each of our sites and lead our stakeholder
engagement and community relations activities, with specific accountability assigned to our mine
General Managers and country Vice President & General Managers. More broadly, government
relations are led by each of our country Vice President & General Managers for their respective
operating jurisdictions, our Vice President Government Relations Europe, and supported by Eldorado’s
Senior Vice President, External Relations & Sustainability.
Eldorado’s President & CEO is ultimately accountable for the success of our community and stakeholder
engagement. At the Board level, the Sustainability Committee has oversight of all policies and
programs with respect to community relations.
ENGAGEMENT
We aim to build trust through our ongoing collaboration with a broad range of stakeholders,
including communities and governments, which involves listening and responding to stakeholder
needs and concerns.
We broadly define our core group of stakeholders as employees, contractors, suppliers, shareholders,
local community members, governments, NGOs and industry groups. When determining how and
with whom we engage, we consider the type of stakeholder and their concerns to develop a suitable
engagement strategy. Each stakeholder group has unique expectations and we therefore tailor
our engagement practices to meet their needs.
UNDERSTANDING AND ENGAGING
Effective two-way communication with our local stakeholders is essential to our continued success, and
it has been an integral part of our business practices for over 25 years. To build stakeholder value, we
begin with understanding our local communities as best as we can, through meetings, consultations
and socio-economic impact assessments (SIAs). SIAs constitute a best-practice approach to identifying
the social, cultural and economic characteristics of a community and working with locals to better
understand the role of mining in relation to their socio-economic well-being. An SIA will also assist
in determining how we can mitigate any negative aspects of mining development in a community.
Engagement with local stakeholders is an ongoing process through which we are able to understand
and address the concerns of our host communities. We have developed a number of methods through
which we can engage in two-way dialogue, and have instituted anonymous feedback mechanisms to
enhance the accessibility of our engagement processes. Please see the table on how we interact with
stakeholders on the next page.
Community
Engagement in Turkey
The cultural, social and economic
backgrounds of the communities
that surround our sites are
incredibly diverse. Engaging with
this broad range of communities
requires that we approach our
conversations with openness and
respect, and in environments
where our neighbours
naturally gather.
In Turkey, coffee and tea houses
are hubs of public life, where
people connect to discuss
life issues and family, their
community and current affairs.
The conversations we have with
our neighbours in these informal
settings allow us to engage with
local communities in a way that
respects their traditions and builds
strong relationships. In Turkey,
working with our neighbours
begins with these fundamental
acts of community.
School children near Kışladağ, Turkey.
Children from the town
of Efemçukuru, Turkey.
58
ELDORADO GOLD
YEAR IN REVIEW 2017
Table 19: How We Interact with Stakeholders
Stakeholder
Employees
Ways we interact
■ Corporate, regional and site personnel engagement
■ Employee newsletters, social media and email
■ Workplace health and safety committees
■ Performance and development reviews
■ Training sessions
Shareholders
■ Annual shareholder meeting
■ Quarterly conference calls to discuss results
■
Frequent one-on-one or group meetings
Government
■ Ongoing communication and dialogue with government officials at the municipal, regional
and national levels
■ Communication with supporting international governmental associations (International Monetary Fund,
European Bank for Reconstruction and Development, Export Development Canada, etc.)
Suppliers and contractors
■ Ongoing communication and dialogue between representatives
■ Performance reviews
Industry associations
■ Membership in industry associations such as the International Cyanide Management Institute, the World
Gold Council, the Mining Association of Canada, and the Canadian Mining Innovation Council; we also
participate in several working committees, such as MAC’s International Social Responsibility Committee
and Public Affairs Committee
NGOs
■ Meetings and collaborations with NGOs at both the corporate and regional levels
■ At Kışladağ, we established an independent environmental committee that includes representatives
from NGOs
Communities
■ Ongoing community engagement activities, including collaborative community projects
■ Neighbourhood meetings
■ Site tours for local residents and students
■ Regional newsletters, local media and social media
■
Formal community consultation meetings, such as Lamaque’s Follow-Up Committee
Speaking with a Turkish delegation
at our PDAC booth, March 2018.
59
WORKING WITH COMMUNITIES
Table 20: Local Impact Assessment and Management Tools
Brazil
Greece
Romania
Turkey
Tocantinzinho
Vila Nova
Stratoni
Olympias
Skouries
Certej
Kışladağ
Efemçukuru
Formalized stakeholder
mapping
Awaiting permitting
No
Social impact assessment
Awaiting permitting
Public disclosure of impact
assessments
Local community
development programs
Yes
Yes
COMPLAINTS AND GRIEVANCES
No
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
Yes
We believe that conducting business honestly and respectfully requires open communication between
our sites and stakeholders. This is essential when managing disputes regarding our activities and
relationships. When grievances are raised, we act and respond with due diligence, and effective
grievance mechanisms play an important role in governing and remediating any impacts.
As part of our Code of Business Conduct and Ethics, we have a whistleblower policy so that any
stakeholder – internal or external – can confidentially report any concerns about our financial
statements, accounting practices, internal controls or any suspected or known illegal behaviour that
violates laws, government regulations or our Code.
Concerns can be submitted anonymously and are managed by an external whistleblower reporting
agency. All submissions and investigations are overseen by Eldorado’s Audit Committee Chair and
Corporate Secretary.
In addition, each of our operations has established various mechanisms for receiving and responding
to external grievances. However, as part of Eldorado’s commitment to implement a framework
consistent with the Voluntary Principles, we are refining our approach to monitoring, documenting
and reporting on community feedback – including grievances – in order to improve the way we track
and respond to stakeholder concerns. In 2016, we finalized our global Grievance Mechanism Directive,
which outlines Eldorado’s minimum expectations for identifying, classifying, responding to and
reporting grievances. In 2017, our sites and regions worked towards adopting and aligning existing
grievance mechanisms to this Directive.
Table 21: Requests and Complaints Received at Site (1)
Brazil
Greece
Romania
Turkey
Tocantinzinho
Vila Nova
Stratoni Olympias
Skouries Certej
Kışladağ
Efemçukuru
Predominant
topics
No complaints received
due to remote location
No complaints
received due
to remote
location
Requests for employment,
concerns regarding environmental
safety, requests for community
event participation and
sponsorship, concerns regarding
delayed permitting
Dust
Hazardous
road
conditions,
noise, dust
Requests for
employment, local
infrastructure
development
and planning,
community event
participation and
sponsorship
(1) Grievances received through Eldorado’s external whistleblower reporting agency are not included in Table 21.
Whistleblower reports are treated with confidentiality to every extent possible.
60
ELDORADO GOLD
YEAR IN REVIEW 2017
COMMUNITY INVESTMENT
Our assets are located in diverse jurisdictions, each with their own unique cultural and social
characteristics. Our approach to community investment is therefore developed to be site-specific, while
maintaining the core principles of inclusion and transparency. The stakeholder engagement practices
we described on page 58 are essential to identifying community investment projects.
Table 22: Payments to Communities and Community Investments (1)
($ millions)
Brazil
Canada
Greece
Romania
Turkey
2017 Total
2016 Total
Payments to communities and
community investments
0.90
0.37
1.88
0.16
0.87
4.18
3.11
(1) Where the recipient entity is a government organization, relevant community investments have been reported as a “payment
to government” in accordance with the Extractive Sector Transparency Measures Act (ESTMA). Eldorado’s total payments to
government are reported within Table 1.
Payments relate to infrastructure, health and well-being, education and training, scholarships,
donations, and investments in preserving or rehabilitating the local environment. They also include
support to civil society organizations (excluding expenditures related to advertising or publicity).
ELDORADO’S COMMUNITY INVESTMENT FALLS BROADLY UNDER THE FOLLOWING CATEGORIES:
Education
Employment
Environment
Childhood, youth and adult continuing
studies initiatives, as well as research
and education initiatives relevant to the
mining sector
Programs and projects that are proven
to generate long-term and sustained
employment for local communities, together
with socio-economic benefits for the area
The protection and preservation of the
natural environment around our mines
Health and Sport
Community Development
Arts and Culture
Improved quality and access to local
health care services that can operate
independently and sustainably, and
supporting recreational projects
and sport clubs that promote
healthy and active lifestyles
Capacity-building and physical
infrastructure that support community
needs and a post-mine economy
The culture and diversity of local
communities, including the preservation
of heritage and the promotion of local
traditions and practices
2017 COMMUNITY INVESTMENT HIGHLIGHTS
We are proud to partner with our neighbouring communities to invest
in their social, economic and cultural well-being and contribute to the
achievement of their sustainable development goals. Below are some
examples of our investments in 2017.
Efemçukuru – Turkey
In 2017, much of our investment was focused on health and education.
We supported a local health clinic that provides medical services to villagers,
and worked to extend health and safety beyond the mine for our workers.
We also provided supplies to local schools, and this past year sponsored
renovations to the Çatalca Primary School.
Our broader efforts to increase education opportunities in the region
have been highly successful. When we started our education program at
Efemçukuru, there was one enrolled high school student in the village.
In 2017, 57 students were enrolled in secondary education. Many of the
students who have attended secondary and post-secondary education with
the assistance of our programs now work at the Efemçukuru mine, and
many others have used their education to continue advancing sustainable
development in their communities.
