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Eldorado Gold Corporation (OTCQB:ELDXF)

Q4 2013 Earnings Conference Call

February 21, 2014 11.30 AM ET

Executives

Nancy E. Woo – Vice President-Investor Relations

Paul N. Wright – Chief Executive Officer

Norman S. Pitcher – President

Fabiana E. Chubbs – Chief Financial Officer

Analysts

Cosmos Chiu – CIBC World Markets, Inc.

Josh Wilson – Dundee Capital Markets

Kerry Smith – Haywood Securities

Anita Soni – Credit Suisse Securities

Andrew Quail – Goldman Sachs

Operator

Good morning, ladies and gentlemen. Welcome to the Eldorado Gold Corporation Year-End and Fourth Quarter 2013 Financial Results Conference Call. Please note this call is being recorded today Friday, February 21, 2014, and is available on the Eldorado Gold website at www.eldoradogold.com.

I would now like to turn the meeting over to Ms. Nancy Woo. Please go ahead.

Nancy E. Woo

Thank you, operator. This presentation includes statements that may constitute forward-looking statements or information. Any forward-looking statements made and information provided reflect our current plans, estimates and views. Forward-looking statements or information which include all statements that are not historical facts, are based on certain material factors and assumptions and are subject to certain risks and uncertainties that could cause actual results to differ materially from those anticipated in or suggested by the forward-looking statements or information.

Consequently, undue reliance should not be placed on these forward-looking statements and information. The information contained in our annual information forum and in our annual quarterly management discussion analysis available on our website and on SEDAR identifies factors and assumptions upon which the forward-looking statements or information are based on and the risks, uncertainties and other factors that could cause actual results to differ.

All forward-looking statements and information made or provided during this presentation are expressed qualified in their entirety by this cautionary statement and the cautionary statement contained in our press release dated February 21, 2014.

I will now turn the call over to Paul Wright, CEO of Eldorado Gold.

Paul N. Wright

Thank you, Nancy. Good morning, ladies and gentlemen, and again welcome to Eldorado Gold's year-end and fourth quarter financial and operational results conference call. Joining me this morning in Vancouver are Norm Pitcher, the Company’s President; Paul Skayman, Chief Operating Officer; Fabiana Chubbs, Chief Financial Officer; and, of course, Nancy Woo, Vice President of Investor Relations.

We will follow the customary format, following my initial comments, Norm will provide a brief recap on the final quarter and 2013 operating results along with some commentary and what to expect for 2014. Fabi will then in turn take you through the year-end financials. I'm acutely aware that we are 27 minutes away from a hockey game that some of you probably view with some importance, so we're not going to be too slow on getting going here. We’ll get underway here with my comments on 2013, and outlook for 2014.

Gold production for the year 2013 up 721,000 ounces, represents the 10% increase over 2012, with average cash costs of $494 an ounce, which compared very favorably with our 2012 costs of $483 an ounces. Forecast production for 2014, we'll see an increase of additional 6% with production somewhere between 730,000 and 800,000 ounces with cash costs ranging between $550 and $590 an ounce, sustaining capital for the gold mines is planned to be approximately $170 million while new mine development is planned to be at $345 million including $215 million allocated for the Skouries development project. Exploration expenditure for the year, is planned at approximately $45 million of which we anticipate $25 million will be expensed.

Forecast all-in sustaining costs are expected to be around the $950 million an ounce mark. The company continues to maintain a strong balance sheet with liquidity totaling approximately a $1 billion dollars. As reported and as Fabi will speak to, our annual goodwill assessment has resulted in an impairment non-cash charge of $314 million associated with our Jinfeng and Eastern Dragon assets.

In addition due to significant extended decline in gold price in the fourth quarter of 2012, we’re registering an impairment of $495 million associated also with the Jinfeng and Eastern Dragon assets.

It’s important to note that the lower gold prices have not affected our reserves and resources or the carrying value of our other mineral properties. As stated in our release proven and probable reserves of $27.7 million ounces and measure indicated resources of $36.4 million ounces have both increased over our year-end 2012 numbers, while maintaining $1,250 an ounce and $1,000 an ounce as a basis for reserve calculations.

