Eldorado Gold Corporation (TSX:ELD, NYSE:EGO, ASX:EAU) is a Canada based gold producer that also engages in exploration and development activity related to both gold and iron ore (owns 100% of the Vila Nova Mine in Brazil which has pp reserves of 9.272 mil tonnes-61% iron, and a nine year mine life). It oversees mining activity in Brazil, China, Greece, Turkey (production at Kışladağ, development at the Efemçukuru gold project) and the surrounding areas. As one of the lowest cost gold producers (in the third quarter of 2010 it produced gold at an average cost of $386/oz and sold it an average price of $1231/oz a ratio of 3.2)) with a strong balance sheet and no hedge positions, Eldorado is well positioned for further growth. While the 2009 $2 billion acquisition it made of Sino Gold gave it a much needed presence in a country with a rapidly growing gold industry (China leads all nations in gold production and consumption) it also gave it the distinction of largest international gold company in China. As of December 18, 2011 when Eldorado initiated a $2.5B takeover of European Goldfields it also owns the Skouries and Olympias gold projects in Greece as well as other operations in Romania. The takover comes a couple days prior to a key European Goldfields vote on whether to approve the $600M financing package offered by Quatar Holdings Inc (needed for Skouries and Olympias).
As long as benchmark currencies continue to struggle gold prices will continue to rise in the long term even after undergoing seasonal fluctuations and short term record highs. According to Newmont, the highest ranked Forbes 2010 The Global 2000 gold company CEO, upward pressures will push gold prices up to at least $1500 an ounce.(Read more at Wikinvest )