Kışladağ – Turkey
Over the past year, we worked with our neighbours near Kışladağ to invest
in projects valued by surrounding communities. In the village of Bekişli, we
supported the construction of a 400 m2 outdoor community centre with
a roof. The facility provides a large space for community meetings and
cultural events such as weddings. It also functions as a vehicle inspection
station operated by a local company. The facility’s proximity to our Kışladağ
site eliminates the need for our vehicles to travel 55 km to the nearest city
for inspection, reducing our fuel consumption and GHG emissions.
We were also happy to support cultural and educational programs near
Kışladağ. Each year, Eldorado proudly sponsors the Eşme Kilim (tapestry)
festival, one of the largest of such festivals in Turkey, in which the
community celebrates its long history of tapestry production. In 2017, we
also invested in repairing the roof of the Ahmetler Village Secondary School,
donated educational materials to school children and sponsored field trips
for approximately 50 students who would not have otherwise been able to
afford to participate in such activities.
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WORKING WITH COMMUNITIES
The Kassandra Mines – Halkidiki, Greece
The Kassandra Mines – Olympias, Skouries and Stratoni – are located
on the Halkidiki peninsula of northern Greece, near many socially and
culturally vibrant communities. Eldorado’s community investments in this
region are driven by our connection to the area’s centuries-old mining
tradition, as well as supporting the sustainable development of other
industries such as agriculture and tourism.
In 2017, our investments in Greece contributed to a number of ongoing
community projects throughout Halkidiki, as well as improvements to
local infrastructure and cultural facilities. Eldorado is proud to support
education in Halkidiki by providing equipment and educational materials
to local schools, and we frequently open up our mining facilities for tours
for secondary and post-secondary students.
We also contributed to the construction of sporting, religious and historical
facilities in the Halkidiki region in 2017. We have continued to promote
tourism as a pillar of economic activity. The discovery of historic shipwrecks
off the coast of Halkidiki and the seahorse population near Stratoni led us
to prioritize investments in aquatic tourism. The success of our plant nursery
at Olympias has contributed to the natural beauty and biodiversity of the
region, further creating value for tourism and other industries.
INVESTING WHERE WE EXPLORE
Our development and exploration projects around the world present
excellent opportunities for us to work with host communities and build
strong social and economic foundations that continue throughout the
mining life cycle.
At our Perama Hill project in Greece, we have been supporting the Perama
Hill Vineyard, which has produced wine since 2015. Wine-making in the
Thrace region of Greece has existed for centuries, and we are proud to
support the economic and cultural vitality of our neighbouring communities
with this project.
In Romania, Eldorado’s Certej project invested over $150,000 in surrounding
communities through the development of roads, repairs to churches and
community centres, and cultural activities that contribute to the sustainable
development and social well-being of nearby communities.
Our community investments at our Tocantinzinho project in Brazil have
provided over $900,000 of support for community development, education
and environmental protection in 2017. We contributed funds for the
construction of a new police station in Jardim do Ouro, worked with the
Simineral Union to distribute books to schools throughout the region, and
invested in cleaning Lake Bologna to restore damage done by unregulated
industries and make the area more appealing to visitors. In addition to these
projects, we have worked to improve infrastructure in the region to allow
for improved access for workers and to markets.
Planting new trees with students from
the Ahmetler Village School near
Kışladağ, Turkey.
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ELDORADO GOLD
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Respecting Our Environment
We carefully plan, design and build operations to minimize our
environmental footprint, and work with host communities to ensure
that our operations meet acceptable standards of practice and
adhere to regulations. By investing in best-available technologies and
implementing leading environmental practices, we seek to minimize our
energy use and air emissions, protect the ecosystems surrounding our
sites, and minimize our physical footprint on the natural landscape.
63
RESPECTING OUR ENVIRONMENT
Environmental Impact
Assessments (EIAs)
EIAs are conducted to evaluate
the potential impacts a proposed
project may have on the
environment and the people
who depend on it. As part
of permitting during project
development, we identify
potential environmental impacts
and submit mitigation plans to
regulators. Once completed, EIAs
are comprehensive documents
that include baseline studies used
to assess the current state of the
environment at the proposed
mine site. They also identify the
potential effects of our planned
activities and outline steps to
minimize any identified risks. EIAs
require extensive consultation
with local communities, as well as
considerable input from technical
and environmental experts.
Mining, by its very nature, impacts the natural environment. Wherever possible, we work to avoid,
minimize or, at the very least, manage the environmental effects of our operations throughout the
life cycle of our mines. We recognize the benefits to human health, social well-being, environmental
sustainability, and economic development that come from placing nature at the forefront of business
decisions, and continue to build our relationships based on shared environmental protection beliefs.
RESPONSIBILITY FOR ENVIRONMENTAL STEWARDSHIP
Environment teams located at each of our sites are responsible for the day-to-day oversight,
implementation and management of our environmental policies, programs and activities. Each team
reports directly to its mine General Manager and country Vice President & General Manager, who
in turn report to Eldorado’s COO. The COO annually sets environmental objectives and targets, and
reviews environmental performance on a weekly basis.
Eldorado’s President & CEO is ultimately accountable for our environmental performance. At the Board
level, the Sustainability Committee has oversight of all environmental activities.
PRINCIPLES FOR ENVIRONMENTAL EXCELLENCE
From development to operations to mine closure, we prioritize environmental protection through our
guiding principles for environmental responsibility:
■ Protect human health and the natural environment while benefits are derived from socio-economic
development
■ Provide training on environmental matters to contribute to greater environmental awareness
in our operating jurisdictions
■ Protect social and cultural assets within our project area
■ Strictly observe and comply with environmental legislation
■
Inform the public, relevant government institutions and other stakeholders of our environmental
performance, in a fully transparent manner
In 2017, we updated Eldorado’s Environmental Policy to reaffirm our commitment to
environmental protection; we also aligned our policies to the requirements of the MAC’s TSM
framework. This Policy reinforces Eldorado’s commitment to protect natural habitats, safeguard
sources of clean water, responsibly manage mine waste materials and reduce our absolute
carbon footprint, by working with communities, training our workforce, and abiding by
all applicable environmental laws and best practices. You can view the full policy at
eldoradogold.com/responsibility/our-environment/.
Oleanders grow on rehabilitated areas
of our Olympias mine site in Greece.
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ELDORADO GOLD
YEAR IN REVIEW 2017
ENVIRONMENTAL MANAGEMENT SYSTEMS
We have achieved certification under the ISO 14001 Environmental Management System Standard
at our Kışladağ and Efemçukuru mines in Turkey and at our Halkidiki assets in Greece. The overall aim
of ISO 14001 is to support environmental protection and prevent pollution. ISO 14001 represents
a stringent guideline created to help organizations achieve environmental goals, using a structured
approach that enables consistent environmental performance over time.
Independent
Monitoring
Committees
We continuously improve performance through training and oversight, and demonstrate our
performance through regular audits and reporting. Every newly recruited employee, including
the personnel of suppliers and contractors, must complete environmental training, and existing
employees are provided with ongoing environmental training to keep their environmental knowledge
up to date.
ENVIRONMENTAL MONITORING
To maintain our compliance with international best practices, environmental management systems, and
environmental regulations, Eldorado regularly monitors air, soil and water quality as well as noise levels
and energy use at our projects and operations. Our extensive environmental monitoring allows us to
constantly evaluate the effectiveness of our practices and establish benchmarks against which further
technical and technological improvements can be measured.
We are proud to inform all of our stakeholders that Eldorado had no reportable spills, or spills that
resulted in fines or penalties, in 2017.
As part of our commitment to
transparency and accountability,
our operating sites have
established independent
environmental committees.
These external committees
include academics, scientists
and representatives from local
authorities. Committee members
collect environmental data from
the site and submit it to third-
party laboratories for testing,
to confirm independence and
accuracy. This approach has
helped strengthen our credibility
by providing our stakeholders
with additional and accredited
third-party information.
Environmental Monitoring in Greece
In the Halkidiki region of northern Greece – where our Stratoni and Olympias mines and the
Skouries development projects are located – we have developed one of the most thorough
environmental monitoring programs in Europe. The program makes use of over 320 separate
data points collected around our sites, to provide a comprehensive ongoing assessment
of our environmental performance. The data is reported both quarterly and annually to
the Government of Greece and the European Union, and it is used by our operations and
environmental teams to make adjustments and improve performance. Data is also collected and
validated by third parties and is publicly accessible through our online database.
The collection of comprehensive environmental data allows us to monitor our environmental
protection processes, and it is an important part of building relationships based on transparency,
accountability and scientific fact.
Eldorado’s Greek operation’s environmental database can be accessed by visiting
environmental.hellas-gold.com/.
Water monitoring in Greece.
65
RESPECTING OUR ENVIRONMENT
Climate Change
Climate change is an issue of global concern that has the ability to impact our operations,
stakeholders, and the communities in which we operate. The ongoing rise in global average
temperatures has created, and will continue to create, varying weather patterns that pose risks to all
of our stakeholders, from employees exposed to extreme heat, to communities subject to drought, or
investors impacted by flooding in low-lying coastal cities.
As the mining industry is a contributor to GHG emissions and a consumer of resources that can be
affected by climate change and climate-related policies, it is incumbent upon Eldorado to take action
to reduce GHG emissions and prevent further increases in global average temperatures. (1)
The Diverse Effects
of Climate Change
The effects of rising global
temperatures vary by region,
resulting in the desertification of
certain areas while simultaneously
causing increased precipitation
and flooding in others. As
Eldorado’s operations are situated
in geographically disparate areas,
the effects of climate change
vary by location, but all of our
operations and stakeholders are
exposed to climate change risks.
