Eldorado

PROJECT DIRECTED BY Malvern Kandemwa

WRITTEN BY Frew Murdoch

Eldorado Gold

Aerial view of Eldorado’s Kışladağ gold project

Türkiye’s Golden Prospects

Eldorado Gold is on the road to a shining future in Türkiye with a promising 2022 outlook for mining production and sustainability.

Türkiye, formerly Turkey, is not a country with a rich history in the gold production industry. Prior to the early 2000s, Türkiye had no presence in the sector at all and was unable to produce even an ounce of the precious metal. The country’s people relied solely on imports to satisfy their gold requirements, which is rather an unexpected and peculiar state of affairs considering how intrinsic gold is to Turkish tradition and daily life.

Türkiye’s relationship with gold stems from a rich cultural heritage and the element’s use in societal celebrations, such as weddings and religious ceremonies. The mineral is also woven into Turkish societal norms. For instance, it is not uncommon among citizens to keep gold “under the mattress” as a means of hedging against inflation and currency weakness. Yet, only in the last twenty years has the country made an impression in the gold industry. Pioneers, such as the Canadian mining company Eldorado Gold Corporation, strategically invested in the under-explored, highly-prospective region and made waves in previously stagnant waters.

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Eldorado operates the Lamaque gold mine in Canada, two polymetallic mines in Greece, and two grassroots gold mines in western Türkiye: Kışladağ and Efemçukuru. The company also has several development projects underway in Skouries and Perma Hill in Greece, and Certej in Romania.

In 1986, Eldorado’s Türkiye subsidiary, Tüprag Metal Madencilik A.Ş. was established in order to conduct metallic mineral exploration activities in the country. The company obtained a multitude of mining licenses, which led to the discovery of significant gold deposits, such as Uşak-Kışladağ and İzmir-Efemçukuru. Kışladağ and Efemçukuru mines Kışladağ Gold Mine began operations in 2006 and is currently the largest gold mine in Europe. Kışladağ is a low-grade, bulk-tonnage, openpit operation that utilizes heap leaching for gold recovery. The operation has a 1500-strong workforce and contributes over USD 650 million to the national economy.

Although the mining industry, like many sectors, experienced a tumultuous first quarter due to the post-Covid environment and supply chain disruption, the outlook is positive for the rest of 2022. Kışladağ mine is expected to prospect approximately 13 million tons of gold, with a 0.65 grams per ton average grade.

In contrast to Kışladağ’s open-pit operations, Efemçukuru is a high-grade, underground operation that utilizes a flotation circuit for gold production. In more typical times, the mining enterprise produces approximately three tons of gold per annum by processing 600 000 tons of ore each year.

By the end of 2022, Efemçukuru is anticipated to mine and process over 525 000 tons of ore at an average gold grade of 5.9 grams per ton. Cash operating costs per ounce are likely to be impacted as a result of fewer ounces being produced and sold. Cost inflation is expected to be Weir Minerals. Expertise where it counts.

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partially offset by the weakening of the Turkish Lira currency.

Eldorado CEO and President George Burns said: “Our global operations were met with significant challenges in the first quarter. Severe weather in Türkiye and Greece, a government-mandated power outage in Türkiye, and Covid-related absenteeism across all sites impacted our production.”

“Production in 2022 is expected to be heavily weighted to the second half of the year. Despite the headwinds, we have seen operations improve towards the end of the quarter and are maintaining our consolidated full-year guidance of 460 000 to 490 000 ounces of gold.”

“Human and environment first, then mining”

Mining may be at its core, yet Tüprag also upholds strong respect and esteem for its country, people, and customs. The subsidiary has stood by its principle of “human and environment first, then mining”, since its establishment, with the motto running as deep as Tüprag’s underground operations.

In line with this maxim, the company centers its business practices and operations on four commitments, which also form the four tenets of parent company Eldorado Gold’s sustainability framework. These pillars are safe, inclusive and innovative operations, connected and prosperous communities, products produced with responsibility, and a healthy environment for now and the future.

“Eldorado’s vision is to build a safe, sustainable, high-quality business in the gold mining sector, creating value today and for future generations,” explains George.

“Our achievements in 2021 and our goals for the future affirm our commitment to incorporate sustainability from the ground up in all aspects of our business. In 2021, we made our greatest progress on climate action yet and committed to mitigat-

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ing our Greenhouse Gas emissions, which marks our biggest step so far towards building a business that is resilient to climate change and meaningfully contributes to a lower-carbon future.”

In addition to this progress with its environmental commitment, Eldorado has also made significant headway with the other three pillars of its sustainability framework. In May, the company released its 2021 Annual Sustainability Report and recorded achievements across all four areas.

In terms of inclusivity, Eldorado has exceeded gender parity on the board, with a 56% membership identifying as female. The company contributed to local communities’ prosperity as locals currently constitute 81% of the workforce, with 99% sourced from the countries within which it operates.

In line with their tenet of responsibly produced products, the company conducted Sustainability Integrated Management System self-assessments across their global operating mine sites and ensured assurance against the World Gold Council’s Responsible Gold Mining Principles.

Within an environmental context, Eldorado is considered an industry leader in dry-stack tailings implementation and, as previously touched upon by George, has launched a climate change strategy to lower greenhouse gas emissions by 30% by 2030.

“As we look forward, we will continue to build on our solid foundation, challenge the status quo, and find better ways for sustainable mining practices,” ended George.

www.eldoradogold.com

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