Exhibit 99.1
NOTICE TO READERS
This notice accompanies, and should be read in conjunction with, the Extractive Sector Transparency Measures Act Annual Report (the “ESTMA Report”) for the year ended 2018 of Eldorado Gold Corporation filed May 29, 2019 via SEDAR with Canadian securities regulatory authorities under SEDAR Project Number 02923217. The ESTMA Report was filed without identifying the name of subsidiary reporting entity (“Integra Gold Corp.”) in the Report, which has now been amended.
Extractive Sector Transparency Measures Act - Annual Report | |||||||
Reporting Entity Name | Eldorado Gold Corporation | ||||||
Reporting Year | From | 01-01-18 | To: | 31-12-18 | Date submitted | 29-05-19 | |
Reporting Entity ESTMA Identification Number | E919377 | ||||||
Other Subsidiaries Included (optional field) | |||||||
For Consolidated Reports - Subsidiary Reporting Entities Included in Report: | Integra Gold Corp. E558445 | ||||||
Not Substituted | |||||||
Attestation by Reporting Entity | |||||||
In accordance with the requirements of the ESTMA, and in particular section 9 thereof, I attest I have reviewed the information contained in the ESTMA report for the entity(ies) listed above. Based on my knowledge, and having exercised reasonable diligence, the information in the ESTMA report is true, accurate and complete in all material respects for the purposes of the Act, for the reporting year listed above. | |||||||
Full Name of Director or Officer of Reporting Entity | Philip Yee | Date | 29-05-19 | ||||
Position Title | Executive VP and Chief Financial Officer |
Reporting Year | From: | 01-01-18 | To: | 31-12-18 | |||||||
Reporting Entity Name | Eldorado Gold Corporation | Currency of the Report | USD | ||||||||
Reporting Entity ESTMA Identification Number | E919377 | ||||||||||
Subsidiary Reporting Entities (if necessary) | Integra Gold Corp (ID: E558445) | ||||||||||
Payments by Payee | |||||||||||
Country | Payee Name | Departments, Agency, etc… within Payee that Received Payments | Taxes | Royalties | Fees | Production Entitlements | Bonuses | Dividends | Infrastructure Improvement Payments | Total Amount paid to Payee | Notes |
Romania | Federal Government of Romania | Ministry of Water and Forests | 1,640,000 | 1,640,000 | Payments made in RON, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 3.9416. See also Note 1 below. | ||||||
Romania | Certej Municipal Government | Local Council Certej de Sus | 180,000 | 180,000 | Payments made in RON, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 3.9416. | ||||||
Greece | Federal Government of Greece | Greek State | 90,000 | 170,000 | 260,000 | Payments made in EUR, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 1.1810. See also Notes 2 and 3 below. | |||||
Turkey | Federal Government of the Republic of Turkey | 15,410,000 | 5,740,000 | 8,030,000 | 29,180,000 | Payments to Kavaklidere Tax Office, Ulubey Tax Office, Menderes Tax Office, Yegenbey Tax Office, Regional Directorate of Forestry, General Directorate of Mining, and Baskent Tax Office.Payments made in TRY, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 4.8269. See also Note 4 below. | |||||
Turkey | Menderes Municipal Government | 150,000 | 150,000 | Payments made in TRY, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 4.8269. | |||||||
Brazil | Federal Government of the Federative Republic of Brazil | 440,000 | 440,000 | Payments to the National Department of Mineral Production and National Mining AgencyPayments made in BRL, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 3.6546. | |||||||
Brazil | State of Para | Utinga State Park | 1,060,000 | 1,060,000 | Payments made in BRL, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 3.6546. | ||||||
Canada | Municipality of Val-d'Or | 130,000 | 130,000 | Payments made in CDN, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 1.2957. | |||||||