Climate change may affect many
aspects of ecological and socio-
economic life related both directly
and indirectly to mining.
CLIMATE MATERIALITY
According to the United Nations SDGs, the effects of climate change include changing weather
patterns, rising sea levels, and the increased frequency and intensity of extreme weather events such
as floods, droughts, hurricanes, heatwaves, tornados and wildfires.
Rising Temperatures
Rising temperatures pose significant risks to workers, infrastructure, and equipment, and may result
in increased operating costs. Regions at risk of extreme heat such as Uşak Province (Kışladağ, Turkey),
Halkidiki (Kassandra Mines, Greece) and Pará State (Tocantinzinho, Brazil) may require more energy for
cooling, while equipment malfunctions may increase in frequency. As the number of warm weather
days per year increases, both the intensity and duration of heat poses financial and safety risks. Heat-
related health risks – such as heat exhaustion or exposure to hot climate diseases such as yellow fever
and the zika virus – are particularly salient to our Brazilian sites, and we consider heat-related health
risks within our larger health and safety protocols.
Longer summer seasons may however offer a positive opportunity for Eldorado’s Canadian asset
(Lamaque), by reducing safety and equipment risks associated with cold winter temperatures, while
also reducing energy costs attributable to heating.
Precipitation
Regions that may experience increases in precipitation – such as the Halkidiki region of northern Greece
and Pará State in Brazil – are subject to greater risks of flooding and infrastructure damage. Tailings dams,
mine pits and shafts, roadways and processing equipment are at risk of damage due to heavy rainfall
and flooding, potentially culminating with significant environmental contamination in the event of a
tailings dam breach or overflow. Roadways washed out by flooding may result in disruptions to worker
and supply transportation and cause operational disruptions as a result. Investments in flood prevention
infrastructure and equipment may be necessary. Flooding can also negatively affect local communities
and suppliers, meaning that our stakeholders may require our emergency response assistance.
Both flooding and droughts have the ability to impact our stakeholders – especially communities
that rely on agriculture as a source of economic activity. Droughts, in combination with warmer
temperatures, also increase the probability of wildfires. As precipitation patterns become more
extreme, sites such as Kışladağ are exposed to greater risks due to their already-arid locations.
However, variations in precipitation within our operation regions may be increasing, meaning that rainy
seasons become more flood-prone, while dry seasons are simultaneously at greater risk of featuring
drought and wildfires. Ensuring we do our part to use water responsibly is an important way we
respect our neighbours and continue to work towards sustainable development. You can read more
about our water usage practices on page 69.
(1) In this Report, we have chosen to highlight climate
change as a material topic unto itself, even though
the wide-ranging effects of climate change across all
socio-economic and ecological activities mean that
it cannot be treated as an isolated material topic.
For this reason, references to challenges posed by
climate change appear throughout the Report.
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ELDORADO GOLD
YEAR IN REVIEW 2017
Regulation
As governments and societies respond to climate change, more jurisdictions are implementing policies
intended to reduce GHG emissions. Many of the countries in which Eldorado operates have signed
the 2015 Paris Climate Agreement and are therefore seeking to reduce GHG emissions with the goal
of preventing the global average temperature from rising above 2 degrees centigrade. For example,
Eldorado’s Lamaque development project is already subject to the Province of Quebec’s Regulation
respecting a cap-and-trade system for greenhouse gas emission allowances. Governments may also
enact other regulatory measures designed to incentivize energy efficiency, water conservation or other
methods of environmental protection, potentially increasing operating costs.
Eldorado believes that consistent and clear regulation has a role to play in addressing climate change
solutions, while individual actors responsible for GHG emissions should work together to advance new
technologies and practices that contribute to sustainable development.
ENERGY
Although energy use was not identified by our stakeholders as a material topic, energy use represents
a significant proportion of our operating costs and is responsible for the vast majority of the GHG
emissions produced by our operations. Our energy consumption is also the primary determinant of our
ability to contribute to global climate change goals.
We source our energy mainly from fossil fuels such as diesel, liquefied petroleum gas (LPG), gasoline
and natural gas, as well as electricity. Our heavy vehicle fleet, portable light towers and emergency
backup generators operate on diesel fuel, while our light-vehicle fleet uses LPG and gasoline. Electricity
is primarily used by our electric excavators, as well as for mining and milling operations. We also use
some natural gas for building heating. Electricity is primarily sourced from the national grid, though the
Skouries and Tocantinzinho projects will continue to use diesel generators until the construction of site
transmission lines and transformers is complete.
Part of our electric mine fleet
in Kışladağ, Turkey.
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RESPECTING OUR ENVIRONMENT
Figure 2: 2017 Energy Sources
Diesel
Electricity
Natural Gas
0.02%
Gasoline
0.00%
57.4%
42.4%
0%
10%
20%
30%
40%
50%
60%
70%
Table 23: Total Direct and Indirect Energy Use by Source (GJ)
Site
Diesel (mobile)
Diesel
(stationary)
Natural gas
Electricity
2017 Total
2016 Total
Kışladağ
Efemçukuru
Stratoni
Olympias
Skouries
Total
740,390
11,162
3,740
344,108
1,099,400
1,082,056
92,871
37,579
39,730
–
910,570
–
–
–
45,188
56,350
–
–
–
–
196,526
289,397
278,971
79,104
116,683
126,920
107,469
147,199
101,673
–
45,188
26,670
3,740
727,207
1,697,867
1,616,290
4
0
.
1
% Change
since 2016
2%
4%
-8%
45%
69%
5%
Table 24: Energy Intensity (GJ/oz Au Produced)
Year
2017
2016
Kışladağ
Efemçukuru
6.41
5.12
3.01
2.84
Total
5.19
4.40
% Change since 2016
18%
Monitoring Wildfires in Halkidiki, Greece
As global average temperatures rise, weather-related natural disasters such as
forest fires have become more frequent and severe. Ecosystems that are already
susceptible to fires, such as the tree-covered hills of northern Greece, are at
specific risk of wildfire damage. In an effort to reduce the risks of wildfires
in Halkidiki, Eldorado has partnered with the Thessaloniki Aeroclub, a local
aviation organization, to detect fires from the air and prevent them from
spreading. By providing supplies and fuel for wildfire surveillance activities,
we have worked with local pilots to identify and prevent the spread of several
forest fires since 2015. We have also outfitted aircraft owned by the Aeroclub
with air pollution monitoring equipment, allowing us to collect air quality data
around our sites and throughout the region.
Airplane used for monitoring and
preventing wildfires in Halkidiki, Greece.
Through unique partnerships such as this, we are
working to improve the safety of our communities
and our workforce, and mitigate the human and
environmental risks caused by climate change.
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ELDORADO GOLD
YEAR IN REVIEW 2017
GREENHOUSE GAS EMISSIONS
GHG emissions are the key driver of human-made climate change. As a large portion of our operations
rely on fossil fuel-generated energy, Eldorado is a contributor to global GHG emissions. As we work
to reduce our GHG emissions, we are also motivated by the contributions our products make to green
technologies around the world.
Our calculated GHG emissions are attributable to all of Eldorado’s operating mines and construction
and development projects, with the exception of Perama Hill (no on-site activity) and our Lamaque
project (which was acquired mid-way through 2017).
According to GRI requirements for measuring carbon dioxide (CO2) emission equivalents, we classify
our GHG emissions as follows.
Activity
Scope 1 (direct) emissions
Scope 2 (indirect) emissions
Scope 3 emissions
Scope definition
GHG emissions produced by the
combustion of energy sources that are
owned or controlled by Eldorado
GHG emissions from the consumption
of purchased electricity
How we generate
these emissions
The majority of our scope 1 emissions
are attributable to diesel consumption
by our fleet vehicles
Our scope 2 emissions are primarily
generated by energy we buy from
public energy grids that rely on a
number of fuel sources (natural
gas, coal, hydroelectricity, etc.)
for energy production
GHG emissions produced by third
parties from which Eldorado has
purchased a service
Scope 3 emissions attributable to
air travel, electricity transmission
and distribution, and well-to-tank
emissions attributable to electricity
generation, transmission and
distribution have been included
in this Report
Table 25: Greenhouse Gas Emissions (1) (tCO2e)
Year
2017
2016
Scope 1
Scope 2
Scope 3 (2)
Total
% Change since 2016
69,151
67,268
107,130
98,366
35,739
33,154
212,020
198,788
7%
(1) Emissions have been calculated in accordance with the Greenhouse Gas Protocol developed by the World
Resources Institute and the World Business Council on Sustainable Development. Conversion factors were
obtained from the National Energy Board’s Energy Conversion Tables, while emission factors were obtained
using the relevant year DEFRA Conversion Factors, applying Global Warming Potential factors from the
Intergovernmental Panel on Climate Change’s fourth assessment report. Scope 3 emission totals were
independently calculated by Eldorado’s travel agent.
(2) Scope 3 totals for 2016 have been updated from prior year reporting to include emissions attributable to
electricity transmission and distribution losses, and well-to-tank emissions attributable to electricity generation,
transmission and distribution.
For more detailed information on our energy use, energy efficiency, emissions and air quality,
please see our annual responses to the CDP’s Climate Change Survey, available on the CDP website:
cdp.net.
69
RESPECTING OUR ENVIRONMENT
Water Balancing
at Kışladağ
Managing water at a mine site
is more complex than simply
collecting enough water to
operate machinery and process
materials. Sometimes mine sites
can have too much water, and we
must remove it from site or store
it for later use. In wet seasons,
excess water can cause challenges
for operations, just as a lack of
water can cause challenges at
other times of the year.
