Eldorado Gold Corp 6-K, filed May 24, 2023
Eldorado Gold Corp (EGO)
About this 6-K
Eldorado Gold Corp filed this 6-K on May 24, 2023.
Form 6-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of May 2023
Commission File Number 001-31522
| Eldorado Gold Corporation |
| (Translation of registrant’s name into English) |
| 11th Floor-550 Burrard Street Bentall 5 Vancouver, B.C. Canada V6C 2B5 |
| (Address of principal executive offices) |
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☐ Form 40-F ☒
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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| ELDORADO GOLD CORPORATION |
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| By: | /s/ Karen Aram |
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| Karen Aram, Corporate Secretary |
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Date: May 23, 2023
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Exhibits
| Exhibit No. |
| Description |
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EXHIBIT 99.1
EXHIBIT 99.2
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Extractive Sector Transparency Measures Act - Annual Report
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| Reporting Year | From: | 1/1/2022 | To: | 12/31/2022 |
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| Reporting Entity Name | Eldorado Gold Corporation | Currency of the Report | USD |
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| Reporting Entity ESTMA Identification Number | E919377 |
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| Subsidiary Reporting Entities (if necessary) | Eldorado Gold (Quebec) Inc (ID: E558445) |
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| 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 |
| Turkiye | Federal Government of the Republic of Turkiye |
| 30,610,000 | 16,670,000 | 11,920,000 |
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| 59,200,000 | Payments to Canakkale Tax Office, Ministry of Justice, Yegenbey Tax Office, Inheritance Tax Office, Turkish Bar Association, Turkish Patent Institute, Ankara Ihtisas Tax Office, Ankara Kurumlar Tax Office, Ankara Notary, Hayriye Ozcelik Ankara 9th Notary, Energy Market Regulatory Authority, ESME Land Registry, Esme Tax Office, Ulubey Land Registry Office, General Directorate of Mining and Oil Affairs, Ministry of Environment, Ministry of Transport and Infrastructure, Regional Directorate of Forestry, Baskent Tax Office, and Ulubey 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 16.58. See note 1 below. |
| Turkiye | Menderes Municipal Government |
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| 150,000 |
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| 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 16.58. |
| Canada | Government of Quebec |
| 21,070,000 |
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| 21,070,000 | Payments to Revenu Quebec, Commission scolaire Western Quebecs and Ministre des finances du Québec. 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 1.30 |
| Canada | Centre Service Scolaire de l'Or et des Bois |
| 30,000 |
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| 30,000 | 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 1.30 |
| Canada | Municipality of Val-d'Or |
| 490,000 |
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| 490,000 | 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 1.30 |
| Greece | Federal Government of Greece |
| 310,000 | 140,000 |
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| 450,000 | Payments made in EUR, converted to USD at the exchange rate of the individual payment. The average exchange rate for the period was 0.95. See note 2 & 3 below. |
| Romania | Certej Municipal Government |
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| 140,000 |
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| 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 4.6. |
| Romania | Federal Government of Romania |
| 260,000 |
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| 260,000 | Payments to the Ministry of Public Finance, and 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 4.6. |
| Additional Notes: | 1. Taxes of $69,953,000 were paid to the Federal Government of the Republic of Turkiye of which $39,339,000 were paid through offset of VAT refundable and $30,614,000 were paid in cash. 2. Taxes of $315,000 were paid to the Federal Government of Greece of which $2,000 were paid through offset of VAT refundable and $313,000 were paid in cash. 3. Refund of $7,410,000 was received from the Greek State. This is a refund of taxes paid in relation to the settlement of the 2011 & 2012 tax audit, of which $6,390,000 was previously paid through offset of VAT and $1,020,000 refund of interest. | |
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Extractive Sector Transparency Measures Act - Annual Report
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| Reporting Year | From: | 1/1/2022 | To: | 12/31/2022 |
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| Reporting Entity Name | Eldorado Gold Corporation | Currency of the Report | USD |
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| Reporting Entity ESTMA Identification Number | E919377 |
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| Subsidiary Reporting Entities (if necessary) | Eldorado Gold (Quebec) Inc (ID: E558445) |
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| Payments by Project | ||||||||||
| Country | Project Name | Taxes | Royalties | Fees | Production Entitlements | Bonuses | Dividends | Infrastructure Improvement Payments | Total Amount paid by Project | Notes |
| Turkiye | Kisladag | 50,000 | 10,430,000 | 6,780,000 |
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| 17,260,000 | Note 1 |
| Turkiye | Efemcukuru | - | 6,390,000 | 1,290,000 |
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| 7,680,000 | Note 1 |
| Turkiye | Ankara Office | 30,560,000 | - | 3,850,000 |
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| 34,410,000 | Note 1 |
| Canada | Lamaque Operations | 21,590,000 |
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| 21,590,000 | Note 2 |
| Greece | Olympias |
| 10,000 |
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| 10,000 | Note 3 |
| Greece | Stratoni |
| 50,000 |
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| 50,000 | Note 3 |
| Greece | Skouries |
| 60,000 |
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| 60,000 | Note 3 |
| Greece | Perama Hill | 10,000 | 20,000 |
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| 30,000 | Note 3 |
| Greece | Sappes | 10,000 |
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| 10,000 | Note 3 |
| Greece | Kassandra Mines | 290,000 |
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| 290,000 | Note 3 |
| Romania | Certej | 260,000 |
| 140,000 |
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| 400,000 | Note 4 |
| 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 16.58 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 1.30. 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 0.95. 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 4.6. | |||||||||
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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, 2022 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.
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