EX-99.1 2 ego_ex991.htm AMENDED 2018 ESTMA REPORT Untitled Document
  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
 
 
 
 
 
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 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.