Because of water’s importance
to our operations and to
surrounding communities, we
work to collect continuous data
on water in and around our
sites. At our Kışladağ mine, we
make use of a site-wide water
balance model to monitor
our water reserves, adjust our
consumption of water from
different sources, and identify
when we may need to discharge
excess water. In coordination with
our water processing facilities at
Kışladağ, water balancing models
help us to use water resources
efficiently and sustainably for
the health and well-being of our
operations, our workforce, and
our neighbouring communities.
Water Usage
Access to water is critical to our mining operations and the communities in which we operate.
Clean and readily available water is vital to human life, as well as the well-being of ecosystems and
agriculture that support sustainable development. Given water’s vital importance, access to water
can be an issue for communities near our sites. Using water responsibly is a key area of focus for
Eldorado’s operations, and it is essential to our environmental stewardship and relationships with
local stakeholders.
WATER USE AT OUR MINES
Availability and access to water is critical for our mining operations. We use water for mineral
processing, dust suppression, slurry transport and personal consumption, and so the responsible
management of water resources is essential to our long-term sustainable development. Effective
water management and recycling practices help limit our reliance on water sources, and effective
governance ensures that water discharges fall within the parameters of our permits and licences.
While we do not set quantitative targets regarding water consumption, we strictly control water
use across all of our sites, and each operation has implemented practices that reduce, reuse and
recycle water.
Across our operations, we withdrew nearly 9.4 million m3 of water in 2017. This includes water
removed from our sites following precipitation as well as groundwater that must be continuously
pumped out from our underground mines. Overall, we experienced a 14% increase in total water
withdrawals in 2017 compared to 2016 volumes, largely attributable to a decrease of groundwater
flows and subsequent mine dewatering at our Greek sites. Water use is continuously monitored
using flow meters, and we regularly take water quality samples from groundwater and surface water
sources within and around our sites. We compare water quality results with the limit values set out
in pertinent regulations and our operating permits, and we share these detailed results with regulators
and government, typically on a quarterly basis.
Water availability varies by site. At Stratoni, Olympias and Skouries in Greece, groundwater flowing
into our underground mines provides the majority of water we require to operate, with small
additional volumes collected via rainwater and municipal supplies. For our operations that have limited
access to water, such as Kışladağ in Turkey, we have implemented an extensive water conservation and
recycling program to reduce our need to withdraw water. The Kışladağ water treatment plant treats up
to 5,000 m3 of surface water per day from the waste rock dump and groundwater from the open pit.
Recycled water makes up the majority of our water use, particularly at those sites where we have
zero water discharge requirements, such as Skouries. Recycled water is used for mineral processing,
dust suppression and slurry transport, as well as throughout our leach pad areas and adsorption,
desorption, recovery (ADR) carbon plants.
All water that comes into contact with our sites is treated and tested before being used or discharged
back into the environment (e.g. rivers, lakes and reinjection into groundwater) where regulations allow.
Water treatment plant at Kışladağ, Turkey.
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ELDORADO GOLD
YEAR IN REVIEW 2017
Water Flow Through a Mine Site
The infographic below shows how we find, use, treat and discharge water at our mine sites.
Ore Processing
Water Treatment
Plant
2. WATER USE
■ drilling
■ ore processing
■ dust suppression
3. WATER TREATMENT
■ wastewater treatment ponds
■ water treatment plant
Evaporation
Dust Suppression
Open Pit
Mill/Processing Plant
Precipitation
1. WATER INPUTS
■ precipitation
■ surface water
■ groundwater
■ municipal water
Water Storage
Pond
Groundwater
Drilling – Water Recirculated
Water Treatment
Plant
4. WATER OUTPUTS
■ evaporation
■ water diversion of
non-contaminated water
■ releases to aquatic
environment
River/Lake
Release to Aquatic
Environment
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RESPECTING OUR ENVIRONMENT
Table 26: Volume of Water Recycled and Reused (m3 Thousands)
Water processed by Company water
treatment plants
Water recycled and reused
Water recycled and reused
(as % of total water use)
Kışladağ
Efemçukuru
Stratoni
Olympias
Skouries
439
26,467
95%
–
–
–
3,403
3,282
1,047
23%
2,138
39%
–
298
50%
Total
7,124
29,950
76%
Table 27: Total Water Withdrawals (m3 Thousands)
Site
Kışladağ
Efemçukuru
Stratoni
Olympias
Skouries
Total
Rainwater
Groundwater – renewable
Municipal supply
2017 Total
2016 Total
–
–
16
53
8
77
1,268
1,040
3,419
3,290
298
9,315
–
–
9
–
–
9
1,268
1,040
3,444
3,343
306
9,401
1,254
976
3,933
4,281
466
10,910
Table 28: Water Efficiency (m3/oz Au Production)
Year
2017
2016
Kışladağ
Efemçukuru
Total
7.4
5.9
10.8
9.9
8.6
7.2
Our reported water efficiency is not a true reflection of site water use or its correlation to production.
In reality, due to the need to dewater our mines, we withdraw far more water than we use, and
consequently our actual water efficiency is much higher. As we continue to improve our data collection
and reporting, we are investigating new data sources in order to improve our understanding of water
balances and calculate our water efficiency as a matter of water used in production per ounce of
gold produced.
Site water treatment plants operate continuously year-round to reduce our reliance on external
water sources. Kışladağ currently uses a leach pad to extract gold from ore; it treats and circulates
approximately 50,000 litres of water per minute through a closed system, with minor losses
attributable to evaporation. Approximately 21 times more water is recycled and reused by the site
compared to new water withdrawals.
Other sites, like Skouries, will not allow any contact water to be discharged openly back into
the environment. Instead, we use water diversion channels to redirect surface water flows away
from the site, and any precipitation or groundwater that enters the site is captured, stored, reused
and/or evaporated.
For more detailed information on Eldorado’s water use and management practices, please see our
annual responses to the CDP’s Water Survey, available on the CDP website: cdp.net.
Water treatment plant at Efemçukuru, Turkey.
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DUST SUPPRESSION
One of the most water-intensive activities at our operations is dust suppression. Blasting, transporting
ore and waste rock, operating crushing units and road traffic can all have negative effects on air quality
and the local environment if not properly managed.
Our water tank trucks continuously perform on-site watering activities to suppress dust. We also use
water spraying and dust collecting systems at primary crushers, fine ore stockpiles, and conveyor belts
to minimize dust emissions. For dust control, we use water that has been processed and treated by site
water treatment plants.
We regularly measure dust levels around our operations and in neighbouring villages to verify the
effectiveness of these mitigation strategies.
TAILINGS
Wherever our operations make use of water-based mineral processing, tailings are produced.
Tailings are primarily a mixture of ground rock and water that remain after the mineral extraction
process has been completed. These typically liquid mixtures can contain trace amounts of chemicals
from the extraction process, making them acidic or alkaline. Safe management and disposal of tailings
is therefore critical to protecting environments and communities, making tailings management a major
priority for Eldorado.
Given both the chemical characteristics of tailings and the quantities in which they are produced,
tailings are typically stored in specially designed facilities. We manage these facilities in accordance
with robust government regulations, international standards and leading industry practices.
Our tailings facilities are all site-specific and have been carefully designed and constructed by
specialized engineering firms. These facilities are designed and certified to government regulations
to minimize environmental risk.
Dust suppression truck at Kışladağ, Turkey.
Our Plans for Dry Stack Tailings at Skouries
Whenever possible, Eldorado incorporates best-available
technologies into our mine designs in order to protect the
surrounding environment. Dry stack tailings is one of these
best available technologies.
Tailings are classified based on their moisture content,
which can range from wet to almost dry. All tailings begin
wet; it is only through additional processing stages, or
after many years of natural evaporation in the tailings
pond, that they are dried.
Skouries is currently permitted to use thickened
tailings (~30% moisture content) which requires
two valleys to be used for tailings storage. Eldorado
recently committed to using filtered (dry stack) tailings
(~15% moisture content), which, if approved, reduces
the project’s footprint by 40%.
The key benefits of dry stack tailings include:
■ Reducing the project footprint and leaving the Lotsaniko
valley and its water catchment area undisturbed
■ Reducing the need for external water as filter-press
process water is recycled
■ Easier and faster to reclamation of the tailings area
at the end of mine life
■
Increased safety and stability during a seismic or flood
event due to the higher solids content
■ More jobs to operate the plant and tailings area,
estimated at an additional ~50 full time employees over
the current 30-year life of mine
■ More taxes and royalties paid by Eldorado, benefitting
local communities and the economy
73
RESPECTING OUR ENVIRONMENT
Dry stack tailings area at Efemçukuru, Turkey.
In 2017, there were no
environmental fines or
penalties imposed on
Eldorado’s operating
sites and projects.
