ELDORADO GOLD CORP /FI, 40-F filed on 3/29/2018
Annual Report (foreign private issuer)
v3.8.0.1
Document and Entity Information
12 Months Ended
Dec. 31, 2017
shares
Document - Document and Entity Information [Abstract]  
Document Type 40-F
Amendment Flag false
Document Period End Date Dec. 31, 2017
Document Fiscal Year Focus 2017
Document Fiscal Period Focus FY
Trading Symbol EGO
Entity Registrant Name ELDORADO GOLD CORP /FI
Entity Central Index Key 0000918608
Current Fiscal Year End Date --12-31
Entity Current Reporting Status Yes
Entity Common Stock, Shares Outstanding 716,587,134
v3.8.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Current assets    
Cash and cash equivalents $ 479,501 $ 883,171
Term deposits 5,508 5,292
Restricted cash 310 240
Marketable securities 5,010 28,327
Accounts receivable and other 78,344 54,315
Inventories 168,844 120,830
Total current assets 737,517 1,092,175
Restricted cash and other assets 22,902 48,297
Defined benefit pension plan 9,919 11,620
Property, plant and equipment 4,227,397 3,645,827
Goodwill 92,591  
Total assets 5,090,326 4,797,919
Current liabilities    
Accounts payable and accrued liabilities 110,651 90,705
Current portion of asset retirement obligation 3,489  
Current liabilities 114,140 90,705
Debt 593,783 591,589
Defined benefit pension plan 13,599 10,882
Asset retirement obligations 96,195 89,778
Deferred income tax liabilities 549,127 443,501
Total liabilities 1,366,844 1,226,455
Equity    
Share capital 3,007,924 2,819,101
Treasury stock (11,056) (7,794)
Contributed surplus 2,616,593 2,606,567
Accumulated other comprehensive loss (21,350) (7,172)
Deficit (1,948,569) (1,928,024)
Total equity attributable to shareholders of the Company 3,643,542 3,482,678
Attributable to non-controlling interests 79,940 88,786
Total equity 3,723,482 3,571,464
Total liabilities and equity $ 5,090,326 $ 4,797,919
v3.8.0.1
Consolidated Income Statements - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Revenue    
Metal sales $ 391,406 $ 432,727
Cost of sales    
Production costs 192,740 194,669
Inventory write-down 444 0
Depreciation and amortization 72,130 74,887
Cost of sales 265,314 269,556
Gross profit 126,092 163,171
Exploration expenses 38,261 18,773
Mine standby costs 4,886 16,140
Other operating items 3,658  
General and administrative expenses 54,574 37,851
Acquisition costs 4,270  
Defined benefit pension plan expense 3,451 5,602
Share based payments 11,218 10,559
Write-down of assets 46,697 4,529
Foreign exchange loss (gain) (2,382) 2,708
Operating profit (loss) (38,541) 67,009
Loss on disposal of assets (462) (2,121)
Gain (loss) on marketable securities and other investments 27,425 (4,881)
Other income 17,575 243
Asset retirement obligation accretion (2,006) (1,795)
Interest and financing costs (3,199) (9,757)
Profit from continuing operations before income tax 792 48,698
Income tax expense 19,383 56,205
Loss from continuing operations (18,591) (7,507)
Loss from discontinued operations (2,797) (339,369)
Loss for the year (21,388) (346,876)
Attributable to:    
Shareholders of the Company (9,935) (344,151)
Non-controlling interests (11,453) (2,725)
Loss for the year (21,388) (346,876)
Loss attributable to shareholders of the Company    
Continuing operations (7,138) (2,683)
Discontinued operations (2,797) (341,468)
Shareholders of the Company $ (9,935) $ (344,151)
Weighted average number of shares outstanding (thousands)    
Basic 753,565 716,587
Diluted 753,565 716,593
Loss per share attributable to shareholders of the Company:    
Basic loss per share $ (0.01) $ (0.48)
Diluted loss per share (0.01) (0.48)
Loss per share attributable to shareholders of the Company-continuing operations:    
Basic loss per share (0.01) 0.00
Diluted loss per share $ (0.01) $ 0.00
v3.8.0.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Statement of comprehensive income [abstract]    
Loss for the year $ (21,388) $ (346,876)
Other comprehensive income (loss):    
Change in fair value of available-for-sale financial assets 15,878 11,115
Income tax on change in fair value of available-for-sale financial assets (2,595) (1,428)
Reversal of unrealized gains on available-for-sale investments on acquistion of Integra, net of taxes (24,340)  
Transfer of realized loss on disposal of availabe-for-sale financial assets   4,901
Actuarial losses on defined benefit pension plans (3,121) (1,188)
Total other comprehensive income (loss) for the year (14,178) 13,400
Total comprehensive loss for the year (35,566) (333,476)
Attributable to:    
Shareholders of the Company (24,113) (330,751)
Non-controlling interests (11,453) (2,725)
Total comprehensive loss for the year $ (35,566) $ (333,476)
v3.8.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Operating activities    
Loss for the year from continuing operations $ (18,591) $ (7,507)
Items not affecting cash:    
Asset retirement obligation accretion 2,006 1,795
Depreciation and amortization 72,130 74,887
Unrealized foreign exchange loss (gain) (471) 1,191
Deferred income tax expense (recovery) (19,849) 9,039
Loss on disposal of assets 462 2,121
Write-down of assets 46,697 4,529
(Gain) loss on marketable securities and other investments (27,425) 4,881
Share based payments 11,218 10,559
Defined benefit pension plan expense 3,451 5,602
Total adjustments to reconcile profit (loss) 69,628 107,097
Property reclamation payments (3,097) (2,662)
Changes in non-cash working capital (35,755) 32,295
Net cash provided by operating activities of continuing operations 30,776 136,730
Net cash used by operating activities of discontinued operations (2,797) (23,067)
Investing activities    
Net cash paid on acquisition of subsidiary (121,664) (603)
Purchase of property, plant and equipment (345,883) (297,667)
Proceeds from the sale of property, plant and equipment 252 4,916
Proceeds from sale of mining interest, net of transaction costs   792,511
Proceeds on pre-commercial production sales and tailings retreatment 38,200 3,708
Purchase of marketable securities   (2,526)
Proceeds from the sale of marketable securities   3,665
Value added taxes related to mineral property expenditures, net 22,804  
Investment in term deposits (216) (910)
Decrease (increase) in restricted cash (9,817) 9
Net cash provided (used) by investing activities of continuing operations (416,324) 503,103
Net cash used by investing activities of discontinued operations   (21,784)
Financing activities    
Issuance of common shares for cash 586  
Dividend paid to shareholders (10,610)  
Purchase of treasury stock (5,301)  
Long-term and bank debt proceeds   70,000
Long-term and bank debt repayments   (70,000)
Net cash used by financing activities of continuing operations (15,325)  
Net increase (decrease) in cash and cash equivalents (403,670) 594,982
Cash and cash equivalents - beginning of year 883,171 288,189
Cash and cash equivalents - end of year $ 479,501 $ 883,171
v3.8.0.1
Consolidated Statements of Changes in Equity - USD ($)
$ in Thousands
Total
Share capital [member]
Share capital [member]
Integra Gold Corp [member]
Treasury stock [member]
Contributed surplus [member]
Accumulated other comprehensive loss [member]
Deficit [member]
Equity attributable to owners of parent [member]
Non-controlling interests [member]
Balance beginning of year at Dec. 31, 2015   $ 5,319,101   $ (10,211) $ 47,236 $ (20,572) $ (1,583,873)   $ 169,755
Share based payments         10,264        
Loss attributable to non-controlling interests $ (2,725)               (2,725)
Other comprehensive loss for the year 13,400         13,400      
Increase during the period                 3,257
Loss attributable to shareholders of the Company (344,151)           (344,151)    
Shares redeemed upon exercise of restricted share units       2,417 (2,417)        
Decrease due to sale of China Business and others                 (81,501)
Recognition of other non-current liability and related costs         (1,416)        
Capital reduction   (2,500,000)              
Reversal of other current liability and related costs         52,900        
Capital reduction         2,500,000        
Balance end of year at Dec. 31, 2016 3,571,464 2,819,101   (7,794) 2,606,567 (7,172) (1,928,024) $ 3,482,678 88,786
Share based payments         12,241        
Shares issued upon exercise of share options, for cash   586              
Loss attributable to non-controlling interests (11,453)               (11,453)
Purchase of treasury stock       (5,301)          
Dividends paid             (10,610)    
Other comprehensive loss for the year (14,178)         (14,178)      
Transfer of contributed surplus on exercise of options   176              
Increase during the period                 2,607
Loss attributable to shareholders of the Company (9,935)           (9,935)    
Shares redeemed upon exercise of restricted share units       2,039 (2,039)        
Shares issued on acquistion of Integra Gold Corp.     $ 188,061            
Transfer to share capital on exercise of options         (176)        
Balance end of year at Dec. 31, 2017 $ 3,723,482 $ 3,007,924   $ (11,056) $ 2,616,593 $ (21,350) $ (1,948,569) $ 3,643,542 $ 79,940
v3.8.0.1
General Information
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
General Information
1. General Information

Eldorado Gold Corporation (“Eldorado” or the “Company”) is a primarily gold exploration, development and mining company. The Company has operations and ongoing exploration and development projects in Turkey, Greece, Brazil, Canada, Romania and Serbia. On July 10, 2017, the Company finalized its acquisition of Integra Gold Corporation (“Integra”), a Canadian company with mineral assets in Quebec, Canada (note 5a). The Company disposed of its China operations (“China Business”) in 2016. Details of the sale are included in note 5b.

Eldorado is a public company which is listed on the Toronto Stock Exchange and New York Stock Exchange and is incorporated and domiciled in Canada.

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Basis of preparation
12 Months Ended
Dec. 31, 2017
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Basis of preparation
2. Basis of preparation

These consolidated financial statements, including comparatives, have been prepared using accounting policies in compliance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).

Certain prior period balances have been reclassified to conform to current period presentation.

The consolidated financial statements were authorized for issue by the Board of Directors on March 21, 2018.

Upcoming changes in accounting standards

The following standards have been published and are mandatory for Eldorado’s annual accounting periods no earlier than January 1, 2018:

 

    IFRS 2 ‘Share-Based Payments’ – In June 2016, the IASB issued final amendments to this standard. IFRS 2 clarifies the classification and measurement of share-based payment transactions. These amendments deal with variations in the final settlement arrangements including: (a) accounting for cash-settled share-based payment transactions that include a performance condition, (b) classification of share-based payment transactions with net settlement features, and (c) accounting for modifications of share-based payment transactions from cash-settled to equity. IFRS 2 is effective for annual reporting periods beginning on or after January 1, 2018, with early adoption permitted. The Company plans to apply this standard at the date it becomes effective. The Company does not expect the impact of these changes to be material.

 

    IFRS 9 ‘Financial Instruments’ – This standard was published in July 2014 and replaces the existing guidance in IAS 39, ‘Financial Instruments: Recognition and Measurement’. IFRS 9 includes revised guidance on the classification and measurement of financial instruments, including a new expected credit loss model for calculating impairment on financial assets, and the new general hedge accounting requirements. It also carries forward the guidance on recognition and derecognition of financial instruments from IAS 39. IFRS 9 is effective for annual reporting periods beginning on or after January 1, 2018, with early adoption permitted. The Company plans to apply this standard at the date it becomes effective.

The Company has completed its assessment of the impact of IFRS 9 and expects the following impacts upon adoption:

 

  i) the classification of its financial assets and liabilities to remain consistent under the new standard, with the exception of equity securities. The Company will make the irrevocable election to continue to measure its long-term investments in equity securities at fair value through other comprehensive income. As a result and following the new standard, all realized and unrealized gains and losses will be recognized permanently in other comprehensive income with no reclassification to profit or loss upon impairment and disposition.

 

  ii) the Company does not expect to apply hedge accounting to hedge components of its non-financial items.

 

  iii) the Company does not expect a material impact to its financial statements from any of the other changes to this standard, including the new expected credit loss model for calculating impairment on financial assets.
    IFRS 15 ‘Revenue from Contracts with Customers’ – This standard contains a single model that applies to contracts with customers and two approaches to recognising revenue: at a point in time or over time. The model features a contract-based five-step analysis of transactions to determine whether, how much and when revenue is recognized. New estimates and judgmental thresholds have been introduced, which may affect the amount and/or timing of revenue recognized. This standard is effective for annual reporting periods beginning on or after January 1, 2018, with early adoption permitted. The Company plans to apply this standard at the date it becomes effective and will be adopting the modified retrospective approach.

The Company has performed a detailed review and assessment of its sales contracts, including doré and concentrate sale agreements, and has concluded that no adjustments are required in respect of current revenue recognition practices. The Company will have additional disclosures required by the new standard, in particular in relation to the impact of provisional pricing adjustments on its concentrate sales.

 

    IFRS 16 ‘Leases’ – This standard was published in January 2016 and replaces the existing guidance in IAS 17, ‘Leases’. IFRS 16 introduces a single accounting model for lessees and for all leases with a term of more than 12 months, unless the underlying asset is of low value. A lessee will be required to recognize a right-of-use asset, representing its right to use the underlying asset, and a lease liability, representing its obligation to make lease payments. The accounting treatment for lessors will remain largely the same as under IAS 17. IFRS 16 is effective for annual reporting periods beginning on or after January 1, 2019, with early adoption permitted.

The Company plans to apply this standard at the date it becomes effective and expects that, under this standard, the present value of most lease commitments will be shown as a liability on the balance sheet together with an asset representing the right of use, including those classified as operating leases under the existing standard. This implies higher amounts of depreciation expense and interest on lease liabilities that will be recorded in the Company’s profit and loss results. Additionally, a corresponding reduction in general and administrative costs and/or production costs is expected. The extent of the impact of adopting the standard has not yet been determined.

The Company is currently working in the development of its implementation plan and expects to report more detailed information, including estimated quantitative financial impacts, if material, in its consolidated financial statements as the effective date approaches.

There are other new standards, amendments to standards and interpretations that have been published and are not yet effective. The Company believes they will have no material impact on its consolidated financial statements.

v3.8.0.1
Significant accounting policies
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Significant accounting policies
3. Significant accounting policies

The principal accounting policies set out below have been applied consistently to all years presented in these consolidated financial statements, and have been applied consistently by all Eldorado entities.

3.1  Basis of presentation and principles of consolidation

(i)    Subsidiaries and business combinations

Subsidiaries are entities controlled by Eldorado. Control exists when Eldorado is exposed to, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, potential voting rights that currently are exercisable are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.

The acquisition method of accounting is used to account for business acquisitions. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest.

The excess of the cost of acquisition over the fair value of Eldorado’s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets acquired, the difference, or gain is recognised directly in the income statement.

Transaction costs, other than those associated with the issue of debt or equity securities, which the Company incurs in connection with a business combination, are expensed as incurred.

The most significant wholly-owned and partially-owned subsidiaries of Eldorado, are presented below:

 

Subsidiary    Location      Ownership
interest
   Status    Operations and
development projects
owned
Tüprag Metal Madencilik Sanayi ve Ticaret AS (“Tüprag”)      Turkey      100%    Consolidated   

Kişladağ Mine

Efemçukuru Mine

Hellas Gold SA (“Hellas”)      Greece      95%    Consolidated   

Stratoni Mine

Olympias Mine

Skouries Project

Integra Gold Corporation      Canada      100%    Consolidated    Lamaque Project
Thracean Gold Mining SA      Greece      100%    Consolidated    Perama Hill Project
Thrace Minerals SA      Greece      100%    Consolidated    Sapes Project
Unamgen Mineração e Metalurgia S/A      Brazil      100%    Consolidated    Vila Nova Iron Ore Mine
Brazauro Resources Corporation (“Brazauro”)      Brazil      100%    Consolidated    Tocantinzinho Project
Deva Gold SA (“Deva”)      Romania      80.5%    Consolidated    Certej Project

(ii)  Discontinued operations

A discontinued operation is a component of the Group’s business that represents a separate major line of business or geographical area of operations that has been disposed of, has been abandoned or meets the criteria to be classified as held for sale.

Discontinued operations are presented on the income statement as a separate line.

(iii)  Assets held for sale

Assets and businesses classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Impairment losses on initial classification as held for sale and gains or losses on subsequent re-measurements are included in the income statement. No depreciation is charged on assets and businesses classified as held for sale.

Assets and businesses are classified as held for sale if their carrying amount will be recovered or settled principally through a sale transaction rather than through continuing use. The asset or business must be available for immediate sale and the sale must be highly probable within one year.

(iv)  Investments in associates (equity accounted for investees)

Associates are those entities where Eldorado has the ability to exercise significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Company holds between 20 and 50 percent of the voting power of another entity.

Associates are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The consolidated financial statements include Eldorado’s share of the income and expenses and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of Eldorado, from the date that significant influence commences until the date that significant influence ceases.

When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Company has an obligation to make, or has made, payments on behalf of the investee.

At each balance sheet date, each investment in associates is assessed for indicators of impairment.

(v)  Transactions with non-controlling interests

For purchases from non-controlling interests, the difference between any consideration paid and the relevant share of the carrying value of net assets of the subsidiary acquired is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.

Eldorado treats transactions in the ordinary course of business with non-controlling interests as transactions with third parties.

(vi) Transactions eliminated on consolidation

Intra-company and intercompany balances and transactions, and any unrealized income and expenses arising from all such transactions, are eliminated in preparing the consolidated financial statements.

3.2  Foreign currency translation

(i)    Functional and presentation currency

Items included in the financial statements of each of Eldorado’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in U.S. dollars, which is the Company’s functional and presentation currency, as well as the functional currency of all significant subsidiaries.

(ii)  Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognised in the income statement.

3.3  Property, plant and equipment

(i)    Cost and valuation

Property, plant and equipment are carried at cost less accumulated depreciation and any impairment in value. When an asset is disposed of, it is derecognized and the difference between its carrying value and net sales proceeds is recognized as a gain or loss in the income statement.

(ii)  Property, plant and equipment

Property, plant and equipment include expenditures incurred on properties under development, significant payments related to the acquisition of land and mineral rights and property, plant and equipment which are recorded at cost on initial acquisition. Cost includes the purchase price and the directly attributable costs of acquisition or construction required to bring an asset to the location and condition necessary for the asset to be capable of operating in the manner intended by management.

(iii)  Depreciation

Mine development costs, property, plant and equipment and other mining assets whose estimated useful life is the same as the remaining life of the mine are depreciated, depleted and amortized over a mine’s estimated life using the units-of-production method calculated based on proven and probable reserves.

Capitalized development costs related to a multi-pit operation are amortized on a pit-by-pit basis over the pit’s estimated life using the units-of-production method calculated based on proven and probable reserves related to each pit.

Property, plant and equipment and other assets whose estimated useful lives are less than the remaining life of the mine are depreciated on a straight-line basis over the estimated useful lives of the assets.

Where components of an asset have a different useful life and cost that is significant to the total cost of the asset, depreciation is calculated on each separate component.

Depreciation methods, useful lives and residual values are reviewed at the end of each year and adjusted if appropriate.

(iv)  Subsequent costs

Expenditure on major maintenance or repairs includes the cost of replacement parts of assets and overhaul costs. Where an asset or part of an asset is replaced and it is probable that further future economic benefit will flow to the Company, the expenditure is capitalized. Similarly, overhaul costs associated with major maintenance are capitalized when it is probable that future economic benefit will flow to the Company and any remaining costs of previous overhauls relating to the same asset are derecognized. All other expenditures are expensed as incurred.

(v)  Deferred stripping costs

Stripping costs incurred during the production phase of a mine are considered production costs and included in the cost of inventory produced during the period in which the stripping costs are incurred, unless the stripping activity can be shown to provide access to additional mineral reserves, in which case the stripping costs are capitalized. Stripping costs incurred to prepare the ore body for extraction are capitalized as mine development costs (pre-stripping). Capitalized stripping costs are amortized on a unit-of-production basis over the proven and probable reserves to which they relate.

(vi)  Borrowing costs

Borrowing costs are expensed as incurred except where they are directly attributable to the financing of construction or development of qualifying assets requiring a substantial period of time to prepare for their intended future use. Interest is capitalized up to the date when substantially all the activities necessary to prepare the asset for its intended use are complete.

Investment income arising on the temporary investment of proceeds from borrowings is offset against borrowing costs being capitalized.

(vii)  Mine standby and restructuring costs

Mine standby costs and costs related to restructuring a mining operation are charged directly to expense in the period incurred. Mine standby costs include labour, maintenance and mine support costs during temporary shutdowns of a mine or development project.

3.4  Exploration, evaluation and development expenditures

(i) Exploration

Exploration expenditures reflect the costs related to the initial search for mineral deposits with economic potential or obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with the acquisition of mineral licenses, prospecting, sampling, mapping, diamond drilling and other work involved in searching for ore. All expenditures relating to exploration activities are expensed as incurred except for the costs associated with the acquisition of mineral licenses which are capitalized.

(ii) Evaluation

Evaluation expenditures reflect costs incurred at projects related to establishing the technical and commercial viability of mineral deposits identified through exploration or acquired through a business combination or asset acquisition.

Evaluation expenditures include the cost of:

 

  a) establishing the volume and grade of deposits through drilling of core samples, trenching and sampling activities in an ore body that is classified as either a mineral resource or a proven and probable reserve;
  b) determining the optimal methods of extraction and metallurgical and treatment processes;
  c) studies related to surveying, transportation and infrastructure requirements;
  d) permitting activities; and
  e) economic evaluations to determine whether development of the mineralized material is commercially justified, including scoping, prefeasibility and final feasibility studies.

Evaluation expenditures are capitalized if management determines that there is evidence to support probability of generating positive economic returns in the future. A mineral resource is considered to have economic potential when it is expected the technical feasibility and commercial viability of extraction of the mineral resource is demonstrable considering long-term metal prices. Therefore, prior to capitalizing such costs, management determines that the following conditions have been met:

 

  There is a probable future benefit that will contribute to future cash inflows;
  The Company can obtain the benefit and control access to it; and
  The transaction or event giving rise to the benefit has already occurred.

The evaluation phase is complete once technical feasibility of the extraction of the mineral deposit has been determined through preparation of a reserve and resource statement, including a mining plan as well as receipt of required permits and approval of the Board of Directors to proceed with development of the mine.

(iii) Development

Development expenditures are those that are incurred during the phase of preparing a mineral deposit for extraction and processing. These include pre-stripping costs and underground development costs to gain access to the ore that is suitable for sustaining commercial mining, preparing land, construction of plant, equipment and buildings and costs of commissioning the mine and mill.

Expenditures incurred on development projects continue to be capitalized until the mine and mill moves into the production stage. The Company assess each mine construction project to determine when a mine moves into production stage. The criteria used to assess the start date are determined based on the nature of each mine construction project, such as the complexity of a plant or its location. Various relevant criteria are considered to assess when the mine is substantially complete and ready for its intended use and moved into the production stage. Some of the criteria considered would include, but are not limited to, the following: (1) the level of capital expenditures compared to construction cost estimates; (2) the completion of a reasonable period of testing of mine plant and equipment; (3) the ability to produce minerals in saleable form (within specification); and (4) the ability to sustain ongoing production of minerals.

Alternatively, if the factors that impact the technical feasibility and commercial viability of a project change and no longer support the probability of generating positive economic returns in the future, expenditures will no longer be capitalized.

3.5  Goodwill

Goodwill represents the excess of the cost of an acquisition over the fair value of Eldorado’s share of the net assets of the acquired business at the date of acquisition. When the excess is negative (negative goodwill), it is recognized immediately in income. Goodwill on acquisition of subsidiaries and businesses is shown separately as goodwill in the financial statements. Goodwill on acquisition of associates is included in investments in significantly influenced companies and tested for impairment as part of the overall investment.

Goodwill is carried at cost less accumulated impairment losses and tested annually for impairment. Impairment losses on goodwill are not reversed. The impairment testing is performed annually or more frequently if events or changes in circumstances indicate that it may be impaired.

Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash generating units or groups of cash generating units (“CGU”s) that are expected to benefit from the business combination in which the goodwill arose. If the composition of one or more cash generating units to which goodwill has been allocated changes due to a re-organization, the goodwill is re-allocated to the units affected.

The gain or loss on disposal of an entity includes the carrying amount of goodwill relating to the entity sold.

3.6  Impairment of non-financial assets

Other long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment test is performed when the impairment indicators demonstrate that the carrying amount may not be recoverable and it is reviewed at least annually.

An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less cost to sell and value in use.    For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows or CGUs.

Value in use is determined as the present value of the future cash flows expected to be derived from an asset or CGU based on the detailed mine and/or production plans. The estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

Fair value less cost to sell is the amount obtainable from the sale of an asset or CGU in an arm’s length transaction between knowledgeable, willing parties, less the costs of disposal. For mining assets, fair value less cost to sell is often estimated using a discounted cash flow approach because a fair value is not readily available from an active market or binding sale agreement. Estimated future cash flows are calculated using estimated future prices, mineral reserves and resources, operating and capital costs. All assumptions used are those that an independent market participant would consider appropriate. Non-financial assets other than goodwill impaired in prior periods are reviewed for possible reversal of the impairment when events or changes in circumstances indicate that an item is no longer impaired.

3.7  Financial assets

(i) Classification

The Company classifies its financial assets in the following categories: at fair value through profit or loss, loans and receivables, and available-for-sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.

(a) Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short-term. Derivatives are also categorised as held for trading unless they are designated as hedges.

(b) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities of greater than 12 months after the end of the reporting period, which are classified as non-current assets. Eldorado’s loans and receivables comprise cash and cash equivalents, restricted cash, accounts receivable and other and other assets in the balance sheet.

(c) Available-for-sale financial assets

Available-for-sale financial assets are non-derivative financial assets that are either designated in this category or not classified in any of the other categories. They are included in non-current assets unless the investment matures or management intends to dispose of it within 12 months of the end of the reporting period. Eldorado’s available-for-sale financial assets comprise marketable securities not held for the purpose of trading.

(ii) Recognition and measurement

Financial assets are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognised at fair value, and transaction costs are expensed in the income statement. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership.

Available-for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables are subsequently carried at amortised cost using the effective interest method.

Gains or losses arising from changes in the fair value of the ‘financial assets at fair value through profit or loss’ category are presented in the income statement within ‘Gain or loss on marketable securities’ in the period in which they arise. Dividend income from ‘financial assets at fair value through profit or loss’ is recognised in the income statement as part of other income when Eldorado’s right to receive payments is established.

Gains or losses arising from changes in the fair value of available-for-sale financial assets are recognized in other comprehensive income and presented within equity. When marketable securities classified as available-for-sale are sold or impaired, the accumulated fair value adjustments recognised in other comprehensive income are included in the income statement as ‘Gain or loss on marketable securities’.

(iii) Impairment of financial assets

The Company assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a ‘loss event’) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated.

An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount, and the present value of the estimated future cash flows discounted at the original effective interest rate. An impairment loss in respect of an available-for-sale financial asset is calculated by reference to its fair value. In the case of equity instruments classified as available-for-sale, a significant or prolonged decline in the fair value of the security below its cost is also evidence that the assets are impaired. If any such evidence exists for available-for-sale financial assets, the cumulative loss – measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset that was previously recognized in profit or loss – is removed from equity and recognized in the income statement.

All impairment losses are recognized in profit or loss. Any cumulative loss in respect of an available-for-sale financial asset recognized previously in equity is transferred to profit or loss. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognized. Impairment losses recognized for equity securities are not reversed.

 

3.8  Derivative financial instruments and hedging activities

Derivatives are recognized initially at fair value on the date a derivative contract is entered into. Subsequent to initial recognition, derivatives are remeasured at their fair value. The method of recognising any resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged.

Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are recognised immediately in the income statement.

(a) Fair value hedge

Changes in the fair values of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair values of the hedged assets or liabilities that are attributable to the hedged risk.

(b) Cash-flow hedge

The effective portions of changes in the fair values of derivatives that are designated and qualify as cash-flow hedges are recognised in equity. The gain or loss relating to any ineffective portion is recognised immediately in the income statement.

Amounts accumulated in the hedge reserve are recycled in the income statement in the periods when the hedged items will affect profit or loss (for instance when the forecast sale that is hedged takes place). If a forecast transaction that is hedged results in the recognition of a non-financial asset (for example, inventory) or a liability, the gains and losses previously deferred in the hedge reserve are transferred from the reserve and included in the initial measurement of the cost of the asset or liability.

When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in the hedge reserve at that time remains in the reserve and is recognised when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in other comprehensive income is immediately transferred to the income statement.

The Company has not designated any derivative contracts as hedges and therefore has not applied hedge accounting in these financial statements.

3.9  Inventories

Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows:

 

  i) Product inventory consists of stockpiled ore, ore on leach pads, crushed ore, in-circuit material at properties with milling or processing operations, gold concentrate, other metal concentrate, iron ore stockpile awaiting shipment, doré awaiting refinement and unsold bullion. Product inventory costs consist of direct production costs including mining, crushing and processing; site administration costs; and allocated indirect costs, including depreciation and amortization of property, plant and equipment.

Inventory costs are charged to production costs on the basis of quantity of metal sold. At operations where the ore extracted contains significant amounts of metals other than gold, primarily silver, copper, lead and zinc, cost is allocated between the joint products. The Company regularly evaluates and refines estimates used in determining the costs charged to production costs and costs absorbed into inventory carrying values based upon actual gold recoveries and operating plans.

Net realizable value is the estimated selling price, less the estimated costs of completion and selling expenses.

  ii) Materials and supplies inventory consists of consumables used in operations, such as fuel, chemicals, reagents and spare parts, which are valued at the lower of average cost and net realisable value and, where appropriate, less a provision for obsolescence. Costs include acquisition, freight and other directly attributable costs.

3.10   Trade receivables

Trade receivables are amounts due from customers for bullion, doré, gold concentrate, other metal concentrates and iron ore sold in the ordinary course of business.

Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less a provision for impairment where necessary.

3.11  Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with maturities at the date of acquisition of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.

3.12  Share capital

Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares and share options are recognized as a deduction from equity, net of any tax effects. Common shares held by the Company are classified as treasury stock and recorded as a reduction of shareholders’ equity.

3.13  Trade payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.

Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

3.14  Debt and borrowings

Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost, calculated using the effective interest method. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.

Fees paid on the establishment of loan facilities and other borrowings are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility and other borrowings will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility and borrowings will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the loan to which it relates.

3.15  Current and deferred income tax

Income tax expense comprises current and deferred tax. Income tax expense is recognized in the income statement except to the extent that it relates to items recognized either in other comprehensive income or directly in equity, in which case it is recognized in other comprehensive income or in equity, respectively.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings. The tax rate used is the rate that is substantively enacted.

Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

3.16    Employee benefits

(i)  Defined benefit plans

Certain employees have entitlements under Company pension plans which are defined benefit pension plans. For defined benefit plans, the level of benefit provided is based on the length of service and earnings of the person entitled.

The cost of the defined benefit plan is determined using the projected unit credit method. The related pension liability recognized in the consolidated balance sheet is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets.

The Company obtains actuarial valuations for defined benefit plans for each balance sheet date. Actuarial assumptions used in the determination of defined benefit pension plan liabilities are based on best estimates, including rate of salary escalation and expected retirement dates of employees. The discount rate is based on high quality bond yields, as per International Accounting Standard 19, Employee Future Benefits (“IAS 19”). The assumption used to determine the interest income on plan assets is equal to the discount rate, as per IAS 19.

Actuarial gains and losses are recognized in full in the period in which they occur in other comprehensive income without recycling to the statement of income in subsequent periods. Current service cost, the vested element of any past service cost, the interest income on plan assets and the interest arising on the pension liability are included in the same line items in the statement of income as the related compensation cost.

Past service costs are recognized immediately to the extent the benefits are vested, and otherwise are amortized on a straight-line basis over the average period until the benefits become vested.

(ii)  Defined contribution plans

The Company’s contributions to defined contribution plans are charged to the income statement in the period to which the contributions relate.

(iii) Termination benefits

Eldorado recognizes termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal, or providing benefits as a result of an offer made to encourage voluntary termination. Benefits falling due more than twelve months after the end of the reporting period are discounted to their present value.

(iv)  Short-term benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if Eldorado has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

3.17    Share-based payment transactions

The Company applies the fair value method of accounting for all stock option awards and equity settled restricted share units and performance share units. Under this method the Company recognizes a compensation expense for all stock options awarded to employees, based on the fair value of the options on the date of grant which is determined by using the Black-Scholes option pricing model. For equity settled restricted share units, compensation expense is recognized based on the quoted market value of the shares. For equity settled performance share units, compensation expense is recognized based on the fair value of the shares on the date of grant which is determined by a valuator.

The fair value of the options, restricted share units and performance share units are expensed over the vesting period of the awards with a corresponding increase in equity. No expense is recognized for awards that do not ultimately vest. Deferred share units are liability awards recorded at the quoted market price at the grant date. The corresponding liability is marked to market at each reporting date.

3.18    Provisions

A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. They are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.

(i)    Rehabilitation and restoration

Provision is made for mine rehabilitation and restoration when an obligation is incurred. The provision is recognised as a liability with a corresponding asset recognised in relation to the mine site. At each reporting date the rehabilitation liability is re-measured in line with changes in discount rates, and timing or amount of the costs to be incurred. The rehabilitation liability is classified as an ‘Asset retirement obligation’ on the balance sheet.

The provision recognised represents management’s best estimate of the present value of the future costs required. Significant estimates and assumptions are made in determining the amount of restoration and rehabilitation provisions. Those estimates and assumptions deal with uncertainties such as: requirements of the relevant legal and regulatory frameworks, the magnitude of necessary remediation activities and the timing, extent and costs of required restoration and rehabilitation activity.

These uncertainties may result in future actual expenditure differing from the amounts currently provided. The provision recognised is periodically reviewed and updated based on the facts and circumstances available at the time. Changes to the estimated future costs for operating sites are recognised in the balance sheet by adjusting both the restoration and rehabilitation asset and provision. Such changes give rise to a change in future depreciation and financial charges.

3.19    Revenue recognition

Revenue from the sale of bullion, doré, gold concentrate, other metal concentrates and iron ore is recognized when persuasive evidence of an arrangement exists, the bullion, doré, metal concentrates and iron ore has been shipped, title has passed to the purchaser, the price is fixed or determinable, and collection is reasonably assured. Revenues realized from sales of pre-commercial production are recorded as a reduction of property plant and equipment.

Our metal concentrates are sold under pricing arrangements where final metal prices are determined by market prices subsequent to the date of shipment. Provisional revenue is recorded at date of shipment based on metal prices at that time. Adjustments are made to the provisional revenue in subsequent periods based on fluctuations in the market prices until date of final metal pricing. Consequently, at each reporting period the receivable balances relating to sales of concentrates changes with the fluctuations in market prices.

3.20    Finance income and expenses

Finance income comprises interest income on funds invested (including available-for-sale financial assets), gains on the disposal of available-for-sale financial assets and changes in the fair value of financial assets at fair value through profit or loss. Interest income is recognized as it accrues in profit or loss, using the effective interest method.

Finance expenses comprise interest expense on borrowings, unwinding of the discount on provisions, changes in the fair value of financial assets at fair value through profit or loss and impairment losses recognized on financial assets. All borrowing costs are recognized in profit or loss using the effective interest method, except for those amounts capitalized as part of the cost of qualifying property, plant and equipment.

3.21    Earnings (loss) per share

Eldorado presents basic and diluted earnings per share (“EPS”) data for its common shares. Basic EPS is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares, which comprise warrants and share options granted to employees.

v3.8.0.1
Critical accounting estimates and judgements
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Critical accounting estimates and judgements
4. Critical accounting estimates and judgements

The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Significant areas requiring the use of management estimates include assumptions and estimates relating to determining defined proven and probable reserves, value beyond proven and probable reserves, fair values for purposes of purchase price allocations for business acquisitions, asset impairment analyses, asset retirement obligations, share-based payments and warrants, pension benefits, valuation of deferred income tax assets, the provision for income tax liabilities, deferred income taxes and assessing and evaluating contingencies.

Actual results could differ from these estimates. Outlined below are some of the areas which require management to make significant estimates and assumptions in determining carrying values.

Purchase price allocation

Business combinations require estimates to be made at the date of acquisition in relation to determining asset and liability fair values and the allocation of the purchase consideration over the fair value of the assets and liabilities.

In respect of mining company acquisitions purchase consideration is typically allocated to the mineral reserves and resources being acquired. The estimate of reserves and resources is subject to assumptions relating to life of the mine and may change when new information becomes available. Changes in reserves and resources as a result of factors such as production costs, recovery rates, grade or reserves or commodity prices could impact depreciation rates, asset carrying values and environmental and restoration provisions. Changes in assumptions over long-term commodity prices, market demand and supply, and economic and regulatory climates could also impact the carrying value of assets, including goodwill.

Estimated recoverable reserves and resources

Mineral reserve and resource estimates are based on various assumptions relating to operating matters, including, with respect to production costs, mining and processing recoveries, cut-off grades, as well as assumptions relating to long-term commodity prices and, in some cases, exchange rates, inflation rates and capital costs. Cost estimates are based on feasibility study estimates or operating history. Estimates are prepared by appropriately qualified persons, but will be impacted by forecasted commodity prices, inflation rates, exchange rates, capital and production costs and recoveries amongst other factors. Estimated recoverable reserves and resources are used to determine the depreciation of property, plant and equipment at operating mine sites, in accounting for deferred stripping costs, in performing impairment testing and for forecasting the timing of the payment of decommissioning and restoration costs. Therefore, changes in the assumptions used could impact the carrying value of assets, depreciation and impairment charges recorded in the income statement and the carrying value of the decommissioning and restoration provision.

Current and deferred taxes

The Company calculates current and deferred tax provisions for each of the jurisdictions in which it operates. Actual amounts of income tax expense are not final until tax returns are filed and accepted by the relevant authorities. This occurs subsequent to the issuance of financial statements. Therefore, profit in subsequent periods will be affected by the amount that estimates differ from the final tax returns.

Estimates of recoverability are required in assessing whether deferred tax assets and certain deferred tax liabilities are recognized on the balance sheet. The Company also evaluates the recoverability of deferred tax assets based on an assessment of the ability to use the underlying future tax deductions before they expire against future taxable income. Deferred tax liabilities arising from temporary differences on investments in subsidiaries, joint ventures and associates are recognized unless the reversal of the temporary differences is not expected to occur in the foreseeable future and can be controlled.

Assumptions about the generation of future taxable profits and repatriation of retained earnings depend on management’s estimates of future production and sales volumes, commodity prices, reserves, operating costs, decommissioning and restoration costs, capital expenditures, dividends and other capital management transactions.

Judgement is also required in the application of income tax legislation. These estimates and judgments are subject to risk and uncertainty and could result in an adjustment to current and deferred tax provisions and a corresponding credit or debit to profit.

Impairment of non-current assets and goodwill

Non-current assets are tested for impairment when events or changes in circumstances suggest that the carrying amount may not be fully recoverable. We conduct an annual test for impairment of goodwill in the fourth quarter of each fiscal year and at any other time of the year if an indicator of impairment is identified.

Calculating the estimated fair values of CGUs for non-current asset impairment tests and CGUs or groups of CGUs for goodwill impairment tests requires management to make estimates and assumptions with respect to future production levels, operating and capital costs in our life-of-mine (“LOM”) plans, long-term metal prices, foreign exchange rates and discount rates. Changes in any of the assumptions or estimates used in determining the fair values could impact the impairment analysis.

Management is also required to make judgments with respect to the level at which goodwill is tested for impairment. Judgments include an assessment of whether CGUs should be grouped together for goodwill testing purposes at a level not larger than an operating segment or tested at the individual CGU level.

v3.8.0.1
Acquisitions and divestitures
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Acquisitions and divestitures
5. Acquisitions and divestitures

a)    Acquisition of Integra

On May 15, 2017, the Company announced that it had entered into a definitive agreement with Integra, pursuant to which Eldorado agreed to acquire all of the issued and outstanding common shares of Integra that it did not already own, by way of a plan of arrangement (the “Arrangement”). The acquisition was finalized on July 10, 2017.

Under the terms of the Arrangement former Integra shareholders were entitled to receive, at their option, for each Integra share they own either (i) 0.2425 Eldorado shares plus C$0.0001 in cash, (ii) C$1.2125 in cash, in both (i) and (ii) subject to pro ration, or (iii) 0.18188 of an Eldorado share and C$0.30313 in cash. Eldorado issued 77,180,898 common shares pursuant to the Arrangement with a fair value of $188,061 and paid $99,823 in cash to the former Integra shareholders. Integra is a resource company engaged in the exploration of mineral properties. It is focused on its high-grade Lamaque gold project located in Val-d’Or, Quebec.

As part of the consideration, the Company included advances to Integra for $27,046 and the fair value of the existing available-for-sale Integra investment that it previously owned for $41,968. The Company recognized a gain on marketable securities for $28,363 and taxes of $4,023, as a reversal of the unrealized gain and taxes included in other comprehensive income at the date of acquisition related to this previously owned investment.

The fair value of the common shares issued as part of the consideration paid for Integra was based on the closing share price on July 7, 2017 on the Toronto Stock Exchange.    The foreign exchange rate used at time of acquisition was CDN$1 = US$0.776.

The goodwill of $92,591 resulting from the acquisition arises mainly on the recognition of deferred income tax liabilities and represents, among other things, the exploration potential within the assets acquired and future variability in the price of minerals. None of the goodwill is deductible for tax purposes.

Eldorado paid net cash of $121,664 as a result of the Integra transaction. This net decrease of cash was a result of cash consideration, including advances to Integra, of $126,869 net of an acquired cash balance of $5,205.

During the year ended December 31, 2016, Integra issued flow-through shares (“FTS”) for total proceeds of C$46.7 million and the eligible flow-through expenditures were renounced to shareholders as at December 31, 2016. At the time of acquisition, Integra was obligated to spend the remaining flow through funds of C$16.6 million by December 31, 2017. The tax authorities are reviewing the eligibility of some of Integra’s past flow-through expenditures. As a result, a provision of $1.9 million has been recorded in accounts payable and accrued liabilities as the exposure related to potential penalties and shareholder compensation, based on challenged expenditures to date. Integra’s FTS have been measured using the residual method. Under this method, the proceeds from issuance have been allocated between the offering of shares and the sale of tax benefits based on the difference between the quoted price of non-flow through shares and the amount the investor pays for the flow through shares. A liability was recognized for this difference as the entity has an obligation to pass the tax deductions to the investor. As Integra fulfills its obligation, the sale of tax deductions has been recognized in the income statement as other income and the liability derecognized. Integra’s flow-through share premium liability as at December 31, 2017 amounts to $nil, as compared to $4.7 million at the acquisition date.

A preliminary allocation of the purchase price, which is subject to final adjustments, is as follows:

 

77,180,898 common shares of shares of Eldorado at C$3.14/share

     $ 188,061   

Cash consideration including advances

     126,869   

Fair value of existing available-for-sale investment in Integra by Eldorado

     41,968   

Total Consideration

     $ 356,898   

Net assets acquired:

  

Cash and cash equivalents

     $ 5,205   

Marketable securities

     2,857   

Accounts receivable and other

     5,920   

Inventories

     2,471   

Other assets

     3,495   

Property, plant and equipment

     393,647   

Goodwill

     92,591   

Accounts payable and accrued liabilities

     (8,028)  

Flow-through share premium liability

     (4,722)  

Other liabilities

     (9,635)  

Deferred income taxes

     (126,903)  
     $             356,898   

For the purpose of these consolidated financial statements, the purchase consideration has been allocated on a preliminary basis to the fair value of assets acquired and liabilities assumed based on management’s best estimates taking into account all available information at the time of acquisition as well as applicable information at the time these consolidated financial statements were prepared. The Company is in the process of preparing a more detailed assessment of Integra’s asset retirement obligation and will continue to review information and perform further analysis with respect to these assets, prior to finalizing the allocation of the purchase price.

Acquisition related costs of $4,270 have been charged to acquisition costs in the consolidated income statement for the year ended December 31, 2017.

These consolidated financial statements include Integra’s results from July 10, 2017 to December 31, 2017. The net loss before tax included in the consolidated income statement since July 10, 2017 contributed by Integra is $5,997. Had Integra been consolidated from January 1, 2017, the consolidated income statement would include a net loss before tax of $18,173 from Integra.

b)    Sale of China Business

On April 26, 2016, the Company announced that it had reached an agreement to sell its 82 percent interest in Jinfeng to a wholly-owned subsidiary of China National Gold Group for $300 million in cash, subject to certain closing adjustments. The sale was completed on September 6, 2016. In addition to the sale of Jinfeng, on May 16, 2016 Eldorado announced it had reached an agreement to sell its respective interest in White Mountain, Tanjianshan and Eastern Dragon to an affiliate of Yintai Resources Co. Ltd. (“Yintai”) for $600 million in cash, subject to certain closing adjustments. The sale was completed on November 22, 2016.

The Company concluded that during the second quarter of 2016, the assets and liabilities of the China Business met the criteria for classification as held for sale as settlement was expected within twelve months. Accordingly, an initial post-tax loss of $339 million was recognized in the second quarter of 2016 on re-measurement to fair value less costs of disposal of our China Business. For the year ended December 31, 2016, a net loss on sale of assets held for sale of $351.0 million was recorded in net loss from discontinued operations as a result of completing both sale transactions.

During the year ended December 31, 2017, the Company recorded an expense of $2.8 million for working capital adjustments related to the Yintai sale based on the agreement that was reached with Yintai during the year. This amount was paid to Yintai in the month of June of this year and is included as discontinued operations in the consolidated income statement.

The China Business net earnings to date of disposition were included in the Company’s consolidated results for the year ended December 31, 2016. These results have been presented as discontinued operations within the consolidated income statements and the consolidated statements of cash flows. The profit (loss) from discontinued operations for the year ended December 31, 2016 is as follows:

 

For the year ended December 31    2016      
    

 

$

   

Revenue

     217,511    

Production costs

     144,590    

Depreciation and amortization

     19,067    

 

Gross profit

     53,854    

Exploration expenses

     1,257    

General and administrative expenses

     20,999    

Foreign exchange loss

     306    

 

Operating profit

     31,292    

Interest and financing costs

     169    

Asset retirement obligation accretion

     356    

Other expense

     2,713    

 

Profit from discontinued operations before income tax

     28,054    

Income tax expense

     16,189    

 

Profit (loss) from discontinued operations

     11,865    

Loss on sale of assets held for sale

             351,234    

 

Net loss from discontinued operations

     (339,369  
v3.8.0.1
Cash and cash equivalents
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Cash and cash equivalents
6. Cash and cash equivalents

 

    

      December 31, 2017

$

    

    December 31, 2016

$

 

Cash at bank and on hand

     293,437        282,021  

Short-term bank deposits

     186,064        601,150   
     479,501        883,171  
v3.8.0.1
Accounts receivable and other
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Accounts receivable and other
7. Accounts receivable and other

 

    

      December 31, 2017

$

    

    December 31, 2016

$

 

Trade receivables

     7,746        11,053  

Value added and other taxes recoverable

     44,717        22,156  

Other receivables and advances

     7,134        8,208   

Prepaid expenses and deposits

     18,747        12,898  
     78,344        54,315  
v3.8.0.1
Inventories
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Inventories
8. Inventories

 

    

      December 31, 2017

$

    

    December 31, 2016

$

 

Ore stockpiles

     3,297        2,715  

In-process inventory and finished goods

     96,651        50,195  

Materials and supplies

     68,896        67,920   
     168,844        120,830  

The cost of materials and supplies consumed during the year and included in production costs amounted to $120,422 (2016 – $103,073).

Inventory write downs related to zinc inventory amounting to $444 (2016 – $nil) were recognized during the year.

v3.8.0.1
Investment in subsidiaries
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Investment in subsidiaries
9. Investment in subsidiaries

The following table summarizes the information relating to each of the Company’s subsidiaries that has material non-controlling interests (“NCI”). The amounts disclosed for each subsidiary are based on those included in the consolidated financial statements before inter-company eliminations.

December 31, 2017    Hellas      Deva       
     $      $     

NCI percentage

     5%        19.5%     

 

Current assets

     72,454        4,958     

Non-current assets

     2,143,089        413,989     

Current liabilities

         (1,113,471)            (234,386)     

Non-current liabilities

     (291,447)        (43,623)     

Net assets

     810,625        140,938     

Carrying amount of NCI

     31,732        46,919     

Revenue

     51,152        -     

Net loss

     (62,365)        (42,632)     

Total comprehensive loss

     (62,365)        (42,632)     

Loss allocated to NCI

     (3,118)        (8,314)     

 

Dividends paid to NCI

     -        -     

 

Cash flows from operating activities

     (9,253)        (51,328)     

Cash flows from investing activities

     (181,116)        (2,007)     

Cash flows from financing activities

     172,431        53,007     

Net decrease in cash and cash equivalents

     (17,938)        (328)     
December 31, 2016    Hellas      Deva       
     $      $       

NCI percentage

     5%        19.5%     

 

Current assets

     80,251        4,613     

Non-current assets

     1,978,622        412,082     

Current liabilities

     (950,131)        (189,548)     

Non-current liabilities

     (298,488)        (43,577)     

Net assets

     810,254        183,570     

Carrying amount of NCI

     33,553        55,233     

 

Revenue

     40,631        -     

Net loss

     (67,712)        (5,553)     

Total comprehensive loss

     (67,712)        (5,553)     

Loss allocated to NCI

     (3,386)        (1,289)     

 

Dividends paid to NCI

     -        -     

 

Cash flows from operating activities

     (52,588)        (6,037)     

Cash flows from investing activities

     (208,031)        (15,952)     

Cash flows from financing activities

     288,982        22,799     

Net increase in cash and cash equivalents

     28,363        810     

Profit/loss allocated to NCI in the consolidated income statement includes $21 related to non-material subsidiaries (2016 – $1,950, including NCI in discontinued operations).

v3.8.0.1
Other assets
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Other assets
10. Other assets

 

    

  December 31, 2017

$

    

  December 31, 2016

$

 

Restricted credit card deposits

     43        38  

Prepaid loan costs (note 14(a))

     1,272        1,772  

Restricted cash

     9,743        -  

Environmental guarantee deposits

     2,831        -  

Prepaid forestry fees

     3,628        -  

Long-term value added and other taxes recoverable

     5,385        46,487  
     22,902        48,297   

Restricted cash is held on account with HSBC Canada to support a Letter of Guarantee issued in Canada and counter-guaranteed by HSBC Athens (note 15b). The Letter of Guarantee was issued pursuant to the request from the Ministry of Environment and Energy in Greece to support the operation and restoration of the Kokkinolakkas Tailings Management Facility. The funds are invested at prevailing bank rates and interest is accrued monthly. Interest is paid directly to the account with the total balance being recorded as restricted cash. The account allows for any excess, above the notional principal of the Letter of Guarantee, to be remitted back to the Company.

v3.8.0.1
Property, plant and equipment
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Property, plant and equipment
11. Property, plant and equipment

 

    

    Land and

buildings

    

Plant and

      equipment

    

  Capital works

in progress

    

  Mineral properties

and leases

    

        Capitalized

Evaluation

     Total  
     $      $      $      $      $      $  
Cost                  
Balance at January 1, 2016      406,891        1,732,066        164,392        4,776,549        71,020        7,150,918  
Additions/transfers      24,121        62,050        2,577        235,756        6,475        330,979  
Sale of China Business      (266,878)        (376,571)        (24,712)        (1,132,900)        -        (1,801,061)  
Proceeds on production of tailings retreatment      -        -        -        (3,708)        -        (3,708)  
Other movements      1,084        2,088        (335)        6,457        -        9,294  
Disposals      (678)        (2,685)        -        (4,681)        -        (8,044)  
Balance at December 31, 2016      164,540        1,416,948        141,922        3,877,473        77,495        5,678,378  
Balance at January 1, 2017      164,540        1,416,948        141,922        3,877,473        77,495        5,678,378  
Additions/transfers      12,322        115,684        (42,933)        254,481        9,536        349,090  
Aquisition of Integra      4,820        3,646        -        385,181        -        393,647  
Proceeds on pre-commercial production and tailings retreatment      -        -        -        (38,200)        -        (38,200)  
Other movements      4,251        (2,325)        (12,336)        7,832        -        (2,578)  
Disposals      (10)        (2,313)        (29,832)        (1,168)        -        (33,323)  
Balance at December 31, 2017      185,923        1,531,640        56,821        4,485,599        87,031        6,347,014  
Depreciation and impairment losses                  
Balance at January 1, 2016      (131,905)        (820,973)        (4,733)        (1,445,548)        -        (2,403,159)  
Depreciation for the year      (12,000)        (78,847)        -        (8,820)        -        (99,667)  
Other movements      (274)        (1,198)        -        (1,897)        -        (3,369)  
Sale of China Business      105,536        193,106        -        173,010        -        471,652  
Disposals      8        1,271        -        713        -        1,992  
Balance at December 31, 2016      (38,635)        (706,641)        (4,733)        (1,282,542)        -        (2,032,551)  
Balance at January 1, 2017      (38,635)        (706,641)        (4,733)        (1,282,542)        -        (2,032,551)  
Depreciation for the year      (4,245)        (79,044)        -        (2,948)        -        (86,237)  
Other movements      (546)        (2,048)        -        80        -        (2,514)  
Disposals      -        1,683        -        2        -        1,685  
Balance at December 31, 2017      (43,426)        (786,050)        (4,733)        (1,285,408)        -        (2,119,617)  
Carrying amounts                  
At January 1, 2016      274,986        911,093        159,659        3,331,001        71,020        4,747,759  

At December 31, 2016

     125,905        710,307        137,189        2,594,931        77,495        3,645,827  
Balance at December 31, 2017      142,497        745,590        52,088        3,200,191        87,031        4,227,397  

The amount of capitalized interest during the year ended December 31, 2017 included in property, plant and equipment was $36,750 ($2016 – $31,680).

On December 31, 2017, the Company’s Olympias mine achieved commercial production. As a result, revenues from commercial production from Olympias mine will be reflected on our consolidated income statement.

Write-down of assets of $46.7 million includes $29.8 million of equipment that was sold or written down to its estimated recoverable amounts during the year ended December 31, 2017 as part of a review of the estimated useful lives and recoverable amounts of certain surplus equipment and is presented in disposal in the table above. Write-down of assets also includes $16.7 million of costs incurred during the year on assets that have been previously impaired.

In accordance with the Company’s accounting policies each CGU is assessed for indicators of impairment, from both external and internal sources, at the end of each reporting period, which may suggest that the carrying values of its assets are impaired for accounting purposes. If such indicators of impairment exist for any or all CGUs, those CGUs are tested for impairment.

The Company considered that the carrying amount of its net assets being higher than market capitalization of the Company at December 31, 2017 was an indicator of impairment. The Company determined that the indicator related to the Kisladag and Olympias mines and the Skouries development project. In accordance with the Company’s accounting policy, the Company completed analyses of the recoverable amounts of these cash generating units (“CGU’s”) versus their respective carrying values. Management determined that the recoverable amount exceeded the carrying value for each CGU where impairment test were performed and accordingly no impairments were required. Determining the estimated fair values of each CGU required management to make estimates and assumptions with respect to discount rates, future production levels including recovery rates and concentrate grades, operating and capital costs, long term metal prices and income taxes. Changes in any of the assumptions or estimates used in determining the fair values could impact the impairment analysis.

The key assumptions used for assessing the recoverable amount of the Company’s CGUs versus their carrying values are as follows:

 

Gold price ($/oz)

     $1,300     

Silver price ($/oz)

     $18     

Lead price ($/lb)

     $1.09     

Zinc price ($/lb)

     $1.27     

Copper price ($/lb)

     $2.80     

Discount rate

     5 - 8%     

 

v3.8.0.1
Goodwill
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Goodwill
12. Goodwill

 

                     2017                      2016       
     $      $       

Cost

        

Balance at January 1,

     -        50,276     

Acquired during the year

     92,591        -     

Disposal due to sale

     -        (50,276)     

Balance at December 31,

     92,591        -     

As a result of the preliminary purchase price allocation for the Integra acquisition, the Company recognized goodwill of $92,591 during the year (note 5a). The Company will continue to review information and perform further analysis with respect to these assets, prior to finalizing the allocation of the purchase price.

There has been no goodwill impairment recorded for the years ended December 31, 2017 and 2016.

Impairment tests for goodwill

Goodwill is tested for impairment annually and when circumstances indicate that the carrying value may not be recoverable. Impairment is determined for goodwill by assessing the recoverable amount of each CGU or group of CGUs to which the goodwill relates. Where the recoverable amount of the CGU is less than its carrying amount including goodwill, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods. As of December 31, 2017 all goodwill relates to Integra.

The key assumptions used for assessing the recoverable amount of goodwill in Integra are as follows:

 

Gold price ($/oz)

     $1,300     

Silver price ($/oz)

     $16 - $18     

Discount rate

     7%     

The values assigned to the key assumptions represented management’s assessment of future trends in the gold mining industry and in the global economic environment. The assumptions used were management’s best estimates and were based on both current and historical information from external and internal sources.

v3.8.0.1
Accounts payable and accrued liabilities
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Accounts payable and accrued liabilities
13. Accounts payable and accrued liabilities

 

    

December 31, 2017

$

    

December 31, 2016

$

 

Trade payables

     60,081        43,712  

Taxes payable

     213        243  

Accrued expenses

     50,357        46,750    
     110,651        90,705  
v3.8.0.1
Debt
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Debt
14. Debt

(a) Revolving credit facility

In November 2012, the Company entered into a $375.0 million credit facility with a syndicate of banks. This credit facility was amended and restated in June 2016 (“the amended and restated credit agreement” or “ARCA”) and reduced to an available credit of $250 million with the option to increase by an additional $100 million through an accordion feature. The maturity date is June 13, 2020. The ARCA is secured by the shares of SG Resources and Tuprag, wholly owned subsidiaries of the Company.

The ARCA contains covenants that restrict, among other things, the ability of the Company to incur aggregate unsecured indebtedness exceeding $850 million, incur secured indebtedness exceeding $200 million and permitted unsecured indebtedness exceeding $150 million. The ARCA also contains restrictions for making distributions in certain circumstances, selling material assets and conducting business other than that which relates to the mining industry. Significant financial covenants include a maximum Net Debt to Earnings before Interest, Taxes, Depreciation and Amortization (“EBITDA”) of 3.5:1 and a minimum EBITDA to Interest of 3:1. The Company is in compliance with these covenants at December 31, 2017.

Loan interest is variable dependent on a Net Leverage ratio pricing grid. The Company’s current net leverage ratio is approximately 0.9:1. At this ratio, interest charges and fees are as follows: LIBOR plus margin of 2.0% and undrawn standby fee of 0.50%. Fees of $2,031 were paid on the amendment dated June 2016. This amount has been deferred as pre-payment for liquidity services and is being amortized to financing costs over the term of the credit facility. As at December 31, 2017, the prepaid loan cost on the balance sheet was $1,272 (2016 - $1,772).

No amounts were drawn down under the ARCA as at December 31, 2017 (2016 – nil).

(b) Senior notes

On December 10, 2012, the Company completed an offering of $600.0 million senior notes (“the notes”) at par value, with a coupon rate of 6.125% due December 15, 2020. The notes pay interest semi-annually on June 15 and December 15. The Company received proceeds of $589.5 million from the offering, which is net of the commission payment. The notes are redeemable by the Company in whole or in part, for cash:

 

  i) At any time prior to December 15, 2016 at a redemption price equal to 100% of the aggregate principal amount of the notes at the treasury yield plus 50 basis points, and any accrued and unpaid interest;

 

  ii) On and after the dates provided below, at the redemption prices, expressed as a percentage of principal amount of the notes to be redeemed, set forth below, plus accrued and unpaid interest on the notes:

 

December 15, 2017

     101.531%     

2018 and thereafter

     100.000%     

The early prepayment prices are to reimburse the lender for lost interest for the remaining term. The fair market value of the notes as at December 31, 2017 is $596 million.

Net deferred financing costs of $6,217 (2016 - $8,411) have been included as an offset in the balance of the notes in the financial statements and are being amortized over the term of the notes.

v3.8.0.1
Asset retirement obligations
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Asset retirement obligations
15. Asset retirement obligations

 

             Greece             Brazil             Turkey             Romania              Canada              Total  
     $     $     $     $      $      $  

At January 1, 2017

     48,131       4,092       36,196       1,359        -        89,778  

Acquired during the year

     -       -       -       -        9,453        9,453  

Accretion during the year

     1,025       32       913       36        -        2,006  

Revisions to estimate of obligation

     1,112       (80     502       10        -        1,544  

Settlements

     (2,807     -       (290     -        -        (3,097

At December 31, 2017

     47,461       4,044       37,321       1,405        9,453        99,684  

Less: Current portion

     (3,489     -       -       -        -        (3,489

Long term portion

     43,972       4,044       37,321       1,405        9,453        96,195  

Estimated undiscounted amount

     71,591       4,117       49,257       2,340        12,286        139,591  

The Company’s asset retirement obligations relate to the restoration and rehabilitation of the Company’s mining operations and projects under development. The expected timing of the cash flows in respect of the provision is based on the estimated life of the various mining operations. The increase in the estimate of the obligation in 2017 was mainly due to the acquisition of Integra.

 

The provision is calculated as the present value of estimated future net cash outflows based on the following key assumptions:

 

     Greece      Brazil      Turkey      Romania      Canada  
     %      %      %      %      %  

At December 31, 2016

              

Inflation rate

     2.0 to 2.4        2.0 to 2.4        2.0 to 2.4        2.0 to 2.4        -  

Discount rate

     1.5 to 3.0        0.8        2.3 to 2.5        2.7        -  

At December 31, 2017

              

Inflation rate

         2.0 to 2.2            2.0 to 2.2            2.0 to 2.2            2.0 to 2.2            2.0 to 2.2  

Discount rate

     1.5 to 3.0        1.8        2.3 to 2.5        2.7        2.3 to 2.5  

The discount rate is a risk-free rate determined based on U.S. Treasury bond rates. U.S. Treasury bond rates have been used for all of the mine sites as the liabilities are denominated in U.S. dollars and the majority of the expenditures are expected to be incurred in U.S. dollars. Similarly, the inflation rates used in determining the present value of the future net cash outflows are based on U.S inflation rates.

Environmental guarantee deposits exist with respect to the environmental rehabilitation of the Lamaque project (note 10).

Additionally, the Company has the following:

a) a €50.0 million Letter of Guarantee to the Greek Ministry of Environment, Energy and Climate Change as security for the due and proper performance of rehabilitation works committed in relation to the mining and metallurgical facilities of the Kassandra Mines (Stratoni, Olympias and Skouries) and the removal, cleaning and rehabilitation of the old Olympias tailings. This Letter of Guarantee is renewed annually, expires on July 26, 2026 and has an annual fee of 57 basis points.

b) a €7.5 million Letter of Guarantee to the Greek Ministry of Environment and Energy for the due and proper performance of the Kokinolakas Tailings Management Facility, committed in connection with the Environmental Impact Assessment approved for the Kassandra Mines (Stratoni, Olympias and Skouries). The Letter of Guarantee is renewed annually and expires on July 26, 2026. The Letter of Guarantee has an annual fee of 45 basis points.

v3.8.0.1
Defined benefit plans
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Defined benefit plans
16. Defined benefit plans

 

         December 31, 2017          December 31, 2016  
     $      $  

Balance sheet obligations (asset) for:

     

Pension Plan

     13,599        10,882  

Supplemental Pension Plan

     (9,919)        (11,620)  
     December 31, 2017      December 31, 2016  
     $      $  

Income statement charge for:

     

Pension plan

     2,841        4,409  

Supplemental Pension Plan

     610        1,193  
     3,451        5,602  

Actuarial losses (gains) recognised in the statement of other comprehensive income in the period (before tax)

     3,121        1,188  

Cumulative actuarial losses recognised in the statement of other comprehensive income (before tax)

     18,641        15,520    

The Company operates defined benefit pension plans in Canada with two components: a registered pension plan (“the Pension Plan”) and a supplemental pension plan (“the SERP”). During the second quarter of 2012, the SERP was converted into a Retirement Compensation Arrangement (“RCA”), a trust account. As it is a trust account, the assets in the account are protected from the Company’s creditors. The RCA requires the Company to remit 50% of any contributions and any realized investment gains to the Receiver General of Canada as refundable tax.

These plans, which are only available to certain qualifying employees, provide benefits based on an employee’s years of service and final average earnings at retirement. Annual contributions related to these plans are actuarially determined and made at or in excess of minimum requirements prescribed by legislation.

Eldorado’s plans have actuarial valuations performed for funding purposes. The last actuarial valuations for funding purposes performed for the Pension Plan and the SERP are as of January 1, 2017 and the next valuation will be prepared in accordance with the funding policy as of January 1, 2018. The measurement date to determine the pension obligation and assets for accounting purposes was December 31, 2017.

The SERP is designed to provide supplementary pension benefits to qualifying employees affected by the maximum pension limits under the Income Tax Act pursuant to the registered Pension Plan. Further, the Company is not required to pre-fund any benefit obligation under the SERP.

Total cash payments

The amount contributed to the Pension Plan and the SERP was $1,415 (2016 – $1,728). Cash payments totalling $1,542 were made directly to beneficiaries during the year (2016 – $471). The expected contributions to the Pension Plan is $67 and $510 to the SERP in 2018.

Subsidiaries pension plan

According to the Greek and Turkish labour laws, employees are entitled to compensation in case of dismissal or retirement, the amount of which varies depending on salary, years of service and the manner of termination (dismissal or retirement). Employees who resign or are dismissed with cause are not entitled to compensation. The Company considers this a defined benefit obligation. Amounts relating to these pension plans have been included in the tables in this note under “Pension Plan” when applicable.

 

The amounts recognised in the balance sheet for all pension plans are determined as follows:

 

     December 31, 2017             December 31, 2016         
     Pension Plan      SERP      Total      Pension Plan      SERP      Total  
     $      $      $      $      $      $  

Present value of obligations

     16,028        43,956        59,984        12,936        37,686        50,622  

Fair value of plan assets

     (2,429)        (53,875)        (56,304)        (2,054)        (49,306)        (51,360)  

Liability (asset) on balance sheet

     13,599        (9,919)        3,680        10,882        (11,620)        (738)  

The movement in the defined benefit obligation over the year is as follows:

 

     2017                     2016                 
     Pension Plan      SERP      Total      Pension Plan      SERP      Total   
     $      $      $      $      $       

Balance at January 1,

     12,936        37,686        50,622        8,688        31,565        40,253  

Current service cost

     2,102        877        2,979        520        1,483        2,003  

Past service cost

     206        208        414        3,494        193        3,687  

Interest cost

     620        1,508        2,128        476        1,340        1,816  

Actuarial loss (gain)

     292        2,390        2,682        445        1,939        2,384  

Benefit payments

     (1,060      (1,485      (2,545      (26      (445      (471

Exchange (gain) loss

     932        2,772        3,704        (661      1,611        950  

Balance at December 31,

     16,028        43,956        59,984        12,936        37,686        50,622  

The movement in the fair value of plan assets of the year is as follows:

 

     2017                     2016                 
     Pension Plan      SERP      Total      Pension Plan      SERP      Total  
     $      $      $      $      $      $  

At January 1,

     2,054        49,306        51,360        1,968        43,016        44,984  

Interest income on plan assets

     86        1,983        2,069        81        1,823        1,904  

Actuarial gain (loss)

     (55)        (384)        (439)        (32)        (1,164)        (1,196)  

Contributions by employer

     219        1,196        1,415        -        1,728        1,728  

Benefit payments

     (57)        (1,485)        (1,542)        (26)        (445)        (471)  

Exchange gain

     182        3,259        3,441        63        4,348        4,411  

At December 31,

     2,429        53,875        56,304        2,054        49,306        51,360  

The amounts recognised in the income statement are as follows:

 

     2017                     2016                 
     Pension Plan      SERP      Total      Pension Plan      SERP      Total  
     $      $      $      $      $      $  

Current service cost

     2,102        877        2,979        520        1,483        2,003  

Interest cost

     620        1,508        2,128        476        1,340        1,816  

Past Service Cost

     206        208        414        3,494        193        3,687  

Expected return on plan assets

     (87      (1,983      (2,070      (81      (1,823      (1,904

Defined benefit plans expense

     2,841        610        3,451        4,409        1,193        5,602  

The actual return on plan assets was $1,416 (2016 – $3,801).

The principal actuarial assumptions used were as follows:

 

     2017      2016  
     Pension Plan      SERP      Pension Plan      SERP  
     Greece      Turkey      Canada      Canada      Greece      Turkey      Canada         
     %      %      %      %      %      %      %      %  
Expected return on plan assets      -        -        3.9        3.9        -        -        3.9        3.9  
Discount rate - beginning of year      1.6        10.5        3.9        3.9        2.0        10.5        4.0        4.0  
Discount rate - end of year      1.7        11.0        3.4        3.4        1.6        10.5        3.9        3.9  
Rate of salary escalation      2.8        6.5        2.0        2.0        2.8        6.0        2.0        2.0  
Average remaining service period of active employees expected to receive benefits      -        -        8.2 years        8.2 years        -        -        7.1 years        7.1 years  

The assumption used to determine the interest income on plan assets is equal to the discount rate, as per IAS 19 ‘Employee benefits’.

Plan Assets

The assets of the Pension Plan and the amounts deposited in the SERP account are managed by a major investment management company and are invested only in conformity with the investment requirements of applicable pension laws.

The following table summarizes the defined benefit plans’ weighted average asset allocation percentages by asset category:

 

     December 31, 2017     December 31, 2016      
     Pension Plan     SERP     Pension Plan     SERP                 

Investment funds

          

Money market

     0     6     2     3  

Canadian fixed income

     100     2     98     4  

Canadian equities

         20         21  

US equities

         19         20  

International equities

         7         8  

Other (1)

         46         44  

Total

                         100                         100                         100                         100  

1 Assets held by the Canada Revenue Agency in the refundable tax account

The sensitivity of the overall pension obligation to changes in the weighted principal assumptions is:

 

     Change in assumption    Impact on overall obligation                

Discount rate

  

Increase by 0.5%

  

Decrease by $2,855

  
  

Decrease by 0.5%

  

Increase by $3,157

  

Salary escalation rate

  

Increase by 0.5%

  

Increase by $8

  
  

Decrease by 0.5%

  

decrease by $14

  
v3.8.0.1
Income tax expense and deferred taxes
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Income tax expense and deferred taxes
17. Income tax expense and deferred taxes

Total income tax expense (recovery) consists of:

 

     December 31, 2017      December 31, 2016  
     $      $  

Current tax expense

     39,232        47,166  

Deferred tax expense (recovery)

     (19,849)        9,039  
     19,383        56,205  

Total income tax expense (recovery) attributable to geographical jurisdiction is as follows:

 

     2017      2016  
     $      $  

Turkey

     30,139        64,343  

Greece

     (4,598)        (1,355)  

Brazil

     (1,087)        (4,385)  

Canada

     2,960        (1,428)  

Romania

     (8,026)        (1,053)  

Other jurisdictions

     (5)        83  
                     19,383                        56,205  

Factors affecting income tax expense (recovery) for the year:

 

     2017      2016  
     $      $  

Profit from continuing operations before income tax

     792        48,698  

Canadian statutory tax rate

     26%        26%  

Tax expense on net income at Canadian statutory tax rate

     206        12,662  

Items that cause an increase (decrease) in income tax expense:

     

Foreign income subject to different income tax rates than Canada

     (11,792)        (15,695)  

Non-tax effected operating losses

     9,691        19,198  

Non-deductible expenses and other items

     10,002        10,525  

Foreign exchange and other translation adjustments

     6,289        16,048  

Amounts under (over) provided in prior years

     (84)        453  

Investment tax credits

     (226)        (269)  

Withholding tax on foreign income

     5,297        13,283  

Income tax expense

                     19,383                        56,205  

The change for the year in the Company’s net deferred tax position was as follows:

 

     2017      2016  
Net deferred tax asset (liability)    $      $  

Balance at January 1,

     (443,501)        (607,871)  

Deferred income tax (expense) recovery related to discontinued operations

     -        174,837  

Deferred income tax liability related to Integra acquisition

     (126,903)        -  

Deferred income tax (expense) recovery in the income statement

     19,849        (9,039)  

Deferred tax recovery (expense) in other comprehensive income

     1,428        (1,428)  

Net balance at December 31,

     (549,127)        (443,501)  

The composition of the Company’s net deferred income tax asset and liability and deferred tax expense is as follows:

 

                                 Expense (recovery)  
Type of temporary difference    Deferred tax assets      Deferred tax liabilities      on the income statement  
     2017      2016      2017      2016      2017      2016  
     $      $      $      $      $      $  

Property, plant and equipment

     -        -        592,062        482,530        (33,466      11,200  

Loss carryforwards

     31,457        15,436        -        -        (4,641      (1,603

Liabilities

     24,690        20,864        -        -        (80      (3,496

Investment tax credits

     -        -        -        -        -        5,665  

Other items

     1,997        13,995        15,208        11,266        18,338        (2,727

Balance at December 31,

     58,144        50,295        607,270        493,796        (19,849      9,039  

 

Unrecognized deferred tax assets    2017      2016       
     $      $       

Tax losses

     167,030        164,100     

Other deductible temporary differences

     11,253        9,968     

Total unrecognized deferred tax assets

                     178,283                        174,068     

 

Unrecognized tax losses

At December 31, 2017 the Company had losses with a tax benefit of $167,030 (2016 – $164,100) which are not recognized as deferred tax assets. The Company recognizes the benefit of tax losses only to the extent of anticipated future taxable income that can be reduced by the tax losses. The gross amount of the tax losses for which a tax benefit has not been recorded expire as follows:

 

Expiry date                Canada                  Brazil                  Greece                      Total       
         $      $      $      $       

2018

       -        -        10,880        10,880     

2019

       -        -        28,934        28,934     

2020

       -        -        26,420        26,420     

2021

       -        -        16,058        16,058     

2022

       -        -        10,638        10,638     

2025

       7,858        -        -        7,858     

2026

       14,839        -        -        14,839     

2027

       10,703        -        -        10,703     

2028

       25,959        -        -        25,959     

2029

       23,444        -        -        23,444     

2030

       7,285        -        -        7,285     

2031

       45,351        -        -        45,351     

2032

       74,871        -        -        74,871     

2033

       64,883        -        -        64,883     

2034

       58,689        -        -        58,689     

2035

       55,266        -        -        55,266     

2036

       50,503        -        -        50,503     

2037

       43,180        -        -        43,180     

No Expiry

     -        33,378        -        33,378     
     482,831        33,378        92,930        609,139     

Capital losses with no expiry

     65,812        -        -        65,812     

Tax effect of total losses not recognized

     134,289        5,791        26,950        167,030     

Deductible temporary differences

At December 31, 2017 the Company had deductible temporary differences for which deferred tax assets of $11,253 (2016 – $9,968) have not been recognized because it is not probable that future taxable profits will be available against which the Company can utilize the benefits. The vast majority of these temporary benefits have no expiry date.

Temporary differences associated with investments in subsidiaries

The Company has not recognized deferred tax liabilities in respect of historical unremitted earnings of foreign subsidiaries for which we are able to control the timing of the remittance and are considered reinvested for the foreseeable future. At December 31, 2017, these earnings amount to $788,137 (2016 – $782,803). Substantially all of these earnings would be subject to withholding taxes if they were remitted by the foreign subsidiaries.

Other factors affecting taxation

During the year the Turkish Lira has weakened, causing a deferred income tax expense during the year of $6,530 due to the decrease in the value of the future tax deductions associated with the Turkish operations. The Company expects that in the future significant foreign exchange movements in the Turkish Lira, Euro or Brazilian Real in relation to the U.S. dollar will cause significant volatility in the deferred income tax expense or recovery.

v3.8.0.1
Share capital
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Share capital
18. Share capital

Eldorado’s authorized share capital consists of an unlimited number of voting common shares without par value and an unlimited number of non-voting common shares without par value. At December 31, 2017 there were no non-voting common shares outstanding (December 31, 2016 – nil).

 

Voting common shares   

Number of

Shares

    

Total

$

 

At January 1, 2016

     716,587,134        5,319,101  

Capital Reduction

     -        (2,500,000

At December 31, 2016

     716,587,134        2,819,101  

Shares issued upon exercise of share options, for cash

     242,648        586  

Estimated fair value of share options exercised

     -        176  

Shares issued for acquisition of Integra

     77,180,898        188,061  

At December 31, 2017

     794,010,680        3,007,924  
v3.8.0.1
Share-based payments
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Share-based payments
19. Share-based payments

(a) Share option plans

The Company has two share option plans (the “Plans”) approved, as amended and restated, by the shareholders from time to time and most recently on May 1, 2014 under which share purchase options (“Options”) can be granted to directors, officers, employees and consultants.

The Company’s Incentive Stock Option Plan - Employees, Consultants and Advisors (the “Employee Plan”) consists of options (the “Employee Plan Options”) which are subject to a 5-year maximum term and payable in shares of the Company when vested and exercised. The Employee Plan prohibits the re-pricing of Employee Options without shareholder approval. Employee Plan Options vest at the discretion of the Board of Directors at the time an Employee Option is granted. Generally, Employee Plan Options granted before November 1, 2015 vest in three equal and separate tranches with the first tranche vesting on the grant date and the second and third tranches vesting on the second and third anniversary dates of the grant date. Employee Plan Options granted on or after November 1, 2015 vest in three equal and separate tranches with vesting commencing one year after the date of grant and the second and third tranches vesting on the second and third anniversary of the grant date. Employee Plan Options are subject to withholding tax on exercise, withholding tax is paid by the Employee Option holder to the Company prior to receipt of the shares received pursuant to exercise.

The Company is responsible for remittance of the withholding tax to the appropriate tax authority. As at December 31, 2017, a total of 14,155,248 options (2016 – 14,701,541) were available to grant under the Employee Plan.

The Company’s Incentive Stock Option Plan - Officers and Directors Plan (“D&O Plan”) consists of options (the “D&O Options”) which are subject to a 5-year maximum term and payable in shares of the Company when vested and exercised. The D&O Plan prohibits the re-pricing of D&O Options without shareholder approval. D&O Plan Options vest at the discretion of the Board of Directors at the time a D&O Option is granted. Generally, D&O Plan Options granted before November 1, 2015 vest in three equal and separate tranches with the first tranche vesting on the grant date and the second and third tranches vesting on the second and third anniversary dates of the grant date. D&O Plan Options granted on or after November 1, 2015 vest in three equal and separate tranches with vesting commencing one year after the date of grant and the second and third tranches vesting on the second and third anniversary of the grant date.

D&O Options are subject to withholding tax on exercise, withholding tax is paid by the D&O Option holder to the Company prior to receipt of the shares received pursuant to exercise. The Company is responsible for remittance of the withholding tax to the appropriate tax authority. As at December 31, 2017, a total of 3,720,125 Options (2016 – 4,243,018) were available to grant under the D&O Plan.

Movements in the number of share options outstanding and their related weighted average exercise prices are as follows:

 

     2017      2016  
     Weighted
average
exercise price
Cdn$
    

Number of

options

     Weighted
average
exercise price
Cdn$
    

Number of

options

 

At January 1,

     7.55        28,896,035        9.97        25,519,434  

Regular options granted

     4.43        5,804,535        3.24        9,101,164  

Exercised

     3.22        (242,648)        -        -  

Forfeited

     13.44        (4,735,349)        11.49        (5,724,563)  

At December 31,

     6.04        29,722,573        7.55        28,896,035  

At December 31, 2017, 18,583,426 share purchase options (December 31, 2016 – 18,164,617) with a weighted average exercise price of Cdn$7.34 (December 31, 2016 – Cdn$9.64) had vested and were exercisable. Options outstanding are as follows:

 

      December 31, 2017  
      Total options outstanding     Exercisable options  

Range of    

exercise    

price    

Cdn$    

   

Shares  

 

   

Weighted

average

remaining

contractual

life

(years)

   

Weighted

average

exercise

price

Cdn$

   

Shares    

 

   

Weighted  

average  

exercise  

price  

Cdn$  

 
  $3.00 to $3.99       7,835,899         3.1        3.23       2,514,519           3.25    
  $4.00 to $4.99       5,842,935         4.1        4.43       33,333           4.23    
  $5.00 to $5.99       12,247         3.4        5.91       4,082           5.91    
  $6.00 to $6.99       6,916,166         2.1        6.66       6,916,166           6.66    
  $7.00 to $7.99       4,903,752         1.1        7.81       4,903,752           7.81    
  $8.00 to $8.99       45,405         0.3        8.19       45,405           8.19    
  $10.00 to $10.99       4,166,169         0.2        10.42       4,166,169           10.42    
 

 

 

       

 

 

   
          29,722,573         2.3        6.04                 18,583,426           7.34    
 

 

 

       

 

 

   

Share based payments expense related to share options for the year ended December 31, 2017 was $6,736 (2016 – $6,812).

The assumptions used to estimate the fair value of options granted during the years ended December 31, 2017 and 2016 were:

 

     2017          2016      

Risk-free interest rate (range) (%)

     0.70 – 1.05        0.43  

Expected volatility (range) (%)

     60 – 65        55 – 63  

Expected life (range) (years)

     1.80 – 3.80                    1.82 – 3.82  

Expected dividends (CDN$)

     0.02        0.02  

Forfeiture rate (%)

     11.0        11.0  

The weighted average fair value per stock option was Cdn$1.53 (2016 – Cdn$1.02). Volatility was determined based on the historical volatility over the estimated lives of the options.

(b) Restricted share unit plan

The Company has a Restricted Share Unit plan (“RSU Plan”) whereby restricted share units may be granted to senior management of the Company. Once vested, an RSU is exercisable into one common share entitling the holder to receive the common share for no additional consideration. The RSUs vest as follows: one third on the first anniversary of the grant date, one third on the second anniversary of the grant date and one third on the third anniversary of the grant date. RSUs terminate on the third anniversary of the grant date. All RSUs which have not been redeemed by the date of termination are automatically redeemed. Such RSUs may be redeemed in shares or cash, cash redemptions are subject to the approval of the Board. RSU redemptions are subject to withholding tax, withholding tax is paid by the RSU holder to the Company prior to receipt of the resultant shares or cash. Cash settlements are issued net of withholding tax. The Company is responsible for remittance of the withholding tax to the appropriate tax authority. The current maximum number of common shares authorized for issue under the RSU plan is 5,000,000.

A total of 936,832 RSUs (2016 – 784,203) at a grant-date fair value of Cdn$4.49 per unit were granted during the year ended December 31, 2017 (2016 – Cdn$3.22) under the Company’s RSU plan.

The fair value of each RSU issued is determined as the closing share price at grant date.

A summary of the status of the RSU plan and changes during the year is as follows:

 

     2017      2016         

At January 1,

     1,240,174        884,846       

Granted

     936,832        784,203       

Redeemed

     (349,842)        (335,339)       

Forfeited

     (121,068)        (93,536)       

At December 31,

                 1,706,096                    1,240,174       

As at December 31, 2017, 1,706,096 common shares purchased by the Company remain held in trust in connection with this plan (2016 – 549,507). At the end of the period, 596,780 restricted share units are fully vested and exercisable (2016 – 283,736). These shares purchased and held in trust have been included in treasury stock in the balance sheet.

Restricted share units expense for the year ended December 31, 2017 was $2,716 (2016 – $1,888).

(c) Deferred units plan

The Company has an Independent Directors Deferred Unit plan (“DU Plan”) under which DU’s are granted by the Board from time to time to independent directors (“the Participants”). DUs may be redeemed only on retirement of the independent director from the Board (the “Termination Date”) by providing the redemption notice (“Redemption Notice”) to the Company specifying the redemption date which shall be no later than December 15 of the first calendar year commencing after the calendar year in which the Termination Date occurred (the “Redemption Date”). Fifteen (15) trading days after the Redemption Date but no later than December 31 of the first calendar year commencing after the calendar year in which the Termination Date occurred, the Participant shall have the right to receive, and shall receive, with respect to all DUs held at the Redemption Date a cash payment equal to the market value of such DUs as of the Redemption Date. The Company will withhold income tax on redeemed DUs and is responsible for submission of the withholding tax to the tax authority.

At December 31, 2017, 596,836 DUs were outstanding (2016 – 498,390) with a value of $866 (2016 – $1,604), which is included in accounts payable and accrued liabilities.

Deferred units compensation income for the year ended December 31, 2017 was $1,023 (2016 – expense of $295).

(d) Performance share units plan

The Company has a Performance Share Unit plan (the “PSU” Plan) whereby PSUs may be granted to senior management of the Company at the discretion of the Board of Directors. Once vested, at the option of the Company, PSU’s are redeemable as a cash payment equal to the market value of the vested PSUs as of the Redemption Date, common shares of the Company equal to the number of vested PSUs, or a combination of cash and shares equal to the market value of the vested PSUs, for no additional consideration from the PSU holder and to be redeemed as soon as practicable after the Redemption Date. The Company will withhold income tax on redeemed PSUs and is responsible for submission of the withholding tax to the tax authority.

A total of 569,719 PSUs were granted during the year ended December 31, 2017 under the PSU Plan (2016 – 796,652). PSUs cliff vest on the third anniversary of the grant date (the “Redemption Date”) and are subject to terms and conditions including the achievement of predetermined performance criteria (the “Performance Criteria”). When fully vested the number of PSUs redeemed will range from 0% to 200% of the target award, subject to the achievement of the Performance Criteria. The current maximum number of common shares authorized for issuance from treasury under the PSU Plan is 3,130,000.

Compensation expense related to PSUs for the year ended December 31, 2017 was $2,789 (2016 – $1,564).

v3.8.0.1
Supplementary cash flow information
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Supplementary cash flow information
20. Supplementary cash flow information

 

    

December 31, 2017

$

    

December 31, 2016

$

 

Changes in non-cash working capital

     

Accounts receivable and other

     (2,456)        17,168  

Inventories

     (31,437)        (18,264)  

Accounts payable and accrued liabilities

     (1,862)        33,391  

Total

     (35,755)        32,295  

Supplementary cash flow information

     

Income taxes paid

     42,293        48,653  

Interest paid

     36,750        37,114  
v3.8.0.1
Financial risk management
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Financial risk management
21. Financial risk management

21.1 Financial risk factors

Eldorado’s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk and price risk), credit risk and liquidity risk. Eldorado’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on Eldorado’s financial performance.

(a)   Market risk

(i) Foreign exchange risk

The Company operates principally in Canada, Turkey, Brazil, Greece and Romania, and is therefore exposed to foreign exchange risk arising from transactions denominated in foreign currencies. Foreign exchange risk arises when future commercial transactions or recognised assets or liabilities are denominated in a currency that is not the entity’s functional currency.

Eldorado’s cash and cash equivalents, accounts receivable, marketable securities, accounts payable and accrued liabilities and debt are denominated in several currencies, and are therefore subject to fluctuation against the U.S. dollar.

The table below summarizes Eldorado’s exposure to the various currencies denominated in the foreign currency, as listed below:

 

(Amounts in thousands)    Canadian
dollar
     Australian
dollar
     Euro      Turkish
lira
     Chinese
renminbi
     Serbian
Dinar
     Romanian
lei
     British
pound
     Brazilian
real
 
Cash and cash equivalents      18,280         482         13,030         4,965         77        4,845         9,730         366         15,991   
Marketable securities      6,286                              -                              
Accounts receivable and other      13,706                24,508         60,111         -        43,157         7,542                12,547   
Accounts payable and accrued liabilities      (30,900)        (42)        (45,751)          (50,099)        -        (9,000)        (6,174)               (5,559)  
Other non-current liability      (1,269)               (6,516)        (17,999)        -                              
Net balance      6,103         444         (14,729)        (3,022)        77        39,002         11,098         366         22,979   
Equivalent in U.S. dollars    $ 4,865       $ 347       $   (17,664)      $ (802)      $ 12      $ 394       $ 2,874       $ 495       $ 6,946   

Based on the balances as at December 31, 2017, a 1% increase/decrease in the U.S. dollar exchange rate against all of the other currencies on that date would have resulted in a decrease/increase of approximately $25 in profit (loss) before taxes. There would be no effect on other comprehensive income.

Cash flows from operations are exposed to foreign exchange risk, as commodity sales are set in U.S. dollars and a certain amount of operating expenses are in the currency of the country in which mining operations take place.

(ii) Metal price risk and other price risk

Eldorado is subject to price risk for fluctuations in the market price of gold and other metals. Gold and other metals prices are affected by numerous factors beyond the Company’s control, including central bank sales, producer hedging activities, the relative exchange rate of the U.S. dollar with other major currencies, global and regional demand and political and economic conditions.

Worldwide gold and other metals production levels also affect their prices, and the price of these metals is occasionally subject to rapid short-term changes due to speculative activities. The Company has elected not to actively manage its exposure to metal price risk at this time. From time to time, Eldorado may use commodity price contracts to manage its exposure to fluctuations in the price of gold and other metals.

Other price risk is the risk that the value of a financial instrument will fluctuate as a result of changes in market prices.

Eldorado’s other price risk includes equity price risk, whereby the Company’s investments in marketable securities are subject to market price fluctuation.

(iii) Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate due to changes in market interest rates. Current financial assets and financial liabilities are generally not exposed to interest rate risk because of their short-term nature. The Company’s debt is in the form of notes with a fixed interest rate of 6.13%. However borrowings under the ARCA are at variable rates of interest and any borrowings would expose the Company to interest rate cost and interest rate risk.

(b) Credit risk

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents, restricted cash, term deposits and accounts receivable. Eldorado deposits its cash and cash equivalents, including restricted cash, and its term deposits with high credit quality financial institutions as determined by rating agencies.

Payment for metal sales is normally in advance or within fifteen days of shipment depending on the buyer. The historical level of customer defaults is negligible which reduces the credit risk associated with trade receivables at December 31, 2016.

(c) Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. The Company manages liquidity by maintaining adequate cash and cash equivalent balances and by using its lines of credit as required. Management monitors and reviews both actual and forecasted cash flows, and also matches the maturity profile of financial assets and liabilities. Contractual maturities relating to debt are included in note 14.

21.2 Capital risk management

Eldorado’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future development of our mining projects. Capital consists of all of the components of equity; share capital from ordinary shares, contributed surplus, accumulated other comprehensive income, deficit and non-controlling interests.

Consistent with others in the industry, Eldorado monitors capital on the basis of the debt to capital ratio and Net Debt to EBITDA. The debt to capital ratio is calculated as debt, including current and non-current debt, divided by capital plus debt. The Net Debt to EBITDA ratio is calculated as debt, including current and non-current debt, less cash, cash equivalents and term deposits, divided by earnings before interest costs, taxes, depreciation and amortization. This policy includes a target debt to capital ratio of less than 30% and a Net Debt to EBITDA target ratio below 3.5.

As at December 31, 2017, our debt to capital ratio was 13.8% (2016 – 14.0%) and our Net Debt to EBITDA ratio was
0.9:1 (2016 – -1.7:1).

These policy targets are managed through the repayments and issuances of debt as well as the continuing management of operations and capital expenditures.

21.3 Fair value estimation

Fair values are determined directly by reference to published price quotations in an active market, when available, or by using a valuation technique that uses inputs observed from relevant markets.

The three levels of the fair value hierarchy are described below:

 

    Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.

 

    Level 2 – Inputs that are observable, either directly or indirectly, but do not qualify as Level 1 inputs (i.e., quoted prices for similar assets or liabilities).

 

    Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

The assets and liabilities measured at fair value as at December 31, 2017 are marketable securities and derivatives related to the Company’s metal hedge positions.

Eldorado entered into a strip of zero-cost Asian-style collars. The collars are intended to protect the price of our lead and zinc production from the Stratoni and Olympias mines. The collars set a band within which the Company can protect movements, either above or below specific strike prices. The commodity reference prices are based on the monthly averages as traded on the London Mercantile Exchange and are quoted in U.S. dollars.

With respect to lead, the collar protects the Company at a minimum price of $2,300 per tonne. It also caps or limits the price per the schedule below. Similarly, for zinc, the minimum price is $2,850 per tonne and the cap or limits are also per the schedule below. The contacts have monthly maturities for the calendar 2018 year, with the final contract maturing on December 31, 2018.

Should the price of each metal average below the floor, the Company will benefit from the hedge position and counterparty will have a settlement owing to us. Inversely, if the average monthly price exceeds the limit or cap the Company will have a settlement owing to the Counterparty. The hedge covers 15,336 tonnes of lead and 25,416 tonnes of zinc. A summary of the positions are listed below:

 

Metal           Hedged Amount (Tonnes)       PUT ($/tonne)   CALL ($/tonne)   Maturity
Lead   7,668   $2,300   $2,625   Jan 2018 – Jun 2018
Lead   7,668   $2,300   $2,735   Jul 2018 – Dec 2018
                    
Zinc   12,708   $2,850   $3,470   Jan 2018 – Jun 2018
Zinc   12,708 (*)   $2,850   $3,600   Jul 2018 – Dec 2018

(*) entered subsequent to December 31, 2017.

As of December 31, 2017, the Company’s derivative liability of $837, which is considered level 2, is included in accounts payable and accrued liabilities in our consolidated balance sheet. The net mark-to-market loss of the hedge contracts for the same amount is presented in gain (loss) on marketable securities and other investments in our consolidated income statement.

The fair value of financial instruments traded in active markets is based on quoted market prices at the balance sheet date. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in Level 1. Instruments included in Level 1 comprise primarily publicly-traded equity investments classified as held-for-trading securities or available-for-sale securities. With the exception of the fair market value of the Company’s senior notes (note 14b), which are included in level 2, all carrying amounts of financial instruments approximate their fair value.

v3.8.0.1
Commitments
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Commitments
22. Commitments

The Company’s contractual obligations, not recorded on the balance sheet, at December 31, 2017, include:

 

    

2018

$

    

2019

$

    

2020

$

    

2021 and later

$

 

Leases

     14,953        11,676        10,688        60,958    

Purchase obligations

     47,614        722        100        152    

Totals

             62,567                12,398                10,788                61,110    

Purchase obligations in 2018 relate primarily to mine development expenditures in Greece as well as operating costs in Turkey.

v3.8.0.1
Contingencies
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Contingencies
23. Contingencies

The Company is involved in legal proceedings from time to time, arising in the ordinary course of its business. As at December 31, 2017, the amount of ultimate liability with respect to these actions will not, in the opinion of management, materially affect Eldorado’s financial position, results of operations or cash flows. Accordingly, no amounts have been accrued as at December 31, 2017.

On September 14, 2017, Hellas Gold received formal notice from the Greek Ministry of Finance and Ministry of the Environment and Energy initiating Greek domestic arbitration proceedings. The arbitration notice alleged that the Technical Study for the Madem Lakkos Metallurgical Plant for treating Olympias and Skouries concentrates in the Stratoni Valley (known as Olympias Phase III), submitted in December 2014, is deficient and thereby is in violation of the Transfer Contract and the environmental terms of the project. The arbitration proceedings are expected to conclude by April 6, 2018. While arbitration proceedings are inherently uncertain, the Company is confident that the Technical Study is robust and consistent with the Transfer Contract, the Business Plan and the approved environmental terms of the project.

v3.8.0.1
Related party transactions
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Related party transactions
24. Related party transactions

Key management includes directors (executive and non-executive), officers and senior management. The compensation paid or payable to key management for employee services, including amortization of share based payments, is shown below:

 

     2017      2016  
     $      $  

Salaries and other short-term employee benefits

     9,515        8,152  

Defined benefit pension plan

     754        1,350  

Share based payments

     5,920        5,326  
                 16,189                    14,828  
v3.8.0.1
Financial instruments by category
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Financial instruments by category
25. Financial instruments by category

Fair value

The following table provides the carrying value and the fair value of financial instruments at December 31, 2017 and December 31, 2016:

 

     December 31, 2017          December 31, 2016  
     Carrying amount      Fair value          Carrying amount      Fair value  
     $      $          $      $  

Financial Assets

             

Available-for-sale

             

  Marketable securities

     5,010        5,010          28,327        28,327  

Loans and receivables

             

  Cash and cash equivalents

     479,501        479,501          883,171        883,171  

  Term deposit

     5,508        5,508          5,292        5,292  

  Restricted cash

     310        310          240        240  

  Accounts receivable and other

     33,627        33,627          32,159        32,159  

  Other assets

     17,517        17,517          1,810        1,810  

Financial Liabilities at amortized cost

             

  Accounts payable and accrued liabilities

     110,651        110,651          90,705        90,705  

  Debt

     593,783        595,698          591,589        609,000  
v3.8.0.1
Production costs
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Production costs
26. Production costs

 

     2017      2016  
     $      $  

Labour

     52,670        55,223  

Fuel

     23,241        22,405  

Reagents

     40,839        35,292  

Electricity

     12,132        13,991  

Mining contractors

     12,575        16,028  

Operating and maintenance supplies and services

     56,342        45,376  

Site general and administrative costs

     23,621        20,394  

Inventory change

     (36,501)        (19,510)  

Royalties, production taxes and selling expenses

     7,821        5,470  
                 192,740                    194,669  
v3.8.0.1
Earnings per share
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Earnings per share
27. Earnings per share

The weighted average number of ordinary shares for the purposes of diluted earnings per share reconciles to the weighted average number of ordinary shares used in the calculation of basic earnings per share as follows:

 

     2017      2016  

Weighted average number of ordinary shares used in the calculation of basic earnings per share

     753,565        716,587  

Diluted impact of stock options

     -        6  

Weighted average number of ordinary shares used in the calculation of diluted earnings per share

                 753,565                    716,593  
v3.8.0.1
Segment information
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Segment information
28. Segment information

Identification of reportable segments

The Company has identified its operating segments based on the internal reports that are reviewed and used by the chief executive officer and the executive management (the chief operating decision makers or CODM) in assessing performance and in determining the allocation of resources.

The CODM considers the business from both a geographic and product perspective and assesses the performance of the operating segments based on measures of profit and loss as well as assets and liabilities. These measures include operating profit, expenditures on exploration, property, plant and equipment and non-current assets, as well as total debt. As at December 31, 2017, Eldorado had six reportable segments based on the geographical location of mining and exploration and development activities.

28.1  Geographical segments

Geographically, the operating segments are identified by country and by operating mine or mine under construction. The Turkey reporting segment includes the Kişladağ and the Efemçukuru mines and exploration activities in Turkey. The Brazil reporting segment includes the Vila Nova mine, Tocantinzinho project and exploration activities in Brazil. The Greece reporting segment includes the Stratoni and Olympias mines, the Skouries, Perama Hill and Sapes projects and exploration activities in Greece. The Romania reporting segment includes the Certej project and exploration activities in Romania. The Canada reporting segment includes the Lamaque project and exploration activities in Canada. Other reporting segment includes operations of Eldorado’s corporate office and exploration activities in other countries.

Financial information about each of these operating segments is reported to the CODM on at least a monthly basis. The mines in each of the different segments share similar economic characteristics and have been aggregated accordingly.

 

2017    Turkey      Brazil      Greece      Romania      Other      Canada      Total  
     $      $      $      $      $      $      $  

Information about profit and loss

                    

Metal sales from external customers

     337,907        2,347        51,152        -        -        -        391,406  

Production costs

     145,573        1,824        45,343        -        -        -        192,740  

Inventory write-down

     -        -        444        -        -        -        444  

Depreciation

     71,389        -        466        -        269        6        72,130  

Gross profit (loss)

         120,945                523                4,899                    -            (269)                (6)                126,092  

Other material items of income and expense

                    

Write-down (write-up) of assets

     29,619        (79)        6,661        10,454        42        -        46,697  

Exploration costs

     3,203        4,733        7,512        10,168        6,029        6,616        38,261  

Income tax expense (recovery)

     30,139        (1,087)        (4,603)        (8,026)        1,428        1,532        19,383  

Additions to property, plant and equipment during the period

     65,013        10,029        233,293        2,006        827        35,820        346,988  

Information about assets and liabilities

                    

Property, plant and equipment (*)

     835,422        196,467        2,362,107        415,856        750        416,795        4,227,397  

Goodwill

     -        -        -        -        -        92,591        92,591  
     835,422        196,467        2,362,107        415,856        750        509,386        4,319,988  

Debt

     -        -        -        -        593,783        -        593,783  
2016    Turkey      Brazil      Greece      Romania      Other      Total  
     $      $      $      $      $      $  

Information about profit and loss

                 

Metal sales from external customers

     392,096        -        40,631        -        -        432,727  

Production costs

     159,632        -        35,037        -        -        194,669  

Depreciation

     74,061        -        543        2        281        74,887  

Gross profit (loss)

     158,403        -        5,051        (2)        (281)        163,171  

Other material items of income and expense

                 

Write-down (write-up) of assets

     626        (798)        4,701        -        -        4,529  

Exploration costs

     2,278        3,503        3,091        1,892        8,009        18,773  

Income tax expense (recovery)

     64,343        (4,385)        (1,355)        (1,053)        (1,345)        56,205  

Additions to property, plant and equipment during the period

     65,674        6,057        210,770        15,953        50        298,504  

Information about assets and liabilities

                 

Property, plant and equipment (*)

         885,629            186,606            2,157,822            413,949                1,821            3,645,827  

Debt

     -        -        -        -        591,589        591,589  

* Net of revenues from sale of pre-commercial production and tailings retreatment

The Turkey segment derives their revenues from sales of gold. The Brazil segment derives its revenue from sales of iron ore. The Greece segment derives its revenue from sales of gold, zinc, lead and silver concentrates.

28.2 Seasonality/cyclicality of operations

Management does not consider operations to be of a significant seasonal or cyclical nature.

v3.8.0.1
Significant accounting policies (Policies)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Basis of presentation and principles of consolidation

3.1  Basis of presentation and principles of consolidation

(i)    Subsidiaries and business combinations

Subsidiaries are entities controlled by Eldorado. Control exists when Eldorado is exposed to, or has rights, to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. In assessing control, potential voting rights that currently are exercisable are taken into account. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases.

The acquisition method of accounting is used to account for business acquisitions. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any non-controlling interest.

The excess of the cost of acquisition over the fair value of Eldorado’s share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets acquired, the difference, or gain is recognised directly in the income statement.

Transaction costs, other than those associated with the issue of debt or equity securities, which the Company incurs in connection with a business combination, are expensed as incurred.

The most significant wholly-owned and partially-owned subsidiaries of Eldorado, are presented below:

 

Subsidiary    Location      Ownership
interest
   Status    Operations and
development projects
owned
Tüprag Metal Madencilik Sanayi ve Ticaret AS (“Tüprag”)      Turkey      100%    Consolidated   

Kişladağ Mine

Efemçukuru Mine

Hellas Gold SA (“Hellas”)      Greece      95%    Consolidated   

Stratoni Mine

Olympias Mine

Skouries Project

Integra Gold Corporation      Canada      100%    Consolidated    Lamaque Project
Thracean Gold Mining SA      Greece      100%    Consolidated    Perama Hill Project
Thrace Minerals SA      Greece      100%    Consolidated    Sapes Project
Unamgen Mineração e Metalurgia S/A      Brazil      100%    Consolidated    Vila Nova Iron Ore Mine
Brazauro Resources Corporation (“Brazauro”)      Brazil      100%    Consolidated    Tocantinzinho Project
Deva Gold SA (“Deva”)      Romania      80.5%    Consolidated    Certej Project

(ii)  Discontinued operations

A discontinued operation is a component of the Group’s business that represents a separate major line of business or geographical area of operations that has been disposed of, has been abandoned or meets the criteria to be classified as held for sale.

Discontinued operations are presented on the income statement as a separate line.

(iii)  Assets held for sale

Assets and businesses classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Impairment losses on initial classification as held for sale and gains or losses on subsequent re-measurements are included in the income statement. No depreciation is charged on assets and businesses classified as held for sale.

Assets and businesses are classified as held for sale if their carrying amount will be recovered or settled principally through a sale transaction rather than through continuing use. The asset or business must be available for immediate sale and the sale must be highly probable within one year.

(iv)  Investments in associates (equity accounted for investees)

Associates are those entities where Eldorado has the ability to exercise significant influence, but not control, over the financial and operating policies. Significant influence is presumed to exist when the Company holds between 20 and 50 percent of the voting power of another entity.

Associates are accounted for using the equity method (equity accounted investees) and are recognized initially at cost. The consolidated financial statements include Eldorado’s share of the income and expenses and equity movements of equity accounted investees, after adjustments to align the accounting policies with those of Eldorado, from the date that significant influence commences until the date that significant influence ceases.

When the Company’s share of losses exceeds its interest in an equity accounted investee, the carrying amount of that interest (including any long-term investments) is reduced to nil and the recognition of further losses is discontinued except to the extent that the Company has an obligation to make, or has made, payments on behalf of the investee.

At each balance sheet date, each investment in associates is assessed for indicators of impairment.

(v)  Transactions with non-controlling interests

For purchases from non-controlling interests, the difference between any consideration paid and the relevant share of the carrying value of net assets of the subsidiary acquired is recorded in equity. Gains or losses on disposals to non-controlling interests are also recorded in equity.

Eldorado treats transactions in the ordinary course of business with non-controlling interests as transactions with third parties.

(vi) Transactions eliminated on consolidation

Intra-company and intercompany balances and transactions, and any unrealized income and expenses arising from all such transactions, are eliminated in preparing the consolidated financial statements.

Foreign currency translation

3.2  Foreign currency translation

(i)    Functional and presentation currency

Items included in the financial statements of each of Eldorado’s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in U.S. dollars, which is the Company’s functional and presentation currency, as well as the functional currency of all significant subsidiaries.

(ii)  Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at that date. Foreign exchange gains and losses resulting from the settlement of such transactions, and from the translation of monetary assets and liabilities denominated in foreign currencies, are recognised in the income statement.

Property, plant and equipment

3.3  Property, plant and equipment

(i)    Cost and valuation

Property, plant and equipment are carried at cost less accumulated depreciation and any impairment in value. When an asset is disposed of, it is derecognized and the difference between its carrying value and net sales proceeds is recognized as a gain or loss in the income statement.

(ii)  Property, plant and equipment

Property, plant and equipment include expenditures incurred on properties under development, significant payments related to the acquisition of land and mineral rights and property, plant and equipment which are recorded at cost on initial acquisition. Cost includes the purchase price and the directly attributable costs of acquisition or construction required to bring an asset to the location and condition necessary for the asset to be capable of operating in the manner intended by management.

(iii)  Depreciation

Mine development costs, property, plant and equipment and other mining assets whose estimated useful life is the same as the remaining life of the mine are depreciated, depleted and amortized over a mine’s estimated life using the units-of-production method calculated based on proven and probable reserves.

Capitalized development costs related to a multi-pit operation are amortized on a pit-by-pit basis over the pit’s estimated life using the units-of-production method calculated based on proven and probable reserves related to each pit.

Property, plant and equipment and other assets whose estimated useful lives are less than the remaining life of the mine are depreciated on a straight-line basis over the estimated useful lives of the assets.

Where components of an asset have a different useful life and cost that is significant to the total cost of the asset, depreciation is calculated on each separate component.

Depreciation methods, useful lives and residual values are reviewed at the end of each year and adjusted if appropriate.

(iv)  Subsequent costs

Expenditure on major maintenance or repairs includes the cost of replacement parts of assets and overhaul costs. Where an asset or part of an asset is replaced and it is probable that further future economic benefit will flow to the Company, the expenditure is capitalized. Similarly, overhaul costs associated with major maintenance are capitalized when it is probable that future economic benefit will flow to the Company and any remaining costs of previous overhauls relating to the same asset are derecognized. All other expenditures are expensed as incurred.

(v)  Deferred stripping costs

Stripping costs incurred during the production phase of a mine are considered production costs and included in the cost of inventory produced during the period in which the stripping costs are incurred, unless the stripping activity can be shown to provide access to additional mineral reserves, in which case the stripping costs are capitalized. Stripping costs incurred to prepare the ore body for extraction are capitalized as mine development costs (pre-stripping). Capitalized stripping costs are amortized on a unit-of-production basis over the proven and probable reserves to which they relate.

(vi)  Borrowing costs

Borrowing costs are expensed as incurred except where they are directly attributable to the financing of construction or development of qualifying assets requiring a substantial period of time to prepare for their intended future use. Interest is capitalized up to the date when substantially all the activities necessary to prepare the asset for its intended use are complete.

Investment income arising on the temporary investment of proceeds from borrowings is offset against borrowing costs being capitalized.

(vii)  Mine standby and restructuring costs

Mine standby costs and costs related to restructuring a mining operation are charged directly to expense in the period incurred. Mine standby costs include labour, maintenance and mine support costs during temporary shutdowns of a mine or development project.

Exploration, evaluation and development expenditures

3.4  Exploration, evaluation and development expenditures

(i) Exploration

Exploration expenditures reflect the costs related to the initial search for mineral deposits with economic potential or obtaining more information about existing mineral deposits. Exploration expenditures typically include costs associated with the acquisition of mineral licenses, prospecting, sampling, mapping, diamond drilling and other work involved in searching for ore. All expenditures relating to exploration activities are expensed as incurred except for the costs associated with the acquisition of mineral licenses which are capitalized.

(ii) Evaluation

Evaluation expenditures reflect costs incurred at projects related to establishing the technical and commercial viability of mineral deposits identified through exploration or acquired through a business combination or asset acquisition.

Evaluation expenditures include the cost of:

 

  a) establishing the volume and grade of deposits through drilling of core samples, trenching and sampling activities in an ore body that is classified as either a mineral resource or a proven and probable reserve;
  b) determining the optimal methods of extraction and metallurgical and treatment processes;
  c) studies related to surveying, transportation and infrastructure requirements;
  d) permitting activities; and
  e) economic evaluations to determine whether development of the mineralized material is commercially justified, including scoping, prefeasibility and final feasibility studies.

Evaluation expenditures are capitalized if management determines that there is evidence to support probability of generating positive economic returns in the future. A mineral resource is considered to have economic potential when it is expected the technical feasibility and commercial viability of extraction of the mineral resource is demonstrable considering long-term metal prices. Therefore, prior to capitalizing such costs, management determines that the following conditions have been met:

 

  There is a probable future benefit that will contribute to future cash inflows;
  The Company can obtain the benefit and control access to it; and
  The transaction or event giving rise to the benefit has already occurred.

The evaluation phase is complete once technical feasibility of the extraction of the mineral deposit has been determined through preparation of a reserve and resource statement, including a mining plan as well as receipt of required permits and approval of the Board of Directors to proceed with development of the mine.

(iii) Development

Development expenditures are those that are incurred during the phase of preparing a mineral deposit for extraction and processing. These include pre-stripping costs and underground development costs to gain access to the ore that is suitable for sustaining commercial mining, preparing land, construction of plant, equipment and buildings and costs of commissioning the mine and mill.

Expenditures incurred on development projects continue to be capitalized until the mine and mill moves into the production stage. The Company assess each mine construction project to determine when a mine moves into production stage. The criteria used to assess the start date are determined based on the nature of each mine construction project, such as the complexity of a plant or its location. Various relevant criteria are considered to assess when the mine is substantially complete and ready for its intended use and moved into the production stage. Some of the criteria considered would include, but are not limited to, the following: (1) the level of capital expenditures compared to construction cost estimates; (2) the completion of a reasonable period of testing of mine plant and equipment; (3) the ability to produce minerals in saleable form (within specification); and (4) the ability to sustain ongoing production of minerals.

Alternatively, if the factors that impact the technical feasibility and commercial viability of a project change and no longer support the probability of generating positive economic returns in the future, expenditures will no longer be capitalized.

Goodwill

3.5  Goodwill

Goodwill represents the excess of the cost of an acquisition over the fair value of Eldorado’s share of the net assets of the acquired business at the date of acquisition. When the excess is negative (negative goodwill), it is recognized immediately in income. Goodwill on acquisition of subsidiaries and businesses is shown separately as goodwill in the financial statements. Goodwill on acquisition of associates is included in investments in significantly influenced companies and tested for impairment as part of the overall investment.

Goodwill is carried at cost less accumulated impairment losses and tested annually for impairment. Impairment losses on goodwill are not reversed. The impairment testing is performed annually or more frequently if events or changes in circumstances indicate that it may be impaired.

Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash generating units or groups of cash generating units (“CGU”s) that are expected to benefit from the business combination in which the goodwill arose. If the composition of one or more cash generating units to which goodwill has been allocated changes due to a re-organization, the goodwill is re-allocated to the units affected.

The gain or loss on disposal of an entity includes the carrying amount of goodwill relating to the entity sold.

Impairment of non-financial assets

3.6  Impairment of non-financial assets

Other long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment test is performed when the impairment indicators demonstrate that the carrying amount may not be recoverable and it is reviewed at least annually.

An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less cost to sell and value in use.    For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows or CGUs.

Value in use is determined as the present value of the future cash flows expected to be derived from an asset or CGU based on the detailed mine and/or production plans. The estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.

Fair value less cost to sell is the amount obtainable from the sale of an asset or CGU in an arm’s length transaction between knowledgeable, willing parties, less the costs of disposal. For mining assets, fair value less cost to sell is often estimated using a discounted cash flow approach because a fair value is not readily available from an active market or binding sale agreement. Estimated future cash flows are calculated using estimated future prices, mineral reserves and resources, operating and capital costs. All assumptions used are those that an independent market participant would consider appropriate. Non-financial assets other than goodwill impaired in prior periods are reviewed for possible reversal of the impairment when events or changes in circumstances indicate that an item is no longer impaired.

Financial assets

3.7  Financial assets

(i) Classification

The Company classifies its financial assets in the following categories: at fair value through profit or loss, loans and receivables, and available-for-sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at initial recognition.

(a) Financial assets at fair value through profit or loss

Financial assets at fair value through profit or loss are financial assets held for trading. A financial asset is classified in this category if acquired principally for the purpose of selling in the short-term. Derivatives are also categorised as held for trading unless they are designated as hedges.

(b) Loans and receivables

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. They are included in current assets, except for those with maturities of greater than 12 months after the end of the reporting period, which are classified as non-current assets. Eldorado’s loans and receivables comprise cash and cash equivalents, restricted cash, accounts receivable and other and other assets in the balance sheet.

(c) Available-for-sale financial assets

Available-for-sale financial assets are non-derivative financial assets that are either designated in this category or not classified in any of the other categories. They are included in non-current assets unless the investment matures or management intends to dispose of it within 12 months of the end of the reporting period. Eldorado’s available-for-sale financial assets comprise marketable securities not held for the purpose of trading.

(ii) Recognition and measurement

Financial assets are initially recognised at fair value plus transaction costs for all financial assets not carried at fair value through profit or loss. Financial assets carried at fair value through profit or loss are initially recognised at fair value, and transaction costs are expensed in the income statement. Financial assets are derecognised when the rights to receive cash flows from the investments have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership.

Available-for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables are subsequently carried at amortised cost using the effective interest method.

Gains or losses arising from changes in the fair value of the ‘financial assets at fair value through profit or loss’ category are presented in the income statement within ‘Gain or loss on marketable securities’ in the period in which they arise. Dividend income from ‘financial assets at fair value through profit or loss’ is recognised in the income statement as part of other income when Eldorado’s right to receive payments is established.

Gains or losses arising from changes in the fair value of available-for-sale financial assets are recognized in other comprehensive income and presented within equity. When marketable securities classified as available-for-sale are sold or impaired, the accumulated fair value adjustments recognised in other comprehensive income are included in the income statement as ‘Gain or loss on marketable securities’.

(iii) Impairment of financial assets

The Company assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial assets is impaired. A financial asset or group of financial assets is impaired and impairment losses are incurred only if there is objective evidence of impairment as a result of one or more events that occurred after the initial recognition of the asset (a ‘loss event’) and that loss event (or events) has an impact on the estimated future cash flows of the financial asset or group of financial assets that can be reliably estimated.

An impairment loss in respect of a financial asset measured at amortized cost is calculated as the difference between its carrying amount, and the present value of the estimated future cash flows discounted at the original effective interest rate. An impairment loss in respect of an available-for-sale financial asset is calculated by reference to its fair value. In the case of equity instruments classified as available-for-sale, a significant or prolonged decline in the fair value of the security below its cost is also evidence that the assets are impaired. If any such evidence exists for available-for-sale financial assets, the cumulative loss – measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset that was previously recognized in profit or loss – is removed from equity and recognized in the income statement.

All impairment losses are recognized in profit or loss. Any cumulative loss in respect of an available-for-sale financial asset recognized previously in equity is transferred to profit or loss. An impairment loss is reversed if the reversal can be related objectively to an event occurring after the impairment loss was recognized. Impairment losses recognized for equity securities are not reversed.

Derivative financial instruments and hedging activities

3.8  Derivative financial instruments and hedging activities

Derivatives are recognized initially at fair value on the date a derivative contract is entered into. Subsequent to initial recognition, derivatives are remeasured at their fair value. The method of recognising any resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged.

Changes in the fair value of any derivative instruments that do not qualify for hedge accounting are recognised immediately in the income statement.

(a) Fair value hedge

Changes in the fair values of derivatives that are designated and qualify as fair value hedges are recorded in the income statement, together with any changes in the fair values of the hedged assets or liabilities that are attributable to the hedged risk.

(b) Cash-flow hedge

The effective portions of changes in the fair values of derivatives that are designated and qualify as cash-flow hedges are recognised in equity. The gain or loss relating to any ineffective portion is recognised immediately in the income statement.

Amounts accumulated in the hedge reserve are recycled in the income statement in the periods when the hedged items will affect profit or loss (for instance when the forecast sale that is hedged takes place). If a forecast transaction that is hedged results in the recognition of a non-financial asset (for example, inventory) or a liability, the gains and losses previously deferred in the hedge reserve are transferred from the reserve and included in the initial measurement of the cost of the asset or liability.

When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in the hedge reserve at that time remains in the reserve and is recognised when the forecast transaction is ultimately recognised in the income statement. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in other comprehensive income is immediately transferred to the income statement.

The Company has not designated any derivative contracts as hedges and therefore has not applied hedge accounting in these financial statements.

Inventories

3.9  Inventories

Inventories are valued at the lower of cost and net realizable value. Costs incurred in bringing each product to its present location and condition are accounted for as follows:

 

  i) Product inventory consists of stockpiled ore, ore on leach pads, crushed ore, in-circuit material at properties with milling or processing operations, gold concentrate, other metal concentrate, iron ore stockpile awaiting shipment, doré awaiting refinement and unsold bullion. Product inventory costs consist of direct production costs including mining, crushing and processing; site administration costs; and allocated indirect costs, including depreciation and amortization of property, plant and equipment.

Inventory costs are charged to production costs on the basis of quantity of metal sold. At operations where the ore extracted contains significant amounts of metals other than gold, primarily silver, copper, lead and zinc, cost is allocated between the joint products. The Company regularly evaluates and refines estimates used in determining the costs charged to production costs and costs absorbed into inventory carrying values based upon actual gold recoveries and operating plans.

Net realizable value is the estimated selling price, less the estimated costs of completion and selling expenses.

  ii) Materials and supplies inventory consists of consumables used in operations, such as fuel, chemicals, reagents and spare parts, which are valued at the lower of average cost and net realisable value and, where appropriate, less a provision for obsolescence. Costs include acquisition, freight and other directly attributable costs.
Trade receivables

3.10   Trade receivables

Trade receivables are amounts due from customers for bullion, doré, gold concentrate, other metal concentrates and iron ore sold in the ordinary course of business.

Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less a provision for impairment where necessary.

Cash and cash equivalents

3.11  Cash and cash equivalents

Cash and cash equivalents include cash on hand, deposits held at call with banks, other short-term highly liquid investments with maturities at the date of acquisition of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities on the balance sheet.

Share capital

3.12  Share capital

Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares and share options are recognized as a deduction from equity, net of any tax effects. Common shares held by the Company are classified as treasury stock and recorded as a reduction of shareholders’ equity.

Trade payables

3.13  Trade payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.

Trade payables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method.

Debt and borrowings

3.14  Debt and borrowings

Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at amortised cost, calculated using the effective interest method. Any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method.

Fees paid on the establishment of loan facilities and other borrowings are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility and other borrowings will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility and borrowings will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the loan to which it relates.

Current and deferred income tax

3.15  Current and deferred income tax

Income tax expense comprises current and deferred tax. Income tax expense is recognized in the income statement except to the extent that it relates to items recognized either in other comprehensive income or directly in equity, in which case it is recognized in other comprehensive income or in equity, respectively.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Taxes on income in the interim periods are accrued using the tax rate that would be applicable to expected total annual earnings. The tax rate used is the rate that is substantively enacted.

Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the temporary difference can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

Employee benefits

3.16    Employee benefits

(i)  Defined benefit plans

Certain employees have entitlements under Company pension plans which are defined benefit pension plans. For defined benefit plans, the level of benefit provided is based on the length of service and earnings of the person entitled.

The cost of the defined benefit plan is determined using the projected unit credit method. The related pension liability recognized in the consolidated balance sheet is the present value of the defined benefit obligation at the balance sheet date less the fair value of plan assets.

The Company obtains actuarial valuations for defined benefit plans for each balance sheet date. Actuarial assumptions used in the determination of defined benefit pension plan liabilities are based on best estimates, including rate of salary escalation and expected retirement dates of employees. The discount rate is based on high quality bond yields, as per International Accounting Standard 19, Employee Future Benefits (“IAS 19”). The assumption used to determine the interest income on plan assets is equal to the discount rate, as per IAS 19.

Actuarial gains and losses are recognized in full in the period in which they occur in other comprehensive income without recycling to the statement of income in subsequent periods. Current service cost, the vested element of any past service cost, the interest income on plan assets and the interest arising on the pension liability are included in the same line items in the statement of income as the related compensation cost.

Past service costs are recognized immediately to the extent the benefits are vested, and otherwise are amortized on a straight-line basis over the average period until the benefits become vested.

(ii)  Defined contribution plans

The Company’s contributions to defined contribution plans are charged to the income statement in the period to which the contributions relate.

(iii) Termination benefits

Eldorado recognizes termination benefits when it is demonstrably committed to either terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal, or providing benefits as a result of an offer made to encourage voluntary termination. Benefits falling due more than twelve months after the end of the reporting period are discounted to their present value.

(iv)  Short-term benefits

Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognized for the amount expected to be paid under short-term cash bonus or profit-sharing plans if Eldorado has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee and the obligation can be estimated reliably.

Share-based payment transactions

3.17    Share-based payment transactions

The Company applies the fair value method of accounting for all stock option awards and equity settled restricted share units and performance share units. Under this method the Company recognizes a compensation expense for all stock options awarded to employees, based on the fair value of the options on the date of grant which is determined by using the Black-Scholes option pricing model. For equity settled restricted share units, compensation expense is recognized based on the quoted market value of the shares. For equity settled performance share units, compensation expense is recognized based on the fair value of the shares on the date of grant which is determined by a valuator.

The fair value of the options, restricted share units and performance share units are expensed over the vesting period of the awards with a corresponding increase in equity. No expense is recognized for awards that do not ultimately vest. Deferred share units are liability awards recorded at the quoted market price at the grant date. The corresponding liability is marked to market at each reporting date.

Provisions

3.18    Provisions

A provision is recognized if, as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. They are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability.

(i)    Rehabilitation and restoration

Provision is made for mine rehabilitation and restoration when an obligation is incurred. The provision is recognised as a liability with a corresponding asset recognised in relation to the mine site. At each reporting date the rehabilitation liability is re-measured in line with changes in discount rates, and timing or amount of the costs to be incurred. The rehabilitation liability is classified as an ‘Asset retirement obligation’ on the balance sheet.

The provision recognised represents management’s best estimate of the present value of the future costs required. Significant estimates and assumptions are made in determining the amount of restoration and rehabilitation provisions. Those estimates and assumptions deal with uncertainties such as: requirements of the relevant legal and regulatory frameworks, the magnitude of necessary remediation activities and the timing, extent and costs of required restoration and rehabilitation activity.

These uncertainties may result in future actual expenditure differing from the amounts currently provided. The provision recognised is periodically reviewed and updated based on the facts and circumstances available at the time. Changes to the estimated future costs for operating sites are recognised in the balance sheet by adjusting both the restoration and rehabilitation asset and provision. Such changes give rise to a change in future depreciation and financial charges.

Revenue recognition

3.19    Revenue recognition

Revenue from the sale of bullion, doré, gold concentrate, other metal concentrates and iron ore is recognized when persuasive evidence of an arrangement exists, the bullion, doré, metal concentrates and iron ore has been shipped, title has passed to the purchaser, the price is fixed or determinable, and collection is reasonably assured. Revenues realized from sales of pre-commercial production are recorded as a reduction of property plant and equipment.

Our metal concentrates are sold under pricing arrangements where final metal prices are determined by market prices subsequent to the date of shipment. Provisional revenue is recorded at date of shipment based on metal prices at that time. Adjustments are made to the provisional revenue in subsequent periods based on fluctuations in the market prices until date of final metal pricing. Consequently, at each reporting period the receivable balances relating to sales of concentrates changes with the fluctuations in market prices.

Finance income and expenses

3.20    Finance income and expenses

Finance income comprises interest income on funds invested (including available-for-sale financial assets), gains on the disposal of available-for-sale financial assets and changes in the fair value of financial assets at fair value through profit or loss. Interest income is recognized as it accrues in profit or loss, using the effective interest method.

Finance expenses comprise interest expense on borrowings, unwinding of the discount on provisions, changes in the fair value of financial assets at fair value through profit or loss and impairment losses recognized on financial assets. All borrowing costs are recognized in profit or loss using the effective interest method, except for those amounts capitalized as part of the cost of qualifying property, plant and equipment.

Earnings (loss) per share

3.21    Earnings (loss) per share

Eldorado presents basic and diluted earnings per share (“EPS”) data for its common shares. Basic EPS is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares, which comprise warrants and share options granted to employees.

v3.8.0.1
Significant accounting policies (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Wholly-owned and Partially-owned Subsidiaries

The most significant wholly-owned and partially-owned subsidiaries of Eldorado, are presented below:

 

Subsidiary    Location      Ownership
interest
   Status    Operations and
development projects
owned
Tüprag Metal Madencilik Sanayi ve Ticaret AS (“Tüprag”)      Turkey      100%    Consolidated   

Kişladağ Mine

Efemçukuru Mine

Hellas Gold SA (“Hellas”)      Greece      95%    Consolidated   

Stratoni Mine

Olympias Mine

Skouries Project

Integra Gold Corporation      Canada      100%    Consolidated    Lamaque Project
Thracean Gold Mining SA      Greece      100%    Consolidated    Perama Hill Project
Thrace Minerals SA      Greece      100%    Consolidated    Sapes Project
Unamgen Mineração e Metalurgia S/A      Brazil      100%    Consolidated    Vila Nova Iron Ore Mine
Brazauro Resources Corporation (“Brazauro”)      Brazil      100%    Consolidated    Tocantinzinho Project
Deva Gold SA (“Deva”)      Romania      80.5%    Consolidated    Certej Project
v3.8.0.1
Acquisitions and divestitures (Tables)
12 Months Ended
Dec. 31, 2017
Summary of Profit (Loss) from Discontinued Operations

The profit (loss) from discontinued operations for the year ended December 31, 2016 is as follows:

 

For the year ended December 31    2016      
    

 

$

   

Revenue

     217,511    

Production costs

     144,590    

Depreciation and amortization

     19,067    

 

Gross profit

     53,854    

Exploration expenses

     1,257    

General and administrative expenses

     20,999    

Foreign exchange loss

     306    

 

Operating profit

     31,292    

Interest and financing costs

     169    

Asset retirement obligation accretion

     356    

Other expense

     2,713    

 

Profit from discontinued operations before income tax

     28,054    

Income tax expense

     16,189    

 

Profit (loss) from discontinued operations

     11,865    

Loss on sale of assets held for sale

             351,234    

 

Net loss from discontinued operations

     (339,369  
Integra gold corporation [member]  
Summary of Preliminary Allocation of Purchase Price

A preliminary allocation of the purchase price, which is subject to final adjustments, is as follows:

 

77,180,898 common shares of shares of Eldorado at C$3.14/share

     $ 188,061   

Cash consideration including advances

     126,869   

Fair value of existing available-for-sale investment in Integra by Eldorado

     41,968   

Total Consideration

     $ 356,898   

Net assets acquired:

  

Cash and cash equivalents

     $ 5,205   

Marketable securities

     2,857   

Accounts receivable and other

     5,920   

Inventories

     2,471   

Other assets

     3,495   

Property, plant and equipment

     393,647   

Goodwill

     92,591   

Accounts payable and accrued liabilities

     (8,028)  

Flow-through share premium liability

     (4,722)  

Other liabilities

     (9,635)  

Deferred income taxes

     (126,903)  
     $             356,898   
v3.8.0.1
Cash and cash equivalents (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Cash and Cash Equivalents
    

      December 31, 2017

$

    

    December 31, 2016

$

 

Cash at bank and on hand

     293,437        282,021  

Short-term bank deposits

     186,064        601,150   
     479,501        883,171  
v3.8.0.1
Accounts receivable and other (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Accounts Receivable and Other
    

      December 31, 2017

$

    

    December 31, 2016

$

 

Trade receivables

     7,746        11,053  

Value added and other taxes recoverable

     44,717        22,156  

Other receivables and advances

     7,134        8,208   

Prepaid expenses and deposits

     18,747        12,898  
     78,344        54,315  
v3.8.0.1
Inventories (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Inventories
    

      December 31, 2017

$

    

    December 31, 2016

$

 

Ore stockpiles

     3,297        2,715  

In-process inventory and finished goods

     96,651        50,195  

Materials and supplies

     68,896        67,920   
     168,844        120,830  
v3.8.0.1
Investment in subsidiaries (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Subsidiaries With Non-controlling Interests

The following table summarizes the information relating to each of the Company’s subsidiaries that has material non-controlling interests (“NCI”). The amounts disclosed for each subsidiary are based on those included in the consolidated financial statements before inter-company eliminations.

December 31, 2017    Hellas      Deva       
     $      $     

NCI percentage

     5%        19.5%     

 

Current assets

     72,454        4,958     

Non-current assets

     2,143,089        413,989     

Current liabilities

         (1,113,471)            (234,386)     

Non-current liabilities

     (291,447)        (43,623)     

Net assets

     810,625        140,938     

Carrying amount of NCI

     31,732        46,919     

Revenue

     51,152        -     

Net loss

     (62,365)        (42,632)     

Total comprehensive loss

     (62,365)        (42,632)     

Loss allocated to NCI

     (3,118)        (8,314)     

 

Dividends paid to NCI

     -        -     

 

Cash flows from operating activities

     (9,253)        (51,328)     

Cash flows from investing activities

     (181,116)        (2,007)     

Cash flows from financing activities

     172,431        53,007     

Net decrease in cash and cash equivalents

     (17,938)        (328)     
December 31, 2016    Hellas      Deva       
     $      $       

NCI percentage

     5%        19.5%     

 

Current assets

     80,251        4,613     

Non-current assets

     1,978,622        412,082     

Current liabilities

     (950,131)        (189,548)     

Non-current liabilities

     (298,488)        (43,577)     

Net assets

     810,254        183,570     

Carrying amount of NCI

     33,553        55,233     

 

Revenue

     40,631        -     

Net loss

     (67,712)        (5,553)     

Total comprehensive loss

     (67,712)        (5,553)     

Loss allocated to NCI

     (3,386)        (1,289)     

 

Dividends paid to NCI

     -        -     

 

Cash flows from operating activities

     (52,588)        (6,037)     

Cash flows from investing activities

     (208,031)        (15,952)     

Cash flows from financing activities

     288,982        22,799     

Net increase in cash and cash equivalents

     28,363        810     
v3.8.0.1
Other assets (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Other Assets
    

  December 31, 2017

$

    

  December 31, 2016

$

 

Restricted credit card deposits

     43        38  

Prepaid loan costs (note 14(a))

     1,272        1,772  

Restricted cash

     9,743        -  

Environmental guarantee deposits

     2,831        -  

Prepaid forestry fees

     3,628        -  

Long-term value added and other taxes recoverable

     5,385        46,487  
     22,902        48,297   
v3.8.0.1
Property, plant and equipment (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Property, Plant and Equipment
    

    Land and

buildings

    

Plant and

      equipment

    

  Capital works

in progress

    

  Mineral properties

and leases

    

        Capitalized

Evaluation

     Total  
     $      $      $      $      $      $  
Cost                  
Balance at January 1, 2016      406,891        1,732,066        164,392        4,776,549        71,020        7,150,918  
Additions/transfers      24,121        62,050        2,577        235,756        6,475        330,979  
Sale of China Business      (266,878)        (376,571)        (24,712)        (1,132,900)        -        (1,801,061)  
Proceeds on production of tailings retreatment      -        -        -        (3,708)        -        (3,708)  
Other movements      1,084        2,088        (335)        6,457        -        9,294  
Disposals      (678)        (2,685)        -        (4,681)        -        (8,044)  
Balance at December 31, 2016      164,540        1,416,948        141,922        3,877,473        77,495        5,678,378  
Balance at January 1, 2017      164,540        1,416,948        141,922        3,877,473        77,495        5,678,378  
Additions/transfers      12,322        115,684        (42,933)        254,481        9,536        349,090  
Aquisition of Integra      4,820        3,646        -        385,181        -        393,647  
Proceeds on pre-commercial production and tailings retreatment      -        -        -        (38,200)        -        (38,200)  
Other movements      4,251        (2,325)        (12,336)        7,832        -        (2,578)  
Disposals      (10)        (2,313)        (29,832)        (1,168)        -        (33,323)  
Balance at December 31, 2017      185,923        1,531,640        56,821        4,485,599        87,031        6,347,014  
Depreciation and impairment losses                  
Balance at January 1, 2016      (131,905)        (820,973)        (4,733)        (1,445,548)        -        (2,403,159)  
Depreciation for the year      (12,000)        (78,847)        -        (8,820)        -        (99,667)  
Other movements      (274)        (1,198)        -        (1,897)        -        (3,369)  
Sale of China Business      105,536        193,106        -        173,010        -        471,652  
Disposals      8        1,271        -        713        -        1,992  
Balance at December 31, 2016      (38,635)        (706,641)        (4,733)        (1,282,542)        -        (2,032,551)  
Balance at January 1, 2017      (38,635)        (706,641)        (4,733)        (1,282,542)        -        (2,032,551)  
Depreciation for the year      (4,245)        (79,044)        -        (2,948)        -        (86,237)  
Other movements      (546)        (2,048)        -        80        -        (2,514)  
Disposals      -        1,683        -        2        -        1,685  
Balance at December 31, 2017      (43,426)        (786,050)        (4,733)        (1,285,408)        -        (2,119,617)  
Carrying amounts                  
At January 1, 2016      274,986        911,093        159,659        3,331,001        71,020        4,747,759  

At December 31, 2016

     125,905        710,307        137,189        2,594,931        77,495        3,645,827  
Balance at December 31, 2017      142,497        745,590        52,088        3,200,191        87,031        4,227,397  
Summary of Key Assumptions Used for Assessing Recoverable Amount of Company's CGUs Versus Carrying Values

The key assumptions used for assessing the recoverable amount of the Company’s CGUs versus their carrying values are as follows:

 

Gold price ($/oz)

     $1,300     

Silver price ($/oz)

     $18     

Lead price ($/lb)

     $1.09     

Zinc price ($/lb)

     $1.27     

Copper price ($/lb)

     $2.80     

Discount rate

     5 - 8%     
v3.8.0.1
Goodwill (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Goodwill
                     2017                      2016       
     $      $       

Cost

        

Balance at January 1,

     -        50,276     

Acquired during the year

     92,591        -     

Disposal due to sale

     -        (50,276)     

Balance at December 31,

     92,591        -     
Summary of Key Assumptions Used for Assessing the Recoverable Amount of Goodwill

The key assumptions used for assessing the recoverable amount of goodwill in Integra are as follows:

 

Gold price ($/oz)

     $1,300     

Silver price ($/oz)

     $16 - $18     

Discount rate

     7%     
v3.8.0.1
Accounts payable and accrued liabilities (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Accounts Payable and Accrued Liabilities
    

December 31, 2017

$

    

December 31, 2016

$

 

Trade payables

     60,081        43,712  

Taxes payable

     213        243  

Accrued expenses

     50,357        46,750    
     110,651        90,705  
v3.8.0.1
Debt (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Debt

December 15, 2017

     101.531%     

2018 and thereafter

     100.000%     
v3.8.0.1
Asset retirement obligations (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Asset Retirement Obligations
             Greece             Brazil             Turkey             Romania              Canada              Total  
     $     $     $     $      $      $  

At January 1, 2017

     48,131       4,092       36,196       1,359        -        89,778  

Acquired during the year

     -       -       -       -        9,453        9,453  

Accretion during the year

     1,025       32       913       36        -        2,006  

Revisions to estimate of obligation

     1,112       (80     502       10        -        1,544  

Settlements

     (2,807     -       (290     -        -        (3,097

At December 31, 2017

     47,461       4,044       37,321       1,405        9,453        99,684  

Less: Current portion

     (3,489     -       -       -        -        (3,489

Long term portion

     43,972       4,044       37,321       1,405        9,453        96,195  

Estimated undiscounted amount

     71,591       4,117       49,257       2,340        12,286        139,591  
Summary of Present Value of Estimated Future Net Cash Outflows

The provision is calculated as the present value of estimated future net cash outflows based on the following key assumptions:

 

     Greece      Brazil      Turkey      Romania      Canada  
     %      %      %      %      %  

At December 31, 2016

              

Inflation rate

     2.0 to 2.4        2.0 to 2.4        2.0 to 2.4        2.0 to 2.4        -  

Discount rate

     1.5 to 3.0        0.8        2.3 to 2.5        2.7        -  

At December 31, 2017

              

Inflation rate

         2.0 to 2.2            2.0 to 2.2            2.0 to 2.2            2.0 to 2.2            2.0 to 2.2  

Discount rate

     1.5 to 3.0        1.8        2.3 to 2.5        2.7        2.3 to 2.5  
v3.8.0.1
Defined benefit plans (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Defined Benefit Plans
         December 31, 2017          December 31, 2016  
     $      $  

Balance sheet obligations (asset) for:

     

Pension Plan

     13,599        10,882  

Supplemental Pension Plan

     (9,919)        (11,620)  
     December 31, 2017      December 31, 2016  
     $      $  

Income statement charge for:

     

Pension plan

     2,841        4,409  

Supplemental Pension Plan

     610        1,193  
     3,451        5,602  

Actuarial losses (gains) recognised in the statement of other comprehensive income in the period (before tax)

     3,121        1,188  

Cumulative actuarial losses recognised in the statement of other comprehensive income (before tax)

     18,641        15,520    
Summary of Amounts Recognised in the Balance Sheet for All Pension Plans

The amounts recognised in the balance sheet for all pension plans are determined as follows:

 

     December 31, 2017             December 31, 2016         
     Pension Plan      SERP      Total      Pension Plan      SERP      Total  
     $      $      $      $      $      $  

Present value of obligations

     16,028        43,956        59,984        12,936        37,686        50,622  

Fair value of plan assets

     (2,429)        (53,875)        (56,304)        (2,054)        (49,306)        (51,360)  

Liability (asset) on balance sheet

     13,599        (9,919)        3,680        10,882        (11,620)        (738)  
Summary of Movement in the Defined Benefit Obligation Over the Year

The movement in the defined benefit obligation over the year is as follows:

 

     2017                     2016                 
     Pension Plan      SERP      Total      Pension Plan      SERP      Total   
     $      $      $      $      $       

Balance at January 1,

     12,936        37,686        50,622        8,688        31,565        40,253  

Current service cost

     2,102        877        2,979        520        1,483        2,003  

Past service cost

     206        208        414        3,494        193        3,687  

Interest cost

     620        1,508        2,128        476        1,340        1,816  

Actuarial loss (gain)

     292        2,390        2,682        445        1,939        2,384  

Benefit payments

     (1,060      (1,485      (2,545      (26      (445      (471

Exchange (gain) loss

     932        2,772        3,704        (661      1,611        950  

Balance at December 31,

     16,028        43,956        59,984        12,936        37,686        50,622  
Summary of Movement in the Fair Value of Plan Assets of the Year

The movement in the fair value of plan assets of the year is as follows:

 

     2017                     2016                 
     Pension Plan      SERP      Total      Pension Plan      SERP      Total  
     $      $      $      $      $      $  

At January 1,

     2,054        49,306        51,360        1,968        43,016        44,984  

Interest income on plan assets

     86        1,983        2,069        81        1,823        1,904  

Actuarial gain (loss)

     (55)        (384)        (439)        (32)        (1,164)        (1,196)  

Contributions by employer

     219        1,196        1,415        -        1,728        1,728  

Benefit payments

     (57)        (1,485)        (1,542)        (26)        (445)        (471)  

Exchange gain

     182        3,259        3,441        63        4,348        4,411  

At December 31,

     2,429        53,875        56,304        2,054        49,306        51,360  
Summary of Amounts Recognised in the Income Statement

The amounts recognised in the income statement are as follows:

 

     2017                     2016                 
     Pension Plan      SERP      Total      Pension Plan      SERP      Total  
     $      $      $      $      $      $  

Current service cost

     2,102        877        2,979        520        1,483        2,003  

Interest cost

     620        1,508        2,128        476        1,340        1,816  

Past Service Cost

     206        208        414        3,494        193        3,687  

Expected return on plan assets

     (87      (1,983      (2,070      (81      (1,823      (1,904

Defined benefit plans expense

     2,841        610        3,451        4,409        1,193        5,602  
Summary of Principal Actuarial Assumptions

The principal actuarial assumptions used were as follows:

 

     2017      2016  
     Pension Plan      SERP      Pension Plan      SERP  
     Greece      Turkey      Canada      Canada      Greece      Turkey      Canada         
     %      %      %      %      %      %      %      %  
Expected return on plan assets      -        -        3.9        3.9        -        -        3.9        3.9  
Discount rate - beginning of year      1.6        10.5        3.9        3.9        2.0        10.5        4.0        4.0  
Discount rate - end of year      1.7        11.0        3.4        3.4        1.6        10.5        3.9        3.9  
Rate of salary escalation      2.8        6.5        2.0        2.0        2.8        6.0        2.0        2.0  
Average remaining service period of active employees expected to receive benefits      -        -        8.2 years        8.2 years        -        -        7.1 years        7.1 years  
Summary of Defined Benefit Plans' Weighted Average Asset Allocation Percentages by Asset Category

The following table summarizes the defined benefit plans’ weighted average asset allocation percentages by asset category:

 

     December 31, 2017     December 31, 2016      
     Pension Plan     SERP     Pension Plan     SERP                 

Investment funds

          

Money market

     0     6     2     3  

Canadian fixed income

     100     2     98     4  

Canadian equities

         20         21  

US equities

         19         20  

International equities

         7         8  

Other (1)

         46         44  

Total

                         100                         100                         100                         100  

1 Assets held by the Canada Revenue Agency in the refundable tax account

Summary of Sensitivity of the Overall Pension Obligation to Changes in the Weighted Principal Assumptions

The sensitivity of the overall pension obligation to changes in the weighted principal assumptions is:

 

     Change in assumption    Impact on overall obligation                

Discount rate

  

Increase by 0.5%

  

Decrease by $2,855

  
  

Decrease by 0.5%

  

Increase by $3,157

  

Salary escalation rate

  

Increase by 0.5%

  

Increase by $8

  
  

Decrease by 0.5%

  

decrease by $14

  
v3.8.0.1
Income tax expense and deferred taxes (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Income Tax Expense (Recovery)

Total income tax expense (recovery) consists of:

 

     December 31, 2017      December 31, 2016  
     $      $  

Current tax expense

     39,232        47,166  

Deferred tax expense (recovery)

     (19,849)        9,039  
     19,383        56,205  
Summary of Income Tax Expense (Recovery) Attributable to Geographical Jurisdiction

Total income tax expense (recovery) attributable to geographical jurisdiction is as follows:

 

     2017      2016  
     $      $  

Turkey

     30,139        64,343  

Greece

     (4,598)        (1,355)  

Brazil

     (1,087)        (4,385)  

Canada

     2,960        (1,428)  

Romania

     (8,026)        (1,053)  

Other jurisdictions

     (5)        83  
                     19,383                        56,205  
Summary of Factors Affecting Income Tax Expense (Recovery)

Factors affecting income tax expense (recovery) for the year:

 

     2017      2016  
     $      $  

Profit from continuing operations before income tax

     792        48,698  

Canadian statutory tax rate

     26%        26%  

Tax expense on net income at Canadian statutory tax rate

     206        12,662  

Items that cause an increase (decrease) in income tax expense:

     

Foreign income subject to different income tax rates than Canada

     (11,792)        (15,695)  

Non-tax effected operating losses

     9,691        19,198  

Non-deductible expenses and other items

     10,002        10,525  

Foreign exchange and other translation adjustments

     6,289        16,048  

Amounts under (over) provided in prior years

     (84)        453  

Investment tax credits

     (226)        (269)  

Withholding tax on foreign income

     5,297        13,283  

Income tax expense

                     19,383                        56,205  
Summary of Change in Net Deferred Tax Position

The change for the year in the Company’s net deferred tax position was as follows:

 

     2017      2016  
Net deferred tax asset (liability)    $      $  

Balance at January 1,

     (443,501)        (607,871)  

Deferred income tax (expense) recovery related to discontinued operations

     -        174,837  

Deferred income tax liability related to Integra acquisition

     (126,903)        -  

Deferred income tax (expense) recovery in the income statement

     19,849        (9,039)  

Deferred tax recovery (expense) in other comprehensive income

     1,428        (1,428)  

Net balance at December 31,

     (549,127)        (443,501)  
Summary of Temporary Difference

The composition of the Company’s net deferred income tax asset and liability and deferred tax expense is as follows:

 

                                 Expense (recovery)  
Type of temporary difference    Deferred tax assets      Deferred tax liabilities      on the income statement  
     2017      2016      2017      2016      2017      2016  
     $      $      $      $      $      $  

Property, plant and equipment

     -        -        592,062        482,530        (33,466      11,200  

Loss carryforwards

     31,457        15,436        -        -        (4,641      (1,603

Liabilities

     24,690        20,864        -        -        (80      (3,496

Investment tax credits

     -        -        -        -        -        5,665  

Other items

     1,997        13,995        15,208        11,266        18,338        (2,727

Balance at December 31,

     58,144        50,295        607,270        493,796        (19,849      9,039  
Summary of Unrecognized Deferred Tax Assets
Unrecognized deferred tax assets    2017      2016       
     $      $       

Tax losses

     167,030        164,100     

Other deductible temporary differences

     11,253        9,968     

Total unrecognized deferred tax assets

                     178,283                        174,068     
Summary of Unrecognized Tax Losses

The gross amount of the tax losses for which a tax benefit has not been recorded expire as follows:

 

Expiry date                Canada                  Brazil                  Greece                      Total       
         $      $      $      $       

2018

       -        -        10,880        10,880     

2019

       -        -        28,934        28,934     

2020

       -        -        26,420        26,420     

2021

       -        -        16,058        16,058     

2022

       -        -        10,638        10,638     

2025

       7,858        -        -        7,858     

2026

       14,839        -        -        14,839     

2027

       10,703        -        -        10,703     

2028

       25,959        -        -        25,959     

2029

       23,444        -        -        23,444     

2030

       7,285        -        -        7,285     

2031

       45,351        -        -        45,351     

2032

       74,871        -        -        74,871     

2033

       64,883        -        -        64,883     

2034

       58,689        -        -        58,689     

2035

       55,266        -        -        55,266     

2036

       50,503        -        -        50,503     

2037

       43,180        -        -        43,180     

No Expiry

     -        33,378        -        33,378     
     482,831        33,378        92,930        609,139     

Capital losses with no expiry

     65,812        -        -        65,812     

Tax effect of total losses not recognized

     134,289        5,791        26,950        167,030     
v3.8.0.1
Share capital (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Share Capital
Voting common shares   

Number of

Shares

    

Total

$

 

At January 1, 2016

     716,587,134        5,319,101  

Capital Reduction

     -        (2,500,000

At December 31, 2016

     716,587,134        2,819,101  

Shares issued upon exercise of share options, for cash

     242,648        586  

Estimated fair value of share options exercised

     -        176  

Shares issued for acquisition of Integra

     77,180,898        188,061  

At December 31, 2017

     794,010,680        3,007,924  
v3.8.0.1
Share-based payments (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Movements in Number of Share Options Outstanding and Weighted Average Exercise Prices

Movements in the number of share options outstanding and their related weighted average exercise prices are as follows:

 

     2017      2016  
     Weighted
average
exercise price
Cdn$
    

Number of

options

     Weighted
average
exercise price
Cdn$
    

Number of

options

 

At January 1,

     7.55        28,896,035        9.97        25,519,434  

Regular options granted

     4.43        5,804,535        3.24        9,101,164  

Exercised

     3.22        (242,648)        -        -  

Forfeited

     13.44        (4,735,349)        11.49        (5,724,563)  

At December 31,

     6.04        29,722,573        7.55        28,896,035  
Summary of Range of Exercise Prices of Outstanding Share Options

At December 31, 2017, 18,583,426 share purchase options (December 31, 2016 – 18,164,617) with a weighted average exercise price of Cdn$7.34 (December 31, 2016 – Cdn$9.64) had vested and were exercisable. Options outstanding are as follows:

 

      December 31, 2017  
      Total options outstanding     Exercisable options  

Range of    

exercise    

price    

Cdn$    

   

Shares  

 

   

Weighted

average

remaining

contractual

life

(years)

   

Weighted

average

exercise

price

Cdn$

   

Shares    

 

   

Weighted  

average  

exercise  

price  

Cdn$  

 
  $3.00 to $3.99       7,835,899         3.1        3.23       2,514,519           3.25    
  $4.00 to $4.99       5,842,935         4.1        4.43       33,333           4.23    
  $5.00 to $5.99       12,247         3.4        5.91       4,082           5.91    
  $6.00 to $6.99       6,916,166         2.1        6.66       6,916,166           6.66    
  $7.00 to $7.99       4,903,752         1.1        7.81       4,903,752           7.81    
  $8.00 to $8.99       45,405         0.3        8.19       45,405           8.19    
  $10.00 to $10.99       4,166,169         0.2        10.42       4,166,169           10.42    
 

 

 

       

 

 

   
          29,722,573         2.3        6.04                 18,583,426           7.34    
 

 

 

       

 

 

   
Summary of Assumptions Used to Estimate the Fair Value of Options Granted

The assumptions used to estimate the fair value of options granted during the years ended December 31, 2017 and 2016 were:

 

     2017          2016      

Risk-free interest rate (range) (%)

     0.70 – 1.05        0.43  

Expected volatility (range) (%)

     60 – 65        55 – 63  

Expected life (range) (years)

     1.80 – 3.80                    1.82 – 3.82  

Expected dividends (CDN$)

     0.02        0.02  

Forfeiture rate (%)

     11.0        11.0  
Summary of Movements in Number of Share Options Outstanding

A summary of the status of the RSU plan and changes during the year is as follows:

 

     2017      2016         

At January 1,

     1,240,174        884,846       

Granted

     936,832        784,203       

Redeemed

     (349,842)        (335,339)       

Forfeited

     (121,068)        (93,536)       

At December 31,

                 1,706,096                    1,240,174       
v3.8.0.1
Supplementary cash flow information (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Change in Cash Flow Information
    

December 31, 2017

$

    

December 31, 2016

$

 

Changes in non-cash working capital

     

Accounts receivable and other

     (2,456)        17,168  

Inventories

     (31,437)        (18,264)  

Accounts payable and accrued liabilities

     (1,862)        33,391  

Total

     (35,755)        32,295  

Supplementary cash flow information

     

Income taxes paid

     42,293        48,653  

Interest paid

     36,750        37,114  
v3.8.0.1
Financial risk management (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Exposure to Various Currencies Denominated in Foreign Currency

The table below summarizes Eldorado’s exposure to the various currencies denominated in the foreign currency, as listed below:

 

(Amounts in thousands)    Canadian
dollar
     Australian
dollar
     Euro      Turkish
lira
     Chinese
renminbi
     Serbian
Dinar
     Romanian
lei
     British
pound
     Brazilian
real
 
Cash and cash equivalents      18,280         482         13,030         4,965         77        4,845         9,730         366         15,991   
Marketable securities      6,286                              -                              
Accounts receivable and other      13,706                24,508         60,111         -        43,157         7,542                12,547   
Accounts payable and accrued liabilities      (30,900)        (42)        (45,751)          (50,099)        -        (9,000)        (6,174)               (5,559)  
Other non-current liability      (1,269)               (6,516)        (17,999)        -                              
Net balance      6,103         444         (14,729)        (3,022)        77        39,002         11,098         366         22,979   
Equivalent in U.S. dollars    $ 4,865       $ 347       $   (17,664)      $ (802)      $ 12      $ 394       $ 2,874       $ 495       $ 6,946   
Summary of Hedge Positions

A summary of the positions are listed below:

 

Metal           Hedged Amount (Tonnes)       PUT ($/tonne)   CALL ($/tonne)   Maturity
Lead   7,668   $2,300   $2,625   Jan 2018 – Jun 2018
Lead   7,668   $2,300   $2,735   Jul 2018 – Dec 2018
                    
Zinc   12,708   $2,850   $3,470   Jan 2018 – Jun 2018
Zinc   12,708 (*)   $2,850   $3,600   Jul 2018 – Dec 2018
v3.8.0.1
Commitments (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Contractual Obligations

The Company’s contractual obligations, not recorded on the balance sheet, at December 31, 2017, include:

 

    

2018

$

    

2019

$

    

2020

$

    

2021 and later

$

 

Leases

     14,953        11,676        10,688        60,958    

Purchase obligations

     47,614        722        100        152    

Totals

             62,567                12,398                10,788                61,110    
v3.8.0.1
Related party transactions (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Compensation Paid or Payable to Key Management

Key management includes directors (executive and non-executive), officers and senior management. The compensation paid or payable to key management for employee services, including amortization of share based payments, is shown below:

 

     2017      2016  
     $      $  

Salaries and other short-term employee benefits

     9,515        8,152  

Defined benefit pension plan

     754        1,350  

Share based payments

     5,920        5,326  
                 16,189                    14,828  
v3.8.0.1
Financial instruments by category (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Carrying Value and Fair Value of Financial Instruments

The following table provides the carrying value and the fair value of financial instruments at December 31, 2017 and December 31, 2016:

 

     December 31, 2017          December 31, 2016  
     Carrying amount      Fair value          Carrying amount      Fair value  
     $      $          $      $  

Financial Assets

             

Available-for-sale

             

  Marketable securities

     5,010        5,010          28,327        28,327  

Loans and receivables

             

  Cash and cash equivalents

     479,501        479,501          883,171        883,171  

  Term deposit

     5,508        5,508          5,292        5,292  

  Restricted cash

     310        310          240        240  

  Accounts receivable and other

     33,627        33,627          32,159        32,159  

  Other assets

     17,517        17,517          1,810        1,810  

Financial Liabilities at amortized cost

             

  Accounts payable and accrued liabilities

     110,651        110,651          90,705        90,705  

  Debt

     593,783        595,698          591,589        609,000  
v3.8.0.1
Production costs (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Product Cost
     2017      2016  
     $      $  

Labour

     52,670        55,223  

Fuel

     23,241        22,405  

Reagents

     40,839        35,292  

Electricity

     12,132        13,991  

Mining contractors

     12,575        16,028  

Operating and maintenance supplies and services

     56,342        45,376  

Site general and administrative costs

     23,621        20,394  

Inventory change

     (36,501)        (19,510)  

Royalties, production taxes and selling expenses

     7,821        5,470  
                 192,740                    194,669  
v3.8.0.1
Earnings per share (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Weighted Average Shares and Adjusted Weighted Average Shares

The weighted average number of ordinary shares for the purposes of diluted earnings per share reconciles to the weighted average number of ordinary shares used in the calculation of basic earnings per share as follows:

 

     2017      2016  

Weighted average number of ordinary shares used in the calculation of basic earnings per share

     753,565        716,587  

Diluted impact of stock options

     -        6  

Weighted average number of ordinary shares used in the calculation of diluted earnings per share

                 753,565                    716,593  
v3.8.0.1
Segment information (Tables)
12 Months Ended
Dec. 31, 2017
Text block1 [abstract]  
Summary of Operating Segments
2017    Turkey      Brazil      Greece      Romania      Other      Canada      Total  
     $      $      $      $      $      $      $  

Information about profit and loss

                    

Metal sales from external customers

     337,907        2,347        51,152        -        -        -        391,406  

Production costs

     145,573        1,824        45,343        -        -        -        192,740  

Inventory write-down

     -        -        444        -        -        -        444  

Depreciation

     71,389        -        466        -        269        6        72,130  

Gross profit (loss)

         120,945                523                4,899                    -            (269)                (6)                126,092  

Other material items of income and expense

                    

Write-down (write-up) of assets

     29,619        (79)        6,661        10,454        42        -        46,697  

Exploration costs

     3,203        4,733        7,512        10,168        6,029        6,616        38,261  

Income tax expense (recovery)

     30,139        (1,087)        (4,603)        (8,026)        1,428        1,532        19,383  

Additions to property, plant and equipment during the period

     65,013        10,029        233,293        2,006        827        35,820        346,988  

Information about assets and liabilities

                    

Property, plant and equipment (*)

     835,422        196,467        2,362,107        415,856        750        416,795        4,227,397  

Goodwill

     -        -        -        -        -        92,591        92,591  
     835,422        196,467        2,362,107        415,856        750        509,386        4,319,988  

Debt

     -        -        -        -        593,783        -        593,783  
2016    Turkey      Brazil      Greece      Romania      Other      Total  
     $      $      $      $      $      $  

Information about profit and loss

                 

Metal sales from external customers

     392,096        -        40,631        -        -        432,727  

Production costs

     159,632        -        35,037        -        -        194,669  

Depreciation

     74,061        -        543        2        281        74,887  

Gross profit (loss)

     158,403        -        5,051        (2)        (281)        163,171  

Other material items of income and expense

                 

Write-down (write-up) of assets

     626        (798)        4,701        -        -        4,529  

Exploration costs

     2,278        3,503        3,091        1,892        8,009        18,773  

Income tax expense (recovery)

     64,343        (4,385)        (1,355)        (1,053)        (1,345)        56,205  

Additions to property, plant and equipment during the period

     65,674        6,057        210,770        15,953        50        298,504  

Information about assets and liabilities

                 

Property, plant and equipment (*)

         885,629            186,606            2,157,822            413,949                1,821            3,645,827  

Debt

     -        -        -        -        591,589        591,589  

* Net of revenues from sale of pre-commercial production and tailings retreatment

v3.8.0.1
Significant Accounting Policies - Summary of Wholly-owned and Partially-owned Subsidiaries (Detail)
12 Months Ended
Dec. 31, 2017
Turkey [member] | Tuprag Metal Madencilik Sanayi ve Ticaret AS ("Tuprag") [member]  
Disclosure of subsidiaries [line items]  
Subsidiary Tüprag Metal Madencilik Sanayi ve Ticaret AS ("Tüprag")
Location Turkey
Ownership interest 100.00%
Status Consolidated
Greece [member] | Hellas Gold SA ("Hellas") [member]  
Disclosure of subsidiaries [line items]  
Subsidiary Hellas Gold SA ("Hellas")
Location Greece
Ownership interest 95.00%
Status Consolidated
Greece [member] | Thracean Gold Mining SA [member]  
Disclosure of subsidiaries [line items]  
Subsidiary Thracean Gold Mining SA
Location Greece
Ownership interest 100.00%
Status Consolidated
Greece [member] | Thrace Minerals SA [member]  
Disclosure of subsidiaries [line items]  
Subsidiary Thrace Minerals SA
Location Greece
Ownership interest 100.00%
Status Consolidated
Canada [member] | Integra Gold Corp [member]  
Disclosure of subsidiaries [line items]  
Subsidiary Integra Gold Corporation
Location Canada
Ownership interest 100.00%
Status Consolidated
Brazil [member] | Unamgen Mineracao e Metalurgia S/A [member]  
Disclosure of subsidiaries [line items]  
Subsidiary Unamgen Mineração e Metalurgia S/A
Location Brazil
Ownership interest 100.00%
Status Consolidated
Brazil [member] | Brazauro Resources Corporation ("Brazauro") [member]  
Disclosure of subsidiaries [line items]  
Subsidiary Brazauro Resources Corporation ("Brazauro")
Location Brazil
Ownership interest 100.00%
Status Consolidated
Romania [member] | Deva Gold SA ("Deva") [member]  
Disclosure of subsidiaries [line items]  
Subsidiary Deva Gold SA ("Deva")
Location Romania
Ownership interest 80.50%
Status Consolidated
v3.8.0.1
Acquisitions and Divestitures - Additional Information (Detail)
$ in Thousands, $ in Millions
6 Months Ended 12 Months Ended
Jul. 10, 2017
USD ($)
Jul. 07, 2017
Dec. 31, 2017
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2017
CAD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2016
CAD ($)
Disclosure of detailed information about business combination [line items]              
Net cash paid       $ 121,664   $ 603  
Proceeds from issuance of flow-through shares         $ 16.6   $ 46.7
Provision     $ 1,900 1,900      
Flow-through share premium liability $ 4,700     0      
Acquisition related costs       4,270      
Net loss before tax       $ 792   $ 48,698  
Integra gold corporation [member]              
Disclosure of detailed information about business combination [line items]              
Date of acquisition       Jul. 10, 2017 Jul. 10, 2017    
Description of arrangement for former shareholders       Under the terms of the Arrangement former Integra shareholders were entitled to receive, at their option, for each Integra share they own either (i) 0.2425 Eldorado shares plus C$0.0001 in cash, (ii) C$1.2125 in cash, in both (i) and (ii) subject to pro ration, or (iii) 0.18188 of an Eldorado share and C$0.30313 in cash Under the terms of the Arrangement former Integra shareholders were entitled to receive, at their option, for each Integra share they own either (i) 0.2425 Eldorado shares plus C$0.0001 in cash, (ii) C$1.2125 in cash, in both (i) and (ii) subject to pro ration, or (iii) 0.18188 of an Eldorado share and C$0.30313 in cash    
Number of shares issued 77,180,898   77,180,898 77,180,898      
Fair value of shares issued $ 188,061   $ 188,061 $ 188,061      
Cash paid 99,823            
Advances as part of consideration 27,046            
Fair value of the existing available-for-sale investment 41,968   41,968 41,968      
Gain on marketable securities 28,363            
Taxes as a reversal of the unrealized gain $ 4,023            
Average foreign exchange rate   0.776          
Goodwill     92,591 92,591      
Goodwill deductible for tax purposes     0 0      
Net cash paid       121,664      
Cash consideration, including advances to Integra     126,869 126,869      
Cash balance     5,205 5,205      
Acquisition related costs       4,270      
Net loss before tax     $ (5,997) $ (18,173)      
v3.8.0.1
Acquisitions and Divestitures - Summary of Preliminary Allocation of Purchase Price (Detail) - USD ($)
$ in Thousands
Dec. 31, 2017
Jul. 10, 2017
Dec. 31, 2015
Net assets acquired:      
Goodwill $ 92,591   $ 50,276
Deferred income taxes (126,903)    
Integra gold corporation [member]      
Disclosure of detailed information about business combination [line items]      
77,180,898 common shares of shares of Eldorado at C$3.14/share 188,061 $ 188,061  
Cash consideration including advances 126,869    
Fair value of existing available-for-sale investment in Integra by Eldorado 41,968 $ 41,968  
Total Consideration 356,898    
Net assets acquired:      
Cash and cash equivalents 5,205    
Marketable securities 2,857    
Accounts receivable and other 5,920    
Inventories 2,471    
Other assets 3,495    
Property, plant and equipment 393,647    
Goodwill 92,591    
Accounts payable and accrued liabilities (8,028)    
Flow-through share premium liability (4,722)    
Other liabilities (9,635)    
Deferred income taxes (126,903)    
Total $ 356,898    
v3.8.0.1
Acquisitions and Divestitures - Summary of Preliminary Allocation of Purchase Price (Parenthetical) (Detail) - Integra gold corporation [member]
12 Months Ended
Dec. 31, 2017
$ / shares
Jul. 10, 2017
Disclosure of detailed information about business combination [line items]    
Number of common shares issued 77,180,898 77,180,898
Share price $ 3.14  
v3.8.0.1
Acquisitions and Divestitures - Sale of China Business - Additional Information (Detail) - USD ($)
$ in Thousands
12 Months Ended
May 16, 2016
Apr. 26, 2016
Dec. 31, 2017
Dec. 31, 2016
Disclosure of detailed information about business combination [line items]        
Net loss from discontinued operations     $ (2,797) $ (339,369)
China Business [member]        
Disclosure of detailed information about business combination [line items]        
Net loss from discontinued operations       (339,369)
Loss on sale of assets held for sale       $ (351,234)
Working capital adjustment     $ 2,800  
China Business [member] | Jinfeng [member]        
Disclosure of detailed information about business combination [line items]        
Percentage of interests in a subsidiary   82.00%    
Proceeds from sale of interests in subsidiary   $ 300,000    
China Business [member] | White Mountain, Tanjianshan and Eastern Dragon [member]        
Disclosure of detailed information about business combination [line items]        
Proceeds from sale of interests in subsidiary $ 600,000      
v3.8.0.1
Sale of China Business - Summary of Discontinued Operations (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Disclosure of Discontinued Operations [line items]    
Net loss from discontinued operations $ (2,797) $ (339,369)
China Business [member]    
Disclosure of Discontinued Operations [line items]    
Revenue   217,511
Production costs   144,590
Depreciation and amortization   19,067
Gross profit   53,854
Exploration expenses   1,257
General and administrative expenses   20,999
Foreign exchange loss   306
Operating profit   31,292
Interest and financing costs   169
Asset retirement obligation accretion   356
Other expense   2,713
Profit from discontinued operations before income tax   28,054
Income tax expense   16,189
Profit (loss) from discontinued operations   11,865
Loss on sale of assets held for sale   351,234
Net loss from discontinued operations   $ (339,369)
v3.8.0.1
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Detail) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Cash and cash equivalents [abstract]      
Cash at bank and on hand $ 293,437 $ 282,021  
Short-term bank deposits 186,064 601,150  
Cash and cash equivalents $ 479,501 $ 883,171 $ 288,189
v3.8.0.1
Accounts Receivable and Other - Summary of Accounts Receivable and Other (Detail) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Trade and other current receivables [abstract]    
Trade receivables $ 7,746 $ 11,053
Value added and other taxes recoverable 44,717 22,156
Other receivables and advances 7,134 8,208
Prepaid expenses and deposits 18,747 12,898
Accounts receivable and other $ 78,344 $ 54,315
v3.8.0.1
Inventories - Summary of Inventories (Detail) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Classes of current inventories [abstract]    
Ore stockpiles $ 3,297 $ 2,715
In-process inventory and finished goods 96,651 50,195
Materials and supplies 68,896 67,920
Inventories $ 168,844 $ 120,830
v3.8.0.1
Inventories - Additional Information (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Classes of current inventories [abstract]    
Cost of materials and supplies consumed $ 120,422 $ 103,073
Inventory write-down $ 444 $ 0
v3.8.0.1
Investment in Subsidiaries - Summary of Non-controlling Interests in Subsidiaries (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Disclosure of subsidiaries [line items]    
Current assets $ 737,517 $ 1,092,175
Current liabilities (114,140) (90,705)
Carrying amount of NCI 79,940 88,786
Net loss (21,388) (346,876)
Total comprehensive loss (35,566) (333,476)
Loss allocated to NCI (11,453) (2,725)
Net increase (decrease) in cash and cash equivalents $ (403,670) $ 594,982
Hellas Gold SA ("Hellas") [member]    
Disclosure of subsidiaries [line items]    
NCI percentage 5.00% 5.00%
Current assets $ 72,454 $ 80,251
Non-current assets 2,143,089 1,978,622
Current liabilities (1,113,471) (950,131)
Non-current liabilities (291,447) (298,488)
Net assets 810,625 810,254
Carrying amount of NCI 31,732 33,553
Revenue 51,152 40,631
Net loss (62,365) (67,712)
Total comprehensive loss (62,365) (67,712)
Loss allocated to NCI (3,118) (3,386)
Dividends paid to NCI 0 0
Cash flows from operating activities (9,253) (52,588)
Cash flows from investing activities (181,116) (208,031)
Cash flows from financing activities 172,431 288,982
Net increase (decrease) in cash and cash equivalents $ (17,938) $ 28,363
Deva Gold SA ("Deva") [member]    
Disclosure of subsidiaries [line items]    
NCI percentage 19.50% 19.50%
Current assets $ 4,958 $ 4,613
Non-current assets 413,989 412,082
Current liabilities (234,386) (189,548)
Non-current liabilities (43,623) (43,577)
Net assets 140,938 183,570
Carrying amount of NCI 46,919 55,233
Revenue 0 0
Net loss (42,632) (5,553)
Total comprehensive loss (42,632) (5,553)
Loss allocated to NCI (8,314) (1,289)
Dividends paid to NCI 0 0
Cash flows from operating activities (51,328) (6,037)
Cash flows from investing activities (2,007) (15,952)
Cash flows from financing activities 53,007 22,799
Net increase (decrease) in cash and cash equivalents $ (328) $ 810
v3.8.0.1
Investment in Subsidiaries - Additional Information (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Disclosure of subsidiaries [line items]    
Profit (loss) allocated to non-controlling interests $ (11,453) $ (2,725)
Non-Material Subsidiaries [member]    
Disclosure of subsidiaries [line items]    
Profit (loss) allocated to non-controlling interests $ (21) $ 1,950
v3.8.0.1
Other Assets - Summary of Other Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Miscellaneous non-current assets [abstract]    
Restricted credit card deposits $ 43 $ 38
Prepaid loan costs (note 14(a)) 1,272 1,772
Restricted cash 9,743  
Environmental guarantee deposits 2,831  
Prepaid forestry fees 3,628  
Long-term value added and other taxes recoverable 5,385 46,487
Other assets $ 22,902 $ 48,297
v3.8.0.1
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment $ 3,645,827 $ 4,747,759
Beginning balance 3,645,827 4,747,759
Ending balance 4,227,397 3,645,827
Land and buildings [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment 125,905 274,986
Beginning balance 125,905 274,986
Ending balance 142,497 125,905
Plant and equipment [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment 710,307 911,093
Beginning balance 710,307 911,093
Ending balance 745,590 710,307
Capital works in progress [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment 137,189 159,659
Beginning balance 137,189 159,659
Ending balance 52,088 137,189
Mineral properties and leases [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment 2,594,931 3,331,001
Beginning balance 2,594,931 3,331,001
Ending balance 3,200,191 2,594,931
Capitalized Evaluation [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment 77,495 71,020
Beginning balance 77,495 71,020
Ending balance 87,031 77,495
Cost [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment 5,678,378 7,150,918
Beginning balance 5,678,378 7,150,918
Additions/transfers 349,090 330,979
Aquisition of Integra 393,647  
Sale of China Business   (1,801,061)
Proceeds on pre-commercial production and tailings retreatment (38,200) (3,708)
Other movements (2,578) 9,294
Disposals (33,323) (8,044)
Ending balance 6,347,014 5,678,378
Cost [member] | Land and buildings [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment 164,540 406,891
Beginning balance 164,540 406,891
Additions/transfers 12,322 24,121
Aquisition of Integra 4,820  
Sale of China Business   (266,878)
Other movements 4,251 1,084
Disposals (10) (678)
Ending balance 185,923 164,540
Cost [member] | Plant and equipment [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment 1,416,948 1,732,066
Beginning balance 1,416,948 1,732,066
Additions/transfers 115,684 62,050
Aquisition of Integra 3,646  
Sale of China Business   (376,571)
Other movements (2,325) 2,088
Disposals (2,313) (2,685)
Ending balance 1,531,640 1,416,948
Cost [member] | Capital works in progress [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment 141,922 164,392
Beginning balance 141,922 164,392
Additions/transfers (42,933) 2,577
Sale of China Business   (24,712)
Other movements (12,336) (335)
Disposals (29,832)  
Ending balance 56,821 141,922
Cost [member] | Mineral properties and leases [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment 3,877,473 4,776,549
Beginning balance 3,877,473 4,776,549
Additions/transfers 254,481 235,756
Aquisition of Integra 385,181  
Sale of China Business   (1,132,900)
Proceeds on pre-commercial production and tailings retreatment (38,200) (3,708)
Other movements 7,832 6,457
Disposals (1,168) (4,681)
Ending balance 4,485,599 3,877,473
Cost [member] | Capitalized Evaluation [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment 77,495 71,020
Beginning balance 77,495 71,020
Additions/transfers 9,536 6,475
Ending balance 87,031 77,495
Depreciation and impairment losses [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment (2,032,551) (2,403,159)
Beginning balance (2,032,551) (2,403,159)
Depreciation for the year (86,237) (99,667)
Sale of China Business   471,652
Other movements (2,514) (3,369)
Disposals 1,685 1,992
Ending balance (2,119,617) (2,032,551)
Depreciation and impairment losses [member] | Land and buildings [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment (38,635) (131,905)
Beginning balance (38,635) (131,905)
Depreciation for the year (4,245) (12,000)
Sale of China Business   105,536
Other movements (546) (274)
Disposals   8
Ending balance (43,426) (38,635)
Depreciation and impairment losses [member] | Plant and equipment [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment (706,641) (820,973)
Beginning balance (706,641) (820,973)
Depreciation for the year (79,044) (78,847)
Sale of China Business   193,106
Other movements (2,048) (1,198)
Disposals 1,683 1,271
Ending balance (786,050) (706,641)
Depreciation and impairment losses [member] | Capital works in progress [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment (4,733) (4,733)
Beginning balance (4,733) (4,733)
Ending balance (4,733) (4,733)
Depreciation and impairment losses [member] | Mineral properties and leases [member]    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment (1,282,542) (1,445,548)
Beginning balance (1,282,542) (1,445,548)
Depreciation for the year (2,948) (8,820)
Sale of China Business   173,010
Other movements 80 (1,897)
Disposals 2 713
Ending balance $ (1,285,408) $ (1,282,542)
v3.8.0.1
Property, Plant and Equipment - Additional Information (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Disclosure of detailed information about property, plant and equipment [abstract]    
Capitalized interest $ 36,750 $ 31,680
Write-down of assets 46,697 $ 4,529
Equipment sold or written down to its estimated recoverable amounts 29,800  
Cost incurred for write-down of previously impaired assets $ 16,700  
v3.8.0.1
Property, Plant and Equipment - Summary of Key Assumptions Used for Assessing Recoverable Amount of Company's CGUs Versus Carrying Values (Detail) - Individual assets or cash-generating units [member]
12 Months Ended
Dec. 31, 2017
$ / oz
$ / lb
Disclosure of detailed information about property, plant and equipment [line items]  
Gold price | $ / oz 1,300
Silver price | $ / oz 18
Lead price 1.09
Zinc price 1.27
Copper price 2.80
Bottom of range [member]  
Disclosure of detailed information about property, plant and equipment [line items]  
Discount rate 5.00%
Top of range [member]  
Disclosure of detailed information about property, plant and equipment [line items]  
Discount rate 8.00%
v3.8.0.1
Goodwill - Summary of Goodwill (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Disclosure of reconciliation of changes in goodwill [abstract]    
Beginning balance   $ 50,276
Acquired during the year $ 92,591  
Disposal due to sale   $ (50,276)
Ending balance $ 92,591  
v3.8.0.1
Goodwill - Additional Information (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Changes in goodwill [abstract]    
Goodwill recognized $ 92,591  
Goodwill impairment $ 0 $ 0
v3.8.0.1
Goodwill - Summary of Key Assumptions Used for Assessing the Recoverable Amount of Goodwil (Detail) - Goodwill [member]
12 Months Ended
Dec. 31, 2017
$ / oz
Disclosure Of Cash Flow Statement [Line Items]  
Gold price 1,300
Discount rate 7.00%
Bottom of range [member]  
Disclosure Of Cash Flow Statement [Line Items]  
Silver price 16
Top of range [member]  
Disclosure Of Cash Flow Statement [Line Items]  
Silver price 18
v3.8.0.1
Accounts Payable and Accrued Liabilities - Summary of Accounts Payable and Accrued Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Trade and other current payables [abstract]    
Trade payables $ 60,081 $ 43,712
Taxes payable 213 243
Accrued expenses 50,357 46,750
Accounts payable and accrued liabilities $ 110,651 $ 90,705
v3.8.0.1
Debt - Additional Information (Detail)
$ in Thousands
1 Months Ended 12 Months Ended
Jun. 30, 2016
USD ($)
Dec. 10, 2012
USD ($)
Jun. 30, 2016
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Nov. 30, 2012
USD ($)
Disclosure Of Borrowings [Line Items]            
Net Debt to EBITDA ratio       0.9 (1.7)  
Revolving credit facility [member]            
Disclosure Of Borrowings [Line Items]            
Borrowings           $ 375,000
Current net leverage ratio       0.9    
LIBOR interest plus margin       2.00%    
Loan undrawn standby fee       0.50%    
Loan undrawn standby fee paid $ 2,031          
Prepaid loan cost       $ 1,272 $ 1,772  
Revolving credit facility [member] | Amended and restated credit agreement [member]            
Disclosure Of Borrowings [Line Items]            
Borrowings 250,000   $ 250,000      
Additional borrowing capacity $ 100,000   $ 100,000      
Borrowings maturity     Jun. 13, 2020      
Aggregate unsecured indebtedness       850,000    
Secured indebtedness incurred       200,000    
Unsecured indebtedness       $ 150,000    
Net Debt to EBITDA ratio       3.5    
Minimum EBITDA to Interest ratio       3    
Loan undrawn standby fee paid       $ 0    
Senior notes [member]            
Disclosure Of Borrowings [Line Items]            
Borrowings maturity   Dec. 15, 2020        
Senior notes issued   $ 589,500        
Notes issued at par value   $ 600,000        
Notes issued coupon rate   6.125%        
Principal amount notes redemption price       At any time prior to December 15, 2016 at a redemption price equal to 100% of the aggregate principal amount of the notes at the treasury yield plus 50 basis points, and any accrued and unpaid interest    
Fair market value of notes issued       $ 596,000    
Deferred financing cost       $ 6,217 $ 8,411  
v3.8.0.1
Debt - Summary of Debt (Detail) - Senior notes [member]
12 Months Ended
Dec. 31, 2017
December 15, 2017 [member]  
Disclosure of financial liabilities [line items]  
Percentage of principal amount notes redeemed 101.531%
2018 and thereafter [member]  
Disclosure of financial liabilities [line items]  
Percentage of principal amount notes redeemed 100.00%
v3.8.0.1
Asset Retirement Obligations - Summary of Asset Retirement Obligations (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Disclosure of asset retirement obligations [line items]    
Beginning Balance $ 89,778  
Acquired during the year 9,453  
Accretion during the year 2,006  
Revisions to estimate of obligation 1,544  
Settlements (3,097)  
Ending Balance 99,684  
Less: Current portion (3,489)  
Long term portion 96,195 $ 89,778
Estimated undiscounted amount 139,591  
Greece [member]    
Disclosure of asset retirement obligations [line items]    
Beginning Balance 48,131  
Accretion during the year 1,025  
Revisions to estimate of obligation 1,112  
Settlements (2,807)  
Ending Balance 47,461  
Less: Current portion (3,489)  
Long term portion 43,972  
Estimated undiscounted amount 71,591  
Brazil [member]    
Disclosure of asset retirement obligations [line items]    
Beginning Balance 4,092  
Accretion during the year 32  
Revisions to estimate of obligation (80)  
Ending Balance 4,044  
Long term portion 4,044  
Estimated undiscounted amount 4,117  
Turkey [member]    
Disclosure of asset retirement obligations [line items]    
Beginning Balance 36,196  
Accretion during the year 913  
Revisions to estimate of obligation 502  
Settlements (290)  
Ending Balance 37,321  
Long term portion 37,321  
Estimated undiscounted amount 49,257  
Romania [member]    
Disclosure of asset retirement obligations [line items]    
Beginning Balance 1,359  
Accretion during the year 36  
Revisions to estimate of obligation 10  
Ending Balance 1,405  
Long term portion 1,405  
Estimated undiscounted amount 2,340  
Canada [member]    
Disclosure of asset retirement obligations [line items]    
Acquired during the year 9,453  
Ending Balance 9,453  
Long term portion 9,453  
Estimated undiscounted amount $ 12,286  
v3.8.0.1
Asset Retirement Obligations - Summary of Present Value of Estimated Future Net Cash Outflows (Detail)
Dec. 31, 2017
Dec. 31, 2016
Greece [member] | Bottom of range [member]    
Disclosure of asset retirement obligations [line items]    
Inflation rate 2.00% 2.00%
Discount rate 1.50% 1.50%
Greece [member] | Top of range [member]    
Disclosure of asset retirement obligations [line items]    
Inflation rate 2.20% 2.40%
Discount rate 3.00% 3.00%
Brazil [member]    
Disclosure of asset retirement obligations [line items]    
Discount rate 1.80% 0.80%
Brazil [member] | Bottom of range [member]    
Disclosure of asset retirement obligations [line items]    
Inflation rate 2.00% 2.00%
Brazil [member] | Top of range [member]    
Disclosure of asset retirement obligations [line items]    
Inflation rate 2.20% 2.40%
Turkey [member] | Bottom of range [member]    
Disclosure of asset retirement obligations [line items]    
Inflation rate 2.00% 2.00%
Discount rate 2.30% 2.30%
Turkey [member] | Top of range [member]    
Disclosure of asset retirement obligations [line items]    
Inflation rate 2.20% 2.40%
Discount rate 2.50% 2.50%
Romania [member]    
Disclosure of asset retirement obligations [line items]    
Discount rate 2.70% 2.70%
Romania [member] | Bottom of range [member]    
Disclosure of asset retirement obligations [line items]    
Inflation rate 2.00% 2.00%
Romania [member] | Top of range [member]    
Disclosure of asset retirement obligations [line items]    
Inflation rate 2.20% 2.40%
Canada [member] | Bottom of range [member]    
Disclosure of asset retirement obligations [line items]    
Inflation rate 2.00%  
Discount rate 2.30%  
Canada [member] | Top of range [member]    
Disclosure of asset retirement obligations [line items]    
Inflation rate 2.20%  
Discount rate 2.50%  
v3.8.0.1
Asset Retirement Obligations - Additional Information (Detail) - Greece [member]
€ in Millions
12 Months Ended
Dec. 31, 2017
EUR (€)
50.0 million Letter of Credit [member]  
Disclosure of asset retirement obligations [line items]  
Letter of guarantee € 50.0
Letter of guarantee annual fee 0.57%
Letter of guarantee expiration date Jul. 26, 2026
7.5 million Letter of Guarantee [member]  
Disclosure of asset retirement obligations [line items]  
Letter of guarantee € 7.5
Letter of guarantee annual fee 0.45%
Letter of guarantee expiration date Jul. 26, 2026
v3.8.0.1
Defined Benefit Plans - Summary of Defined Benefit Plans (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Balance sheet obligations (asset) for:    
Pension Plan $ 13,599 $ 10,882
Supplemental Pension Plan (9,919) (11,620)
Income statement charge for:    
Defined benefit pension plan expense 3,451 5,602
Actuarial losses (gains) recognised in the statement of other comprehensive income in the period (before tax) 3,121 1,188
Cumulative actuarial losses recognised in the statement of other comprehensive income (before tax) 18,641 15,520
Defined Benefit Pension Plans [member]    
Income statement charge for:    
Defined benefit pension plan expense 2,841 4,409
Supplemental pension plan [member]    
Income statement charge for:    
Defined benefit pension plan expense $ 610 $ 1,193
v3.8.0.1
Defined benefit plans - Additional Information (Detail)
$ in Thousands
12 Months Ended
Dec. 31, 2018
USD ($)
Dec. 31, 2017
USD ($)
Pension_Plan
Dec. 31, 2016
USD ($)
Disclosure of defined benefit plans [line items]      
Number of defined benefit pension plans | Pension_Plan   2  
Refundable tax of percentage of gain on defined benefit pension plans   50.00%  
Actual return on plan assets   $ 1,416 $ 3,801
Plan assets [member]      
Disclosure of defined benefit plans [line items]      
Contributions by employer   1,415 1,728
Benefit payments   (1,542) (471)
Defined Benefit Pension Plans [member] | Plan assets [member]      
Disclosure of defined benefit plans [line items]      
Contributions by employer   219  
Benefit payments   (57) (26)
Supplemental pension plan [member] | Plan assets [member]      
Disclosure of defined benefit plans [line items]      
Contributions by employer   1,196 1,728
Benefit payments   $ (1,485) $ (445)
Canadian Pension Plan [member] | Defined Benefit Pension Plans [member]      
Disclosure of defined benefit plans [line items]      
Contributions by employer $ 67    
Canadian Pension Plan [member] | Supplemental pension plan [member]      
Disclosure of defined benefit plans [line items]      
Contributions by employer $ 510    
v3.8.0.1
Defined Benefit Plans - Summary of Amounts Recognised in the Balance Sheet for All Pension Plans (Detail) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Disclosure of defined benefit plans [line items]    
Present value of obligations $ 59,984 $ 50,622
Fair value of plan assets (56,304) (51,360)
Liability (asset) on balance sheet 3,680 (738)
Defined Benefit Pension Plans [member]    
Disclosure of defined benefit plans [line items]    
Present value of obligations 16,028 12,936
Fair value of plan assets (2,429) (2,054)
Liability (asset) on balance sheet 13,599 10,882
Supplemental pension plan [member]    
Disclosure of defined benefit plans [line items]    
Present value of obligations 43,956 37,686
Fair value of plan assets (53,875) (49,306)
Liability (asset) on balance sheet $ (9,919) $ (11,620)
v3.8.0.1
Defined Benefit Plans - Summary of Movement in the Defined Benefit Obligation Over the Year (Detail) - Present value of defined benefit obligation [member] - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Disclosure of net defined benefit liability (asset) [line items]    
Beginning Balance $ 50,622 $ 40,253
Current service cost 2,979 2,003
Past service cost 414 3,687
Interest cost 2,128 1,816
Actuarial loss (gain) 2,682 2,384
Benefit payments (2,545) (471)
Exchange (gain) loss 3,704 950
Ending Balance 59,984 50,622
Defined Benefit Pension Plans [member]    
Disclosure of net defined benefit liability (asset) [line items]    
Beginning Balance 12,936 8,688
Current service cost 2,102 520
Past service cost 206 3,494
Interest cost 620 476
Actuarial loss (gain) 292 445
Benefit payments (1,060) (26)
Exchange (gain) loss 932 (661)
Ending Balance 16,028 12,936
Supplemental pension plan [member]    
Disclosure of net defined benefit liability (asset) [line items]    
Beginning Balance 37,686 31,565
Current service cost 877 1,483
Past service cost 208 193
Interest cost 1,508 1,340
Actuarial loss (gain) 2,390 1,939
Benefit payments (1,485) (445)
Exchange (gain) loss 2,772 1,611
Ending Balance $ 43,956 $ 37,686
v3.8.0.1
Defined Benefit Plans - Summary of Movement in the Fair Value of Plan Assets of the Year (Detail) - Plan assets [member] - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Disclosure of fair value of plan assets [line items]    
Beginning Balance $ 51,360 $ 44,984
Interest income on plan assets 2,069 1,904
Actuarial gain (loss) (439) (1,196)
Contributions by employer 1,415 1,728
Benefit payments (1,542) (471)
Exchange gain 3,441 4,411
Ending Balance 56,304 51,360
Defined Benefit Pension Plans [member]    
Disclosure of fair value of plan assets [line items]    
Beginning Balance 2,054 1,968
Interest income on plan assets 86 81
Actuarial gain (loss) (55) (32)
Contributions by employer 219  
Benefit payments (57) (26)
Exchange gain 182 63
Ending Balance 2,429 2,054
Supplemental pension plan [member]    
Disclosure of fair value of plan assets [line items]    
Beginning Balance 49,306 43,016
Interest income on plan assets 1,983 1,823
Actuarial gain (loss) (384) (1,164)
Contributions by employer 1,196 1,728
Benefit payments (1,485) (445)
Exchange gain 3,259 4,348
Ending Balance $ 53,875 $ 49,306
v3.8.0.1
Defined Benefit Plans - Summary of Amounts Recognised in the Income Statement (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Disclosure of net defined benefit liability (asset) [line items]    
Current service cost $ 2,979 $ 2,003
Interest cost 2,128 1,816
Past Service Cost 414 3,687
Expected return on plan assets (2,070) (1,904)
Defined benefit plans expense 3,451 5,602
Defined Benefit Pension Plans [member]    
Disclosure of net defined benefit liability (asset) [line items]    
Current service cost 2,102 520
Interest cost 620 476
Past Service Cost 206 3,494
Expected return on plan assets (87) (81)
Defined benefit plans expense 2,841 4,409
Supplemental pension plan [member]    
Disclosure of net defined benefit liability (asset) [line items]    
Current service cost 877 1,483
Interest cost 1,508 1,340
Past Service Cost 208 193
Expected return on plan assets (1,983) (1,823)
Defined benefit plans expense $ 610 $ 1,193
v3.8.0.1
Defined Benefit Plans - Summary of Principal Actuarial Assumptions (