Our reserve statement was positively affected through success from our exploration results through the company particularly at Olympias, TJS, Certej. In the case of Certej we will be providing within the next 45 days both a press release and a technical report reflecting our current view of this asset.

In closing, I’d like to thank again all of our Eldorado teams for the solid efforts and results of 2013. We enter 2014 in solid financial shape quality growth being built, and a strong operational base to move forward with.

With this I’ll hand over to Norm.

Norm S. Pitcher

Thanks Paul and good morning everyone. I’ll start with the operations concentrating on the gold mines at Kisladag. Kisladag had another strong year in 2013 producing 306,182 ounces at a cash cost of $338 per ounce. After 2014, we’re estimating between 300,000 ounces and 355,000 ounces at cash costs in the range of $470 to $485. And the increase in cash costs come mainly from a decrease in the amount of waste that we will capitalize in 2014. Our sustaining capital in 2014 will be approximately $70 million.

In terms of the EIA expansion permit between the political intrigue going on in Turkey right now and changes in personnel and administrative environment and the EIA approval has been somewhat delayed, we’re now expecting approval before mid-year and do not expect this to affect our 2014 production.

At Efemcukuru, in 2013, we produced 91,000 ounces at $580 per ounce and they are predicting between 90,000 and 100,000 ounces for 2014 at cash cost of 575 to 590 per ounce. Good progress was made at Efemcukuru last year in both mining and milling. Issues pertaining to tailing filtration, backfill placement, and underground crushing have largely been dealt with, and metallurgical recoveries and block model grades are at targeted levels. Going forward, we will continue to optimize our operation as well as evaluate expansion possibilities.

Sustaining capital in 2014 will be approximately $20 million. Tanjianshan TJS had a pretty typical Tanjianshan year just over 100,000 ounces at good cash cost of 415 per ounce, for 2014 TJS will produce between 95,000 and 100,000 ounces again at cash cost in a range of 450 to 465 per ounce with sustaining capital of $20 million.

The bulk of the mill fleet in 2014 will come from stock piles as we enter stripping phase in the JLG open pit. Jinfeng had a good year in 2013, increasing production, lowering cash cost compared to 2012 as the open pit came back into production. In 2014, production will increase again to approximately 150,000 ounces with cash cost between $650 and $670 per ounce and sustaining capital pegged at $35 million. White Mountain produced 73,000 ounces at a cash cost of $705 in 2013 we expect very similar production in cost in 2014 with sustaining capital of $25 million.

At the Olympias Tailings Retreatment project, we produced 26,444 ounces of non-commercial production in 2013, we continue to make modifications to the plant and expected to clear commercial production this quarter. For 2014, we are estimating between 30,000 and 35,000 ounces at cash cost of $975 to $1050 per ounce.

And I would remain listeners that the Tailings Retreatment is part of an environmental clean up program to reclaim the valley as part of the overall EIA permit. That is it for the gold operations. At Vila Nova, we continue to produce and sell iron ore using the public port following the accident at the Anglo-Ferrous port facility.

We had sales in 2013 of about 470,000 tons, in 2014 we’re looking at sales of around 640,000 tons of iron ore. At Stratoni, our underground lead, zinc, silver mine in Greece, in 2014 we expect to mine and process 250,000 tons of ores compared to 225,000 tons in 2013.

On to the development projects at Olympias in 2013, we spent about $94 million in capital, largely on developing the underground mine for Phase II production which is slated to begin in 2016. Capital costs for 2014 will be in the $60 million range mostly for underground development.

At Skouries, in 2013 we spent $51 million on both surface infrastructure and the underground decline, capital costs for 2014 will be $215 million, as we continued to focus on the process plant and tailings areas as well as the decline in anticipation of production commencing in 2016.

At Certej, we spent $23 million in 2013, in a budget of $35 million for 2014 and today as Paul mentioned, we released a maiden resource for Certej of 2.46 million ounces of proven and probable and we’ll be posting an updated technical report of SEDAR within 45 days.

