Exhibit 99.1
Extractive Sector Transparency Measures Act - Annual Report | |||||||
Reporting Entity Name | Eldorado Gold Corporation | ||||||
Reporting Year | From | 1/1/2020 | To: | 12/31/2020 | Date submitted | 5/26/2021 | |
Reporting Entity ESTMA Identification Number | E919377 | ||||||
Other Subsidiaries Included (optional field) | |||||||
For Consolidated Reports - Subsidiary Reporting Entities Included in Report: | Eldorado Gold (Quebec) Inc (ID: 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 | 5/25/2021 | ||||
Position Title | Executive VP and Chief Financial Officer |
Reporting Year | From: | 1/1/2020 | To: | 12/31/2020 | ||||||||
Reporting Entity Name | Eldorado Gold Corporation | Currency of the Report | USD | |||||||||
Reporting Entity ESTMA Identification Number | E919377 | |||||||||||
Subsidiary Reporting Entities (if necessary) | Eldorado Gold (Quebec) Inc (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 | |
Turkey | Federal Government of the Republic of Turkey | 42,600,000 | 7,120,000 | 7,290,000 | 57,010,000 | Payments to Kavaklidere Tax Office, General Directorate of Mining and Oil Affairs, Ministry of Justice, Regional Directorate of Forestry, Baskent Tax Office, Ulubey Tax Office, Yegenbey Tax Office Payments made in TRY, converted to USD at the exchange rate of the individual payment. The average exchange rate for the period was 7.2. See also Note 1 below. | ||||||
Turkey | Menderes Municipal Government | 160,000 | 160,000 | Payments made in TRY, converted to USD at the exchange rate of the individual payment. The average exchange rate for the period was 7.2. | ||||||||
Turkey | Ulubey Municipal Government | 190,000 | 190,000 | Payments made in TRY, converted to USD at the exchange rate of the individual payment. The average exchange rate for the period was 7.2. | ||||||||
Turkey | Usak Municipal Government | 190,000 | 190,000 | Payments made in TRY, converted to USD at the exchange rate of the individual payment. The average exchange rate for the period was 7.2. | ||||||||
Canada | Municipality of Val-d'Or | 200,000 | 200,000 | 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 1.34. | ||||||||
Canada | Government of Quebec | 10,740,000 | 10,740,000 | Payments to Revenu Quebec and the Commission Scolaire de l'Or-et-des-Bois. 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 1.34. | ||||||||
Greece | Federal Government of Greece | 5,070,000 | 2,340,000 | 7,410,000 | Payments made in EUR, converted to USD at the exchange rate of the individual payment. The average exchange rate for the period was 1.13. See also Notes 2 and 3 below. | |||||||
Romania | Certej Municipal Government | 140,000 | 140,000 | Payments made in RON, converted to USD at the exchange rate of the individual payment. The average exchange rate for the period was 4.2. | ||||||||
Romania | Federal Government of Romania | 480,000 | 480,000 | Payments to the Ministry of Public Finance, Ministry of Agriculture and Rural Development and the National Agency for Mineral Resources. Payments made in RON, converted to USD at the exchange rate of the individual payment. The average exchange rate for the period was 4.2. | ||||||||
Brazil | Federal Government of Brazil | 230,000 | 230,000 | Payments to the National Historical and Archaeological Heritage Institute and the Chico Mendes Institute for Biodiversity Conservation. See also Note 4 below. Payments made in BRL, converted to USD at the exchange rate of the individual payment. The average exchange rate for the period was 5.2. | ||||||||
Additional Notes: | 1. Taxes of $73,880,000 were paid to the Federal Government of the Republic of Turkey of which $31,280,000 were paid through offset of VAT refundable and $42,600,000 was paid in cash. 2. Taxes of $7,570,000 were paid to the Greek State of which $2,500,000 was paid through offset of VAT and other amounts refundable and $5,070,000 was paid in cash. Taxes were paid primarily to appeal tax audits and are refundable in the event appeals are successful. 3. Royalties of $4,250,000 were paid to the Greek State of which $1,910,000 was paid through offset of VAT and other amounts refundable and $2,340,000 was paid in cash. 4. Fees include a $31,000 vehicle purchased and donated in-kind. |
Extractive Sector Transparency Measures Act - Annual Report | |||||||||||
Reporting Year | From: | 1/1/2020 | To: | 12/31/2020 | |||||||
Reporting Entity Name | Eldorado Gold Corporation | Currency of the Report | USD | ||||||||
Reporting Entity ESTMA Identification Number | E919377 | ||||||||||
Subsidiary Reporting Entities (if necessary) | Eldorado Gold (Quebec) Inc (ID: E558445) | ||||||||||
Payments by Project | |||||||||||
Country | Project Name | Taxes | Royalties | Fees | Production Entitlements | Bonuses | Dividends | Infrastructure Improvement Payments | Total Amount paid by Project | Notes | |
Turkey | Kisladag | 150,000 | 3,770,000 | 5,840,000 | 9,760,000 | Note 1 | |||||
Turkey | Efemcukuru | 60,000 | 3,510,000 | 1,270,000 | 4,840,000 | Note 1 | |||||
Turkey | Ankara Office | 42,390,000 | 560,000 | 42,950,000 | Note 1 | ||||||
Canada | Lamaque Operations | 10,940,000 | 10,940,000 | Note 2 | |||||||
Greece | Olympias | 1,490,000 | 1,490,000 | Note 3 | |||||||
Greece | Stratoni | 770,000 | 770,000 | Note 3 | |||||||
Greece | Skouries | 60,000 | 60,000 | Note 3 | |||||||
Greece | Perama Hill | 10,000 | 20,000 | 30,000 | Note 3 | ||||||
Greece | Kassandra Mines | 5,060,000 | 5,060,000 | Note 3 | |||||||
Romania | Certej | 480,000 | 140,000 | 620,000 | Note 4 | ||||||
Brazil | Tocantinzinho | 200,000 | 200,000 | Note 5 | |||||||
Brazil | Vila Nova | 30,000 | 30,000 | A $31,000 vehicle was purchased and donated in-kind. | |||||||
Additional Notes: | 1. 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 7.2. 2. 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 1.34. 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 1.13. 4. 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 4.2. 5. 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 5.2. |
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, 2020 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.