At each of our tailings facilities we have:
■ Conducted extensive studies to locate the facility away from sensitive environmental areas,
such as lakes, streams, wetlands and key biodiversity zones
■ Designed the extraction process so that tailings contain as few impurities as possible and are
environmentally stable
■ Constructed facilities able to withstand extreme weather and seismic events
■
Installed upstream and downstream monitoring facilities to measure water quality
We also have comprehensive tailings management systems at Efemçukuru, Stratoni, Olympias and
Vila Nova. These include:
■ Plans and procedures that identify clear roles, responsibilities and communication channels for
personnel responsible for tailings management
■ Ongoing training of personnel responsible for tailings management
■ Operational controls such as real-time monitoring of tailings facilities, routine inspections and risk
assessments and regular maintenance programs
■ Emergency preparedness and response plans
■ The periodic review of tailings facility design, construction, operation and closure plans to facilitate
ongoing relevance and alignment with current best practices
■ Oversight from the corporate head office to verify the completion of any updates or corrective
actions and to identify opportunities for shared learning across Company operations
Our site teams monitor tailings facilities daily, and every three years facilities undergo an independent
audit conducted by recognized tailings management and dam safety experts; our most recent
external audit in 2017 did not identify any major deficiencies in our tailings management practices.
We are further strengthening our management approach by implementing MAC’s TSM Tailings
Management Protocol, which is based on a “plan, do, check, act” system of continuous improvement.
WASTE MANAGEMENT
Mining generates various forms of waste, including overburden, waste rock, tailings, slag, mine water,
sludge and refuse. The largest portion of waste comprises waste rock – material that is extracted from
the mining area in order to access ore and which has no economic value.
We sort and classify all the waste we generate as being either hazardous or non-hazardous, in line with
environmental regulations. Eldorado considers the potential environmental impacts of all waste, and
stores or disposes of waste accordingly. Depending on the type of waste generated, we develop and
implement management programs suitable for minimizing risks to the environment or human health.
For example, at Efemçukuru, where waste rock has acid rock drainage potential, storage areas are lined
and seepage is collected and treated before disposal. Where waste rock does not pose any toxicity risk,
such as at Olympias, it is partially reused for mine backfill.
Waste management activities and objectives represent significant elements of our ISO 14001
environmental management systems. As per local regulations in each of our operating jurisdictions,
we record all disposed waste types and quantities in legal disposal documents that are submitted
periodically to host governments. We conduct due diligence on our waste disposal contractors,
and periodically visit disposal and recycling contractors to evaluate their environmental practices.
74
ELDORADO GOLD
YEAR IN REVIEW 2017
Mineral Reserves
Project
Proven Mineral Reserves
Probable Mineral Reserves
Total Proven & Probable
GOLD
Certej
Efemçukuru
Kışladağ
Lamaque
Olympias
Perama
Skouries
Tocantinzinho
Total gold
SILVER
Certej
Olympias
Perama
Stratoni
Total silver
COPPER
Skouries
Total copper
LEAD
Olympias
Stratoni
Total lead
ZINC
Olympias
Stratoni
Total zinc
Tonnes
(x1000)
22,788
2,032
113,253
111
3,610
2,477
75,804
16,699
236,774
22,788
3,610
2,477
0
28,875
Tonnes
(x1000)
75,804
75,804
3,610
0
3,610
3,610
0
3,610
In-situ oz
(x1000)
Tonnes
(x1000)
1,414
465
3,032
31
870
354
2,132
821
9,119
7,004
12,165
254
0
19,423
In-situ t
(x1000)
393
393
126
0
126
173
0
173
21,500
2,020
5,306
3,698
11,122
7,220
81,862
22,914
155,642
21,500
11,122
7,220
497
40,339
Tonnes
(x1000)
81,862
81,862
11,122
497
11,619
11,122
497
11,619
g/t
1.93
7.12
0.83
8.78
7.49
4.44
0.87
1.53
1.20
10
105
3
0
21
%
0.52
0.52
3.5
0.0
3.5
4.8
0.0
4.8
In-situ oz
(x1000)
Tonnes
(x1000)
988
412
102
862
2,577
621
1,641
1,003
8,206
8,551
42,756
897
2,844
55,048
In-situ t
(x1000)
386
386
442
35
477
610
42
652
44,288
4,052
118,560
3,809
14,732
9,697
157,666
39,613
392,417
44,288
14,732
9,697
497
69,214
Tonnes
(x1000)
157,666
157,666
14,732
497
15,229
14,732
497
15,229
g/t
1.43
6.34
0.60
7.25
7.21
2.68
0.62
1.36
1.64
12
120
4
178
42
%
0.47
0.47
4.0
7.0
4.1
5.5
8.4
5.6
In-situ oz
(x1000)
2,402
877
3,134
893
3,447
975
3,773
1,824
17,325
15,555
54,921
1,151
2,844
74,471
In-situ t
(x1000)
779
779
568
35
603
783
42
825
g/t
1.69
6.73
0.82
7.30
7.28
3.13
0.74
1.43
1.37
11
116
4
178
33
g/t
0.49
0.49
3.9
7.0
4.0
5.3
8.4
5.4
Notes on Mineral Resources and Reserves
1. Mineral reserves and mineral resources are as
of December 31, 2017.
2. Mineral reserves are included in the mineral resources.
3. The mineral reserves and mineral resources are disclosed
on a total project basis.
Mineral Reserve Notes
1. Long-term metal price assumptions:
Gold = $1200/oz. Silver = $16.00/oz (for Stratoni it
was $8.14/oz Ag as governed by a streaming agreement
with Silver Wheaton (Caymans) Ltd.); Copper =
$2.50/lb; Pb price = $1,800/t; and Zn price = $2,000/t.
Due to a limited mine life for Stratoni (3 years) current
Pb and Zn prices were used for its mineral reserves
($2,400/t Pb and $2,712/t Zn).
2. Skouries:
3. Cut-off grades:
The open pit design is based on permit limits, not metal
prices, and is therefore insensitive to a falling or rising
metal price environment. The underground designs were
based on a Cu price of $3.00/lb. The change in the Cu
price to $2.50/lb has no impact on the underground
portion of the mineral reserves developed at that time
given that the margin on the lowest value ore has
been demonstrated to remain positive against the
backdrop of updated operating costs. Nevertheless, it
is recognized that at the lower Cu price approximately
17 Mt of the mineral reserves have marginal value, and
a further decrease in metal prices would render these
uneconomic. The impact would not be felt until the
latter part of the project’s long mine life as the lower
grade resources are located on the periphery of the
orebody and at depth. Furthermore, the loss of these
resources would not change the design philosophy or
placement of long-term underground infrastructure; the
result would be simply a shorter mine life.
Kışladağ: $12.25 NSR; Efemçukuru: 3.08 g/t
Au; Lamaque: 3.50 g/t; Perama: 0.8 g/t Au;
Tocantinzinho: 0.42 g/t Au; Skouries: $12.00 NSR
(open pit), $33.33 NSR (underground); Olympias:
$130 NSR; Stratoni: 14.3% Zn Equivalent grade
(=Zn%+Pb%*1.1+Ag%*114); Certej: 0.90 g/t Au
Equivalent grade (=Au(g/t)+Ag(g/t)*0.0121).
4. Qualified persons:
John Nilsson, P.Eng., of Nilsson Mine Services, is
responsible for the Kışladağ, Skouries (open pit),
Certej and Tocantinzinho mineral reserves.
Doug Jones (Registered Member – SME), consultant
for the Company, is responsible for the Efemçukuru,
Olympias, Stratoni and Perama mineral reserves.
Colm Keogh, P.Eng, Manager, Underground Mining
for the Company, is responsible for the Skouries
(underground) and Lamaque mineral reserves.
Mineral Resources
Project
Measured Resources
Indicated Resources
Total Measured & Indicated
Inferred Resources
75
REPORTS AND TABLES
GOLD
Certej
Efemçukuru
Kışladağ
Lamaque
Olympias
Perama
Piavitsa
Sapes
Skouries
Tocantinzinho
Total gold
SILVER
Certej
Olympias
Perama
Piavitsa
Stratoni
Tonnes
(x1000)
27,518
2,668
367,425
g/t
1.80
8.04
0.64
132
10.40
3,627
3,064
9.39
4.30
100,018
17,530
521,982
0.79
1.51
0.88
In-situ oz
(x1000)
Tonnes
(x1000)
1,592
689
7,596
44
1,096
424
2,534
851
62,463
2,628
92,954
4,565
10,804
9,375
0
2,423
189,263
31,202
14,826
405,677
27,518
3,627
3,064
0
9
7,768
131
15,314
3
0
335
0
62,463
10,804
9,375
0
633
Total silver
34,209
21
23,417
83,275
COPPER
Tonnes
(x1000)
Skouries
100,018
Total copper
100,018
LEAD
Olympias
Stratoni
Total lead
ZINC
Olympias
Stratoni
Total zinc
3,627
0
3,627
3,627
0
3,627
In-situ t
(x1000)
Tonnes
(x1000)
484
484
189,263
189,263
157
0
157
213
0
213
10,804
633
11,437
10,804
633
11,437
%
0.48
0.48
4.4
0.0
4.3
5.9
0.0
5.9
In-situ oz
(x1000)
Tonnes
(x1000)
2,472
599
1,411
1,231
2,978
958
0
474
2,867
1,264
89,981
5,296
460,379
4,697
14,431
12,439
0
2,423
289,281
48,732
14,254
927,659
17,833
48,855
2,833
0
4,172
89,981
14,431
12,439
0
633
73,693
117,484
In-situ t
(x1000)
Tonnes
(x1000)
758
758
289,281
289,281
509
50
559
725
59
784
14,431
633
15,064
14,431
633
15,064
g/t
1.23
7.10
0.47
8.39
8.57
3.18
0.00
6.08
0.47
1.26
1.09
9
141
9
0
205
28
%
0.40
0.40
4.7
8.0
4.9
6.7
9.3
6.9
g/t
1.40
7.57
0.61
8.45
8.78
3.46
0.00
6.08
0.58
1.35
0.98
9
138
8
0
205
26
%
0.43
0.43
4.6
8.0
4.8
6.5
9.3
6.6
Mineral Resource Notes
1. Cut-off grades:
Kışladağ: 0.30 g/t Au for M+I, 0.35 g/t for Inferred;
Efemçukuru: 2.5 g/t Au; Lamaque: 2.5 g/t; Perama:
0.5 g/t Au; Tocantinzinho: 0.3 g/t Au; Certej: 0.7 g/t Au;
Skouries: 0.20 g/t Au Equivalent grade (open pit),
0.60 g/t Au Equivalent grade (underground) (=Au g/t
+ 1.6*Cu%); Olympias: $50 NSR; Piavitsa: 3.5 g/t Au;
Sapes: 2.5 g/t Au (underground), 1.0 g/t Au (open pit).