At Perama, as previously indicated, we do not expect any moving on the EIA permit until after the May elections. And at Eastern Dragon we’re actively engaged with NDRC on the project permit approval, the PPA, with the strong support of the Canadian government. We’re finishing up the various documents required by NDRC for permit approval and will provide excuse me an update on progress early in Q2.

At Tocantinzinho in Brazil, we’re finishing up our optimization of the feasibility study which we expect to submit towards the end of the quarter. On to exploration we drilled approximately 128,000 meters of exploration drilling on 18 projects across Turkey, Greece, Romania, Brazil and China in 2013. Brownfields exploration drilling programs were conducted at Efemcukuru, TJS, White Mountain and Jinfeng mines as well as our Certej project. All of these projects identified new mineralized zones outside of the existing resources or delineated extensions to known mineralized zones.

Highlights include new high-grade intercepts at White Mountain northern extension representing the down dip extension of the White Mountain orebody, additional resource areas defined by within pit drilling programs at Jinlonggou in the bridge and West Wall targets an identification of a new mineralized splay fault to Jinfeng outside of the existing resource model.

In Greece over 12,000 meters of drilling we’re completed our advanced stage Piavista project moderate to high-grade gold rates now have been intersected over nearly three kilometers strike length of the whole Stratoni fault zone and the deposit remains open to the west and down dip.

Also in Greece, an extensive drill core re-logging and deposit reinterpretation program at Olympias culminated and then updated resource model for deposit remains open to the west and down dip.

Also in Greece, an extensive drill core re-logging and deposit reinterpretation program at Olympias culminated and then updated resource model for the deposits. Our early stage exploration and project generation activities include drill testing several new projects in Romania and Brazil as well as testing new targets to find within our existing exploration and mining concessions at Turkey, Romania and China.

I will now turn it over to Fabi.

Fabiana E. Chubbs

Thank you Norm and good morning everyone. I will go through the financial statements highlighting changes within significant accounts. Commensurate with the balance sheet, we ended the year with cash, cash equivalents, and term deposit balance of $624 million compared to $870 million in 2012.

The decreasing cash balance is mainly the result of cash generation of operations, net of the uses for dividend payment $85 million and capital program for $182 million. The $23 million decrease in accounts receivable and other relates to collection on Efemçukuru concentrate shipments. During the fourth quarter, we completed the annual goodwill assessment which resulted in an impairment of a full carrying value of goodwill related to our Jinfeng mine and Eastern Dragon project in the amount of $139 million and $175 million respectively. Since the release of our Q3 results, gold price has fallen below $1300 and has remained at that level until recently. This work considered an impairment indicator and we tested our asset for impairment.

This resulted in an impairment of $350 million in our Jinfeng assets and $145 million in our Eastern Dragon project. This lower gold price has not affected our reserves and resources or the carrying value of our other mineral properties. The $25 million increase in the deferred tax liability is the result of an increase in the Greek income tax rate from 20% to 26% is resulting in $125 million increase which was raised at in Q1 2013. The results for the impact of the Turkish Lira against the U.S. dollars accounted for $17 million this was offset by the impact of the reduction in the carrying value of Jinfeng and Eastern Dragon of $123 million.

Moving on to the income statements, we reported a loss attributable to shareholders of the company of $653 million or $0.91 per share, compared to a profit of $305 million or $0.44 per share in 2012. Excluding the impairment assessment, the impact of income taxes and the increase on the Greek income tax rate. We reported an adjusted profit of $193 million compared to $327 million for the previous year. The difference in adjusted profit year-over-year was mainly due to lower growth profits on gold mining operations.

On the revenue side, we have revenues of $1.1 billion, which are slightly lower from the year ago due to lower realized gold prices offset by a 16% increase in gold face volumes. The increase in production costs and depreciation are the result of increases in sales volumes on a full year of commercial production of [indiscernible] group.

