Left to right: Paul Skayman, Fabiana Chubbs, Norm Pitcher, Paul Wright, Dawn Moss.
WITH ELDORADO'S EXECUTIVE TEAM
Paul Wright, CEO
How has Eldorado got to where it is today?
The strategy for the Company has remained the same over the past 15 years, driven by a desire to build a sustainable, high-quality business in the gold sector. That strategy has led us on a path of acquisition and exploration to assemble a portfolio of high-quality assets that provide geographic diversification in prospective regions. We have been deliberate in selecting regions where we were able to enter with first-mover advantage - where we were able to establish dominant land positions and show that we intended to be there in the long term.
A large part of our success in executing on our portfolio of assets is directly attributable to the strength of our in-country teams in the regions we operate. These teams have ensured the Corporation’s success in understanding and adapting to each of these unique operating environments.
Today, we are proud of our industry-leading growth and cost profile. We continue to expand and develop our assets with a view to becoming a 1.5 million ounce gold producer.
Paul Skayman, COO
What sets Eldorado apart in terms of how it operates?
Eldorado is very decentralized and that alone makes us quite unique. With a head office in Vancouver and significant time differences between the countries where we operate, we do not try to micro-manage our operations. We leave the day-to-day business to our in-country teams, who understand the cultural, community and political nuances of doing business in their home countries.
This approach has been particularly successful for Eldorado: it encourages local ownership and only significant issues are elevated to the corporate level. Frequent contact with our in-country management ensures they have adequate corporate support. We all share a commitment to being responsible operators focused on building and managing quality assets.
Norm Pitcher, President
What do you see as essential to Eldorado’s continued success?
Eldorado has always focused on developing quality assets managed by strong technical teams, prioritizing stakeholder relationships at all levels, and conducting exploration in prospective geological locations. We’ve learned over the years to be patient, do our due diligence and hire good people. These are the pillars of support that provide the basis for a successful mining company, and in many ways define what Eldorado stands for. They have gotten us to where we are today and will be what we continue to focus on to be successful going forward.
Fabiana Chubbs, CFO
How would you describe the Company’s financial performance in 2014?
This was another solid year for Eldorado. Despite depressed metal prices, cash flows from operations were stable and we continued to allocate capital prudently. We ended the year with liquidity of approximately $875 million, including $500 million in cash, cash equivalents and term deposits, and $375 million in undrawn lines of credit. While lower realized gold prices impacted gross profit from gold mining operations, the impact of lower gross margins was partially offset by a 7% increase in gold ounces sold. Costs were virtually flat year over year, reflecting our focus on controlling costs across our operations. Eldorado’s low leverage continues to ensure we have a leading balance sheet and the cash, liquidity and financial flexibility to fund our development projects going forward.
Dawn Moss, EVP Administration and Corporate Secretary
How does Eldorado approach governance? Is Eldorado making any significant changes to its policies and/or practices in 2015?
While Eldorado is subject to the disclosure regulations of the securities administrations and stock exchanges where our securities are traded, we also take note of the guidance requirements of proxy advisory firms and our shareholders. Our Corporate Governance and Nominating Committee (CGNC) works closely with Management to combine compliance of reporting with best practices in our industry and amongst our peer group. The CGNC and Management take into consideration mandates of all governance stakeholders and adopt a responsible reporting structure that is in the best interest of the Company, its business units and its shareholders.
An example of how the Company engages in corporate governance compliance is our approach to developing gender diversity within its Board of Directors and on its senior management team. For many years Eldorado has promoted women into senior management positions, both at its corporate office and in the regions where we operate. Three of the 10 members of the Executive and Senior Officer team in Vancouver are women and we are proud of our record of promoting and retaining a strong female workforce throughout our global operations. In 2014, Eldorado appointed its first female director to the Board of Directors and will continue to seek out individuals as Directors, regardless of gender, who exhibit the necessary skill set and experience and who are able to make the time commitment to serve as members of the Board.
“The strategy for the Company has remained the same over the past 15 years, driven by a desire to build a sustainable, high-quality business in the gold sector.”
Paul Wright, CEO
“Eldorado has always focused on developing quality assets managed by strong technical teams, prioritizing stakeholder relationships at all levels, and conducting exploration in prospective geological locations.”
Norm Pitcher, President