Resource cut-off for Stratoni is geologically based due
to the sharpness of the mineralized contacts and the
high-grade nature of the mineralization.
2. Qualified persons:
Stephen Juras, Ph.D., P.Geo., Director, Technical Services
for the Company, is responsible for all of the Company’s
mineral resources except for those associated with
Efemçukuru and Sapes.
Ertan Uludag, P.Geo, Resource Geologist for the
Company, is responsible for the Efemçukuru
mineral resources.
Peter Lewis, Ph.D., P.Geo., Vice President,
Exploration for the Company, is responsible for the
Sapes mineral resources.
1,011
10.65
In-situ oz
(x1000)
Tonnes
(x1000)
4,064
1,288
9,007
1,275
4,074
1,382
0
474
5,401
2,115
12,228
3,580
290,466
5,368
3,675
8,766
10,542
170,136
2,395
29,080
508,167
25,601
64,169
3,168
12,228
3,675
8,766
0
10,542
4,172
246
97,110
35,457
In-situ t
(x1000)
Tonnes
(x1000)
1,242
1,242
170,136
170,136
666
50
716
938
59
997
3,675
246
3,921
3,675
246
3,921
In-situ oz
(x1000)
376
714
4,165
1,258
960
554
1,932
346
1,680
69
12,054
g/t
0.96
6.20
0.45
7.29
8.12
1.96
5.70
0.31
0.90
0.74
3
1,364
112
13,142
7
57
145
32
g/t
0.34
0.34
3.4
5.4
3.5
3.9
8.4
4.2
1,860
19,156
1,147
36,669
In-situ t
(x1000)
578
578
125
13
138
142
21
163
76
ELDORADO GOLD
YEAR IN REVIEW 2017
GRI G4 “Core” Content Index
GRI General Standard Disclosures
General
standard
disclosures
Description of indication
Page
number
Chapter, link or location of information
UNGC
principle
Sustainable
Development
Goal
STRATEGY AND ANALYSIS
G4 - 1
Letter from the President & CEO
2–3
Letter from the President & CEO
ORGANIZATIONAL PROFILE
G4 - 3
G4 - 4
G4 - 5
G4 - 6
G4 - 7
G4 - 8
G4 - 9
G4 - 10
G4 - 11
G4 - 12
G4 - 13
Organization name
IFC
About “Tomorrow, Together”
Primary brands, products
and services
4, 6–11
Our Business, Our Products
Location of headquarters
1
Eldorado Gold at a Glance
Number of countries where
the organization has significant
operations
1, 12–21
Eldorado Gold at a Glance, Where We Operate, Operating
Mines, Construction Projects, Development Projects
Nature of ownership
1, 12–20
Markets served
12–21
Eldorado Gold at a Glance, Where We Operate, Operating
Mines, Construction Projects, Development Projects
Where We Operate, Operating Mines, Construction Projects,
Development Projects
Scale of the organization:
employees, operations, net
revenues, production
1, 12–21,
34–55
Eldorado Gold at a Glance, Where We Operate, Operating
Mines, Construction Projects, Development Projects, Responsible
Performance, Providing Decent Work
Employee numbers
48–54
Providing Decent Work
Percentage of employees covered
by collective bargaining agreements
54
Providing Decent Work
Organization’s supply chain
4, 6–11, 47 Our Business, Our Products, Local Employment and Procurement
Significant changes during the
reporting period
2–3, 5, 18,
27–29, 36
G4 - 14
Precautionary principle
–
Letter from the President & CEO, 2017 Key Outcomes,
Construction Projects, Our Performance and Targets, Political
Climate in Countries of Operation
We recognize there are environmental and social impacts
from our operations. Eldorado Gold is committed to using
a precautionary approach throughout the lives of our mines,
and before any activities commence we assess the potential
environmental and social impacts, and evaluate how to
avoid, control, or mitigate these, even when impacts are not
scientifically certain.
3, 5, 8
8
8
6
3
7
G4 - 15
Externally developed economic,
environmental, and social charters,
principles, or other initiatives to
which the organization subscribes
or which it endorses
23–25
Our Guiding Frameworks and Commitments, UN Sustainable
Development Goals
3, 5, 6, 8, 9, 13
G4 -16
Memberships of associations
23
Our Guiding Frameworks and Commitments
77
REPORTS AND TABLES
General
standard
disclosures
Description of indication
Page
number
Chapter, link or location of information
UNGC
principle
Sustainable
Development
Goal
IDENTIFIED MATERIAL ASPECTS AND BOUNDARIES
G4 - 17
G4 - 18
G4 - 19
G4 - 20
G4 - 21
G4 - 22
G4 - 23
All entities included in the
organization’s consolidated
financial statements
–
Please see Eldorado Gold’s 2017 Annual Information Form –
eldoradogold.com/investors/financial-information/filings/
Process for defining report content
and aspect boundaries
30–33
Materiality
List all Material Aspects
32
Analysis of Material Topics
Which Aspects are material within
the organization
Which Aspects are material external
to the organization
32–33
Analysis of Material Topics
32–33
Analysis of Material Topics
Restatement of information
Significant changes from the
previous reporting periods in the
Scope and Aspect boundaries
IFC
–
About “Tomorrow, Together”
During the reporting period, Eldorado acquired Integra Gold and
its Lamaque asset. As data for this asset is not available over the
entire reporting period, it has been excluded from the Report
unless otherwise noted.
The scope of the Report has been expanded to include
Climate Change and UN Sustainable Development Goals
as material topics.
STAKEHOLDER ENGAGEMENT
G4 - 24
G4 - 25
G4 - 26
G4 - 27
List of stakeholder groups
58
How We Interact with Stakeholders
Basis for identification and
selection of stakeholders with
whom to engage
Organization’s approach to
stakeholder management
6–9, 56–58
Our Business, Working With Communities
56–61
Working With Communities
Key topics and concerns raised
through stakeholder engagement
32–33, 59
Analysis of Material Topics,
Requests and Complaints Received at Site
REPORT PROFILE
G4 - 28
G4 - 29
G4 - 30
G4 - 31
G4 - 32
G4 - 33
Reporting period
Date of previous report
Reporting cycle
Contact point
GRI reporting level
External assurance
GOVERNANCE
G4 - 34
Governance structure
of the organization
ETHICS AND INTEGRITY
G4 - 56
Values, principles, standards
and norms of behaviour of
the organization
IFC
IFC
IFC
IFC
IFC
IFC
26
26
About “Tomorrow, Together”
About “Tomorrow, Together”
About “Tomorrow, Together”
About “Tomorrow, Together”
About “Tomorrow, Together”
About “Tomorrow, Together”
Corporate Governance and Transparency –
eldoradogold.com/about-us/governance/
1, 2, 8, 10
5, 9
Corporate Governance and Transparency –
eldoradogold.com/about-us/governance/
1, 2, 8, 10
5, 9
78
ELDORADO GOLD
YEAR IN REVIEW 2017
GRI Material Topics
Full
Partial
Reported Elsewhere
Material
topics
Report section
Page
number
Level of
reporting
Identified omission(s)
and reason(s) for
omission(s)
Comments and links
UNGC
principle
Sustainable
Development
Goals
RESPONSIBLE PERFORMANCE
G4 - DMA
Letter from the President &
CEO, Our Business, Corporate
Governance and Transparency,
Responsible Performance
2–3, 4–9,
26, 34–41
Operational costs
G4 - EC1
2017 Key Outcomes, Operating
Mines, Construction Projects,
Development Projects, Exploration
Highlights, Our Performance
and Targets
5, 14–21,
27
Metal production
G4 - EC1
Where We Operate, Operating
Mines, Construction Projects,
Our Performance and Targets
12–19, 27
Permits and licences
G4 - DMA
Permits and Licences
36
Political climate in countries of operation
G4 - DMA
Political Climate in Countries
of Operation, Working
with Governments
36, 39
Human rights
G4 - DMA
Human Rights
Bribery and corruption
G4 - DMA
Bribery and Corruption
Transparency of payments to government
G4 - DMA
Transparency of Payments
to Governments
G4 - EC1
Payments to Government
37
41
40
41
For additional information
on Eldorado’s financial
performance, please see
our financial reporting:
eldoradogold.com/investors/
financial-information/annual-
reports/
Additional information for
G4 - EC1 indicator:
■ 2017 employee wages and
benefits for continuing
operations: $108 million
■ 2017 payments to
providers of capital for
continuing operations:
$129 million
■ 2017 Annual Report:
eldoradogold.com/
investors/financial-
information/annual-
reports/
G4 - EC1 financial data
has been reported within
the relevant Report
sections (community
investment, payments
to governments, etc.).
Additional details can be
found within Eldorado’s
2017 Annual Report.
8, 9
8, 9
16
16
16
79
REPORTS AND TABLES
Material
topics
Report section
Page
number
Level of
reporting
Identified omission(s)
and reason(s) for
omission(s)
Comments and links
UNGC
principle
Sustainable
Development
Goals
PROVIDING DECENT WORK
G4 - DMA
Providing Decent Work
42–55
Health and safety performance
G4 - LA6
2017 Key Outcomes,
Our Performance and Targets,
Health and Safety Performance
5, 27–29,
45
Training and skills development
G4 - DMA
Training and Skills Development
G4 - LA9
Total Hours of Employee Training
by Region and Gender, Total Hours
of Employee and Contractor Safety
Training by Region
44
44
G4 - LA10
Human Rights, Training and
Skills Development
37, 44
Emergency preparedness
G4 - DMA
Safety Beyond the Mine,
Emergency Preparedness
46
Relationships with labour unions
G4 - DMA
Relationships with Labour Unions
54
RESPECTING OUR ENVIRONMENT
G4 - DMA
Our Performance and Targets,
Responsible Performance,
Respecting Our Environment
27–29,
35–41,
62–73
Water use and management
G4 - DMA Water Usage
69–73
G4 - EN8
Total Water Withdrawals
G4 - EN10
Volume of Water Recycled
and Reused
G4 - EN22
Total Water Discharge by Quality
and Destination
71
71
–
5, 8
5, 8
5, 8
5, 8
1,2
3, 8
Safety performance
is not broken down
by employees and
contractors or gender,
as we do not track
and report by these
breakdowns at a
corporate level. Site
safety performance is
reported in accordance
with local government
requirements.
We do not report on
transition assistance
programs provided to
retired or terminated
employees.
3, 8
8
6
6
6
8,9
Further disclosures on
Eldorado’s water use and
management can be found
within our annual survey
responses to the CDP:
cdp.net
Water discharge by
destination is reported
in the Company’s annual
submission to the CDP.
80
ELDORADO GOLD
YEAR IN REVIEW 2017
Full
Partial
Reported Elsewhere
Material
topics
Report section
Page
number
Level of
reporting
Identified omission(s)
and reason(s) for
omission(s)
Comments and links
UNGC
principle
Sustainable
Development
Goals
RESPECTING OUR ENVIRONMENT (CONTINUED)
Waste management (including tailings)
G4 - DMA
Tailings, Waste Management
72–73
G4 - EN22
Total Water Discharge by Quality
and Destination
–
G4 - EN24
Environmental Monitoring
64
G4 - EN29
Environmental Fines and Penalties
73
Energy use
G4 - DMA
Energy
G4 - EN3
Total Direct and Indirect Energy Use
by Source
G4 - EN5
Energy Intensity
Greenhouse gas emissions
G4 - DMA
Energy
66–68
67
67
66–68
G4 - EN15
Greenhouse Gas Emissions (Scope 1)
68
G4 - EN16
Greenhouse Gas Emissions (Scope 2)
68
G4 - EN17
Greenhouse Gas Emissions (Scope 3)
68
G4 - EN18
Greenhouse Gas Emission Intensity
G4 - EN19
Reduction of Greenhouse
Gas Emissions
Climate change
G4 - DMA
Climate Change
G4 - EC2
Climate Change
–
68
65
65
WORKING WITH COMMUNITIES
G4 - DMA
Letter from the President & CEO,
Responsible Mining: Our Approach,
Working with Communities
2–3, 22–25,
56–61
Community and government support
G4 - DMA Working with Governments,
39, 56–61
Working with Communities
G4 - SO1
Local Impact Assessment and
Management Tools
59
Eldorado’s water
discharge by destination
is reported in the
Company’s annual
submission to the CDP.
The volume of significant
spills in 2017 has not
been disclosed.
Further disclosures on
Eldorado’s water use and
management can be found
within our annual survey
responses to the CDP:
cdp.net
G4 - EN24 seeks disclosures
on significant spills.
Eldorado has chosen
to use this indicator to
disclose reportable spills,
defined as reportable to
local regulatory authorities.
As there were no reportable
spills in 2017, there were no
significant spills.
Further disclosures on
Eldorado’s greenhouse gas
emissions and management
can be found within our
annual survey responses to
the CDP: cdp.net
6
6
13
13
13
13
13
13
13
13
13
13
6
3, 5, 6, 8, 9, 13
At this time, we are
unable to report
the number of site
stakeholder engagement
plans based on
stakeholder mapping.
Material
topics
Report section
Page
number
Level of
reporting
Identified omission(s)
and reason(s) for
omission(s)
Comments and links
UNGC
principle
Sustainable
Development
Goals
81
REPORTS AND TABLES
WORKING WITH COMMUNITIES (CONTINUED)
Stakeholder engagement
G4 - DMA
Engagement, Understanding and
Engaging, How We Interact with
Stakeholders
57–58
G4 - SO1
Local Impact Assessment and
Management Tools
59
Local employment and procurement
G4 - EC6
Employees by National
Representation
50
G4 - LA1
Employee Hire and Turnover Rates
by Region and Gender, Employee
Hire and Turnover Rates by Age
and Gender
50–51
G4 - LA11
Sustainability Factors
in Compensation
Community investment
G4 - DMA
Community Investment
G4 - EC1
Payments to Communities and
Community Investments
26
60
60
Corporate reputation
G4 - DMA Working with Communities
57
Regional economic development
G4 - DMA
Regional Economic Development,
2017 Community Investment
Highlights
54, 61
Complaints and grievances
G4 - DMA
Complaints and Grievances
G4 - SO11
Requests and Complaints Received
at Site
59
59
At this time, we are
unable to report
the number of site
stakeholder engagement
plans based on
stakeholder mapping.
We do not track the
percentage of senior
management hired from
local communities, but
instead focus on the
total percentage of our
workforce hired from
local communities.
We do not track our
performance review
information by gender or
employment category.
We aim for all our employees
(100%) to conduct regular
(annual, if not more frequent)
performance reviews.
8
5, 8
3, 9
At this time, we do not
track the number of
grievances addressed
and resolved during the
reporting period.
We are reviewing the
ways we track and report
grievances, with the objective
of improving how we disclose
the number and status of
grievances raised each year.
82
ELDORADO GOLD
YEAR IN REVIEW 2017
Cautionary Note About Forward-Looking Statements and Information
This Year in Review Report includes statements and information about what we expect to happen in the future. When we discuss our strategy, plans, goals, outlook, including expected production,
projected cash costs, planned capital and exploration expenditures, our expectation as to our future financial and operating performance, including future cash flow, estimated cash costs, resources
and reserves, expected metallurgical recoveries, price of gold and other commodities, and our proposed exploration, development, construction, permitting and operating plans and priorities,
related timelines and schedules, results of litigation and arbitration proceedings and other things that have not yet happened in this review, we are making statements considered to be forward-
looking information or forward-looking statements under Canadian and United States securities laws. We refer to them in this Year in Review Report as forward-looking information.
Key things to understand about the forward-looking information in this Year in Review Report:
It typically includes words and phrases about the future, such as plan, expect, forecast, intend, anticipate, believe, estimate, budget, continue, projected, scheduled, may, could, would, might,
will, as well as the negative of or variations of these words and phrases.
It is provided to help you understand our current views and can change significantly; it may not be appropriate for other purposes.
It is based on a number of assumptions, estimates and opinions that may prove to be incorrect, including the geopolitical, economic, permitting and legal climate in which we operate, the
future price of gold and other commodities, exchange rates, anticipated costs and expenses, production, mineral reserves and resources, metallurgical recoveries, the impact of acquisitions,
dispositions, suspensions or delays on our business and the ability to achieve our goals.
It is inherently subject to known and unknown risks, uncertainties and other factors. Actual results and events may be significantly different from what we currently expect due to the risks
detailed under “Risks factors in our business” of our AIF and MD&A, which includes a discussion of material and other risks that could cause actual results to differ significantly from our current
expectations and risks associated with our business, including the following risks:
■
■
title, permitting and licensing risks, including the risks of obtaining and maintaining the
validity and enforceability of necessary permits and licenses, the timing of obtaining and
renewing such permits and licenses, and risks of defective title to mineral property;
risks of operating in foreign countries in which we currently or may in the future conduct
business, including controls, laws, regulations, changes in mining regimes or governments,
and political or economic developments;
■ volatility of global and local economic climate and geopolitical risks;
■
regulatory restrictions, including environmental regulatory restrictions and liability,
including actual costs of reclamation;
■ changes in law and regulatory requirements or policies, including permitting, foreign
investment, environmental, tax and health and safety laws and regulations;
■ competition for mineral properties and merger and acquisition targets;
■ environmental risks, including use and transport of regulated substances;
■
infrastructure, water, energy, equipment and other input availability and durability, and
their cost and impact on capital and operating costs, exploration, development and
production schedules;
■ perceptions of the local people about foreign companies operating on their land;
■ ability to maintain positive relationships with the communities in which we operate and
potential loss of reputation;
■ community and non-governmental actions and regulatory risks, including the possibility
of a shutdown at any of our operations;
risks of not meeting production and cost targets or estimates;
■
■ subjectivity of estimating mineral reserves and resources and the reliance on available
data and assumptions and judgments used in interpretation of such data and depletion
of grades or quantities of mineral reserves;
the loss of key employees and our ability to attract and retain qualified personnel;
■
■ employee health and safety risks and potential human rights risks related to our
environmental impacts, economic and social disruption, security incidents, land acquisition,
indigenous peoples, access to remedy and our supply chain;
labour disputes, labour shortages and risks associated with unionized labour;
risks related to natural disasters and climate change;
■
■
■ prices for energy inputs, labour, material costs, supplies and services (including shipping)
remaining consistent with expectations;
■ speculative and uncertain nature of gold and other mineral exploration;
■ discrepancies between actual and estimated production, mineral reserves and resources
and metallurgical recoveries;
failure, security breaches or disruption of our information technology systems;
■
■ development, mining and operational risks, including timing, hazards and losses that
are uninsured or uninsurable;
impact on operations of compliance and non-compliance with General Data
Protection Regulation;
increased capital requirements and the ability to obtain financing;
■
■
■ share capital dilution and share price volatility;
■
risks associated with maintaining substantial levels of indebtedness, including potential
financial constraints on operations, interest rate risk and credit rating risk;
■ gold and other metal price volatility and the impact of any related hedging activities;
■ currency exchange fluctuations and the impact of any related hedging activities;
■
taxation, including change in tax laws and interpretations of tax laws;
■ financial reporting risks;
■
■
■
■
■
the impact of acquisitions, dispositions, monetization, mergers, other business
combinations or transactions, including effect of changes in our portfolio of projects on
our current and future operations, capital requirements, and financial condition and ability
to complete such transactions;
the risks that the integration of acquired businesses may take longer than expected,
the anticipated benefits of the integration may be less than estimated or the costs of
acquisition may be higher than anticipated;
risk associated with co-ownership (including joint ventures);
litigation and arbitration risks, including the uncertainties inherent in current and future
legal challenges we are, or may become, a party to; and
impact on operations of compliance and non-compliance with anti-corruption, anti-bribery
and sanction laws.
The reader is directed to the discussion set out under the heading “Risk factors in our business” in our AIF for a full discussion of these risks and uncertainties.
Although we believe that the expectations reflected in the forward-looking information contained herein are reasonable and we have attempted to identify important factors that could
cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause actual results to differ materially from those which are
anticipated, estimated or intended.
Forward-looking statements and information is not a guarantee of future performance and actual results and future events could materially differ from those anticipated in such statements
and information.
We will not necessarily update this information unless we are required to do so by applicable securities laws.
All forward-looking information in this Year in Review Report is qualified by these cautionary statements.
REPORTING MINERAL RESOURCES AND MINERAL RESERVES
The terms “mineral resource,” “measured mineral resource,” “indicated mineral resource” and “inferred mineral resource” used herein are Canadian mining terms used in accordance with
National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) under the guidelines set out in the Canadian Institute of Mining and Metallurgy and Petroleum (the
“CIM”) Standards on Mineral Resources and Mineral Reserves, adopted by the CIM Council, as may be amended from time to time. While the terms mineral resource, measured mineral
resource, indicated mineral resource and inferred mineral resource are defined by the CIM, and the CIM Definition Standards on Mineral Resources and Mineral Reserves adopted by the
CIM Council, and must be disclosed according to Canadian securities regulations, the US Securities and Exchange Commission (SEC) does not recognize them under SEC Industry Guide 7
and they are not normally permitted to be used in reports and registration statements filed with the SEC.
Investors should not assume that:
■ any or all of a measured, indicated or inferred mineral resource will ever be upgraded to a higher category or to mineral reserves; or
■ any or all of an indicated or inferred mineral resource exists or is economically feasible to mine.
Mineral resources which are not mineral reserves do not have demonstrated economic viability. Under the securities regulations adopted by the Canadian Securities Administrators (CSA),
estimates of inferred mineral resources generally cannot be used as the basis of feasibility or pre-feasibility studies. With respect to “indicated mineral resource” and “inferred mineral resource,”
there is a great amount of uncertainty as to their existence and a great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of a “measured mineral
resource,” “indicated mineral resource” or “inferred mineral resource” will ever be upgraded to a higher category.
Information about our mineral deposits may not be comparable to similar information made public by US domestic mining companies, including information prepared according to
SEC Industry Guide 7.
Except as otherwise noted, Paul Skayman, FAusIMM, our Chief Operating Officer, is the “Qualified Person” under NI 43-101 responsible for preparing or supervising the preparation of,
or approving the scientific or technical information contained in this Year in Review Report for all our properties.
CORPORATE INFORMATION
CANADA (HEAD OFFICE)
GREECE
SERBIA
83
CORPORATE INFORMATION
Hellas Gold SA & Thracean
Gold Mining SA
23A Vasilissis Sofias Avenue
Athens
10674 Greece
Tel:
Fax:
+30 214 687 0000
+30 214 687 0095
BRAZIL
Unamgen Mineração e Metalurgia S/A
Avenida Olegário Maciel
1846 – Santo Agostinho
Belo Horizonte, MG
CEP 30180-112 Brazil
Tel:
Fax:
+55 31 2101 3750
+55 31 2101 3758
ROMANIA
Deva Gold SA
No. 9 Dragos Voda Street
BL. 28, SC. A-B
Deva, Hunedoara County
330034 Romania
Tel:
Fax:
+40 25 423 3680
+40 25 423 3682
South Danube Metals d.o.o
Bulevar Kralja Aleksandra 24
Floor 7, Apartment 9
Belgrade
11000 Serbia
Tel:
+38 111 715 6860
BARBADOS
Eldorado Gold (Barbados) Limited
White Park House
White Park Road
Bridgetown
BB11135 Barbados
Tel:
Fax:
+1 246 271 5357
+1 246 271 5357
THE NETHERLANDS
Eldorado Gold (Netherlands) BV
Barbara Strozzilaan 101
1083 HN, Amsterdam
The Netherlands
Tel:
Fax:
+31 204 509 610
+31 204 509 611
Eldorado Gold Corporation
1188 Bentall 5
550 Burrard Street
Vancouver, BC
V6C 2B5 Canada
+1 604 687 4018
Tel:
+1 604 687 4026
Fax:
Toll-free: +1 888 353 8166
CANADA (LAMAQUE)
Eldorado Gold Lamaque
300, 3e Avenue Est
Val-d’Or, QC
J9P 0J6 Canada
Tel:
Fax:
+1 819 874 3100
+1 819 874 0051
TURKEY
Tüprag Metal Madencilik
Sanayive Ticaret A.S.
Iran Caddesi
Turan Emeksiz Sok. No. 1
06700 Gaziosmanpasa
Ankara Turkey
Tel:
Fax:
+90 312 468 4536
+90 312 468 2646
s
t
r
A
c
i
t
s
i
l
l
a
B
:
s
c
i
h
p
a
r
g
o
f
n
I
i
s
o
d
u
t
S
n
e
p
k
n
I
:
n
g
i
s
e
D
Degrees Celsius
ISO
Proven and probable
International Standards
Organization
PDAC
Prospectors & Developers
Association of Canada
84
ELDORADO GOLD
YEAR IN REVIEW 2017
Glossary of Acronyms, Symbols and Abbreviations
°C
2P
Ag
Au
B
BAP
CDP
CEO
Silver
Gold
Billion
Biodiversity Action Plan
Carbon Disclosure Project
ISO 14001
Environmental
Management System
ISO 14064
International standard for
GHG emissions, inventories
and verification
ISO 39001
Road Traffic Safety
Management System
Chief Executive Officer
ISO 50001
Energy Management System
CFGS
Conflict-Free Gold Standard
CFO
CIL
COO
EGU
EIA
Chief Financial Officer
Carbon-in-Leach
Chief Operating Officer
European Goldfields Ltd
Environmental impact
assessment
ESTMA
Extractive Sector Transparency
Measures Act
g
G4
Grams
GRI’s fourth-generation
sustainability reporting
guidelines
GHG
Greenhouse gases
GJ
GRI
ICMC
ICMI
ICMM
Gigajoule
Global Reporting Initiative
International Cyanide
Management Code
International Cyanide
Management Institute
International Council
on Mining and Metals
Koz
Kt
LPG
LTI
LTIFR
m
m3
M
MAC
Moz
NGO
One thousand troy ounces
One thousand tonnes
Liquefied petroleum gas
Lost-Time Injury
Lost-Time Injury Frequency Rate
(per million man-hours worked)
Metre
Metre cubed
Million
Mining Association of Canada
One million troy ounces
Non-governmental
organization
OECD
OHSAS
Organisation for Economic
Co-operation and Development
Occupational Health and Safety
Assessment Series
OHSAS 18001 Occupational Health and Safety
Management System
Troy ounce (31.1 grams)
Lead
oz
Pb
PPE
SDG
SIA
SLI
t
tCO2e
TRIFR
Personal protective equipment
Sustainable Development Goal
Socio-economic
impact assessment
Starting, lighting, ignition
Tonne
(one thousand kilograms)
Tonne of carbon dioxide
equivalent
Total Recordable Injury
Frequency Rate (per million
man-hours worked)
TSM
Towards Sustainable Mining
UNGC
United Nations Global Compact
VPs
Voluntary Principles on Security
and Human Rights
WGC
World Gold Council
Zn
Zinc
Eldorado Gold Corporation
1188 Bentall 5
550 Burrard Street
Vancouver, BC
V6C 2B5 Canada
Tel: +1 604 687 4018
Fax: +1 604 687 4026
Toll-free: +1 888 353 8166
eldoradogold.com
TSX: ELD
NYSE: EGO