On the income tax expense, including the – excluding the $125 million assessment related to the tax rate increase in Greece and the impairment charge net of taxes of $685 million, the effective tax rate was 47% for the year compared to 29% in 2012.

The increase in the effective tax rate over 2012 was due to withholding taxes on dividends paid by subsidiaries and the impact of foreign exchange fluctuation. As the way of reference, a 10% change in exchange rate for the Turkish lira will result in approximately $11 million assessment in deferred taxes, and a 10% change in exchange rate for the RMB could result in approximately $60 million assessment.

On the statement of cash flow, during the year we generated cash flow from operating activities before change in our working capital of $382 million compared to close to $448 million in 2012. The main uses of cash relate to our capital program $482 million and dividend payment of $85 million. Those are my comments on the financial statements.

I will turn the call back to Paul.

Paul N. Wright

Thanks, Fabi, thanks, Norm. Operator, we will open up for questions now please.

Question-and-Answer Session

Operator

Thank you. We will now take questions from the telephone lines. (Operator Instructions) Our first question is from Kevin Chiew from CIBC. Please go ahead.

Cosmos Chiu – CIBC World Markets, Inc.

Good morning. It’s actually Cosmos here. Thanks for hosting the call. Got a few questions here. Maybe first off on Kisladag. Looking at 2014 guidance, you're including about 5 million tons of runoff mine ore, and then I guess looking beyond 2014, should we continue to factor in about 5 million tons of runoff mine ore on an ongoing basis in terms of how we should look at the stacking rate?

Paul N. Wright

Yes, I mean, yes, for the time being I invest probably, that’s probably fine.

Cosmos Chiu – CIBC World Markets, Inc.

Okay, because I guess Norm in the past you've even talked about getting up to about 8 million tons, but that was part of the expansion plans. So…

Norman S. Pitcher

Yes, I think right now we’re actually hauling run a mine with a contractor just because of access and access issue we’ve got for this year. I mean after that we can start, we got the bigger fleet of trucks, we can start using what are now a little bit smaller cat trucks to haul so we will have the capacity to get up to those sort of levels if we choose to.

Paul N. Wright

And runoff mine is driven I guess by the mine plan and what's available at those grades.

Norm S. Pitcher

For any particular year, sure

Cosmos Chiu – CIBC World Markets, Inc.

So, I guess it's good that you brought up the new mining fleet. What's your mining capacity now in terms with the upgraded mining bigger equipment?

Norm S. Pitcher

While we’re certainly not struggling at what were at right now that’s for sure. We’ve got the new Hitachi shovels and trucks are currently working as are the cat trucks. As I mentioned, I think we'll probably move with the cat trucks on to run a mine after this year 25 to 30 probably with the whole fleet.

Cosmos Chiu – CIBC World Markets, Inc.

Okay, And then I guess in terms of grade we saw kind of grade, we saw kind of the grade at Kisladag kind of drop off in Q4 2013?

Norm S. Pitcher

Yeah

Cosmos Chiu – CIBC World Markets, Inc.

How should we look at usually its hard to say but what should be expected in terms of a quarter-over-quarter kind of change or what not in 2014 in terms of the grade being stagged at Kisladag?

Paul N. Wright

Cosmos, this is Paul.

Cosmos Chiu – CIBC World Markets, Inc.

Hi, Paul.

Paul N. Wright

With my party line we're trying bravely to extract quarterly guidance from us. And we'll refrain yet again. I think again you're going to see fluctuations from quarter-to-quarter within the mine plan. And again just to remind people here that this is – this quarter is typically one of our weaker quarters because of climatic considerations at Kisladag, so that's as far as you are going to get.

Cosmos Chiu – CIBC World Markets, Inc.

All right, I’ll trying next time, but I got one more question actually maybe for Fabi here, after those write-downs that we saw in Q4, can you give us the carrying value for Jinfeng and also Eastern Dragon?

Fabiana E. Chubbs

I cannot tell you from top of my head, I think its maybe in the $400 million. I don't quite remember but I can give you that information after the call.

Cosmos Chiu – CIBC World Markets, Inc.