Additional Notes: | 1. Taxes of $240,000 were paid to the Romanian Ministry of Public Finance through offset of VAT refundable with no amounts paid in cash. 2. Taxes of $2,390,000 were paid to the Greek State of which $2,300,000 was paid through offset of VAT refundable and $90,000 was paid in cash. 3. Royalties of $1,370,000 were paid to the Greek State of which $1,200,000 was paid through offset of VAT refundable and Greek State penalties refundable and $170,000 was paid in cash. 4. Taxes of $37,090,000 were paid to the Federal Government of the Republic of Turkey of which $21,680,000 was paid through offset of VAT refundable and $15,410,000 was paid in cash. |
Extractive Sector Transparency Measures Act - Annual Report | ||||||||||
Reporting Year | From: | 01-01-18 | To: | 31-12-18 | ||||||
Reporting Entity Name | Eldorado Gold Corporation | Currency of the Report | USD | |||||||
Reporting Entity ESTMA Identification Number | E919377 | |||||||||
Subsidiary Reporting Entities (if necessary) | Integra Gold Corp. (ID: E558445) | |||||||||
Payments by Project | ||||||||||
Country | Project Name | Taxes | Royalties | Fees | Production Entitlements | Bonuses | Dividends | Infrastructure Improvement Payments | Total Amount paid by Project | Notes |
Romania | Certej | - | 1,820,000 | 1,820,000 | Note 1 | |||||
Turkey | Kisladag | 80,000 | 3,180,000 | 6,500,000 | 9,760,000 | Note 2 | ||||
Turkey | Ankara Corporate Office | 15,290,000 | - | 190,000 | 15,480,000 | Note 2 | ||||
Turkey | Efemcukuru | 40,000 | 2,710,000 | 1,340,000 | 4,090,000 | Note 2 | ||||
Greece | Kassandra | 80,000 | 150,000 | 230,000 | Note 3 | |||||
Greece | Perama Hill | 10,000 | 20,000 | 30,000 | Note 3 | |||||
Brazil | Tocantinzinho | 440,000 | 1,060,000 | 1,500,000 | Note 4 | |||||
Canada | Lamaque | 130,000 | 130,000 | Note 5 | ||||||
Additional Notes: | 1. Payments made in RON, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 3.9416. 2. Payments made in TRY, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 4.8269. 3. Payments made in EUR, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 1.1810. 4. Payments made in BRL, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 3.6546. 5. Payments made in CDN, converted to USD at the exchange rate at the date of the individual payment. The average exchange rate for the period was 1.2957. |
Reporting Principles
1.
Basis of Accounting
The Schedule of Payments by Payee and the Schedule of Payments by Project (collectively, the “Schedules") prepared by Eldorado Gold Corporation (the “Company”) for the year ended December 31, 2018 has been prepared in accordance with the financial reporting provisions in Section 9 of the Extractive Sector Transparency Measures Act, Section 2.3 of the Extractive Sector Transparency Measures Act – Technical Reporting Specifications and Section 3 of the Extractor Sector Transparency Measures Act – Guidance Version 2 (collectively the “financial reporting framework”).
The Schedules are prepared to provide information to the Board of Directors of Eldorado Gold Corporation and the Minister of Natural Resources Canada to assist in meeting the requirements of the Extractive Sector Transparency Measures Act. As a result, the Schedules may not be suitable for another purpose.
2.
Basis of Presentation
The Schedules have been prepared using the cash basis of accounting, as required by the financial reporting framework, and therefore exclude any accruals related to payments due to governments.
The Schedules include all cash payments made, without inclusion of cash inflows from a government. Where the Company makes a payment to a government that is net of credits from that government, the net payment amount has been presented.
3.
Reporting Currency
All payments are reported in U.S. dollars which is the reporting currency of the Company. When the Company has made payments in currencies other than its reporting currency, it translates the payments using the exchange rate on the date of the individual payment.
4.
Rounding
All figures have been rounded to the nearest $10,000 U.S. dollars.
5.
Control
As required by the financial reporting framework, the Company has reported payments made by entities controlled by the Company. The Company has determined whether it controls an entity in accordance with International Financial Reporting Standards.