Okay, it sounds good, and also if I can get it for the other Chinese assets as well in terms of TJS and also White Mountain, I just wanted to see what the – after the write-downs with carrying value will be today?

Fabiana E. Chubbs

Okay.

Cosmos Chiu – CIBC World Markets, Inc.

And than maybe one more Fabi, in terms of we’ve seen the Turkish lira kind of go up and come down and you know there has been a lot of fluctuations. What percentage of your costs in Turkey will be denominated in the Turkish Lira, I’m just trying to work out some kind of sensitivity?

Fabiana E. Chubbs

Approximately 40%.

Cosmos Chiu – CIBC World Markets, Inc.

40%, okay.

Fabiana E. Chubbs

It is higher than that.

Cosmos Chiu – CIBC World Markets, Inc.

70.

Fabiana E. Chubbs

I think it’s more 65% to 70 %. We will double check and reply on this one.

Cosmos Chiu – CIBC World Markets, Inc.

Okay cool. Thanks a lot. That’s all I have. Thank you.

Fabiana E. Chubbs

Thanks.

Operator

Thank you. The following question is from Josh Wilson from Dundee Capital Markets. Please go ahead.

Josh Wilson – Dundee Capital Markets

Hi guys. Just starting up on Cosmos [ph] for Kisladag regarding the throughput in 2014 with amended EIA what throughput would you be able to achieve there?

Unidentified Company Representative

Well our current, our current EIA permit is 12.5 million tons per year but as I mentioned we don’t have this to affect our production for 2014.

Josh Wilson – Dundee Capital Markets

And in terms of your run rate, I think you placed on a pad at least little over 13 million tons last year, how is that the case that the current permit is still rated for 12 weeks?

Unidentified Company Representative

We have got a little bit of flexibility within the current permit.

Josh Wilson – Dundee Capital Markets

Okay. So you basically be operating at the highest throughput rate until the permits receiving mid year and then if it’s not you have to curtail production a little on?

Unidentified Company Representative

Preferentially Josh I mean it’s obviously until we have the permit in place, we are using, we are putting run-off mine, because I mean the bulk of the production for this year comes from crushed material, that is a modest portion of the guidance for the year that actually comes from run-off mine.

Unidentified Company Representative

In terms of ounces. So until we have permit in hand, we are going to maximize our production from the through the crushing circuit.

Josh Wilson – Dundee Capital Markets

Okay. So there is no quarterly limitations on your requirement and then just one other question, there is mention of modifications to support ongoing permitting, could you discuss I guess what the modifications are that you’re seeking to make and what sort of permits are question?

Unidentified Company Representative

No it’s just – we are just sort of undergoing the normal modifications and some design change to thickening tanks and I guess additional floatages as well, yeah in terms of permitting, we got the permits we need now, I mean we have got the permits we need now to continue with our current schedule into production in 2016 just like any mine we have ever constructed is various smaller permits a year, you are getting along the way but nothing major.

Josh Wilson – Dundee Capital Markets

Okay. That is it from me, thanks so much.

Operator

Thank you. The following question is from Kerry Smith from Haywood Securities. Please go ahead.

Kerry Smith – Haywood Securities

Thanks operator. Fabi, what would you think would be a reasonable run rate on a go forward basis for G&A for Eldorado, should we kind of use the 2013 G&A as a guide or would it be higher or lower?

Fabiana E. Chubbs

Yes, we will be on annual of around $60 million, you are going to be looking at 16% to 18% per quarter.

Kerry T. Smith – Haywood Securities, Inc.

Okay. Okay, so $60 million annually. And as far as Greece normally you talk about production in 2016, when do you think it would be in 2016, is it like the first half or the back half?

Paul N. Wright

Yes, met, yes.

Norm S. Pitcher

Terrible value there Kerry.

Kerry T. Smith – Haywood Securities, Inc.

Yes, that’s perfect, that’s perfect. That’s what I expected actually. And for the – resource that you released, which we haven’t seen before, can you just remind me?

Paul N. Wright

We had one last here.

Kerry T. Smith – Haywood Securities, Inc.

Oh, you did, okay. So….

Norm S. Pitcher

We had one last year.

Kerry T. Smith – Haywood Securities, Inc.

Okay. So has it changed from last year?

Paul N. Wright

It went up a little bit, yes the grade went up a little bit, funds went up a little bit I think as well and I’ll just, but it wasn’t a huge increase.

Kerry T. Smith – Haywood Securities, Inc.

Okay, okay, okay. And what is your – just I was trying to follow on through the call on the new CapEx for the new projects, can you just give me again what that split is and what the total number is?

Paul N. Wright

I think it was 300 just bear with me Kerry; as I go into my notes here.

Kerry T. Smith – Haywood Securities, Inc.

You can’t just throw it.

Paul N. Wright

Yes, $345 million is allocated for new capital, which includes lion share is going to screw this, which is estimated to be $215.

Kerry T. Smith – Haywood Securities, Inc.

Right $215.

Paul N. Wright

If you go to our corporate presentation, most recent corporate presentation it breaks out into the different projects.

Kerry T. Smith – Haywood Securities, Inc.

Okay. Okay, I’ll look at in. Okay, thank you, Paul.

Operator

Thank you. (Operator Instructions) The following question is from Anita Soni from Credit Suisse. Please go ahead.

Anita Soni – Credit Suisse Securities

Hi, good morning guys.

Paul N. Wright

Good morning.

Anita Soni – Credit Suisse

My question is not about separation at this time. It's actually I just want to clarify what you said to Cosmos, that this quarter is one of your weaker quarters, I mean, Q1 right?

Paul N. Wright

What I was alluding to is that every year winter comes to Turkey in the first couple of months of the year.

Anita Soni – Credit Suisse

Year, yes, okay.

Paul N. Wright

And the heat leach operation that affects us typically in the same – in the same manner, right.

Anita Soni – Credit Suisse

Yes, I was just trying to clarify…

Paul N. Wright

It something unusual about this winter.

Anita Soni – Credit Suisse

I know, I know.

Paul N. Wright

Yes.

Anita Soni – Credit Suisse

No, I was just to trying to clarify, it was Q4 or Q1 you were referring to anyone this quarter.

Paul N. Wright

Yes.

Anita Soni – Credit Suisse

Okay that's it, thank you.

Paul N. Wright

You’re welcome

Operator

(Operator Instructions) There are no further questions. Actually we do have a follow up question from Andrew Quail from Goldman Sachs. Please go ahead.

Andrew Quail – Goldman Sachs

Hi guys, just a quick one on sustaining CapEx at Kisladag, obviously it come down a lot given you brought all that new equipment. Is that run rate for 2014 something we considered of model going forward into 2015 and beyond.

Paul N. Wright

I mean we had an extraordinary year in 2013 because we were…

Andrew Quail – Goldman Sachs

Yep

Paul N. Wright

…into the expansion that we stopped. This probably isn’t a bad range going forward.

Fabiana E. Chubbs

Is probably, look it's going to go up and down depending on which I mean, which year we’re still constructing leach pads, this year we have a – we’re into leach pad construction so its probably going to be little bit higher than the average.

Paul N. Wright

And white stripping I guess a fair bit as well a little bit less.

Fabiana E. Chubbs

Yes, the year or not.

Paul N. Wright

We're building leach pad but not waste.

Fabiana E. Chubbs

That’s right.

Paul N. Wright

So that will be quite a bit right on that.

Fabiana E. Chubbs

Yes.

Andrew Quail – Goldman Sachs

Yes, thanks guys. That’s all I had.

Operator

Thank you. There are no following question registered at this time. I would like to return the meeting to Mr. Wright.

Paul N. Wright

Right, well thank you operator and thank you everybody on the call. Its two minutes to 2.99 I gather there’s a hockey game starting in a couple of minutes. So thank you all. And we will look forward to talking to you next quarter.

Operator

Thank you. Thank concludes today’s conference call. Please disconnect your lines at this time. And we thank you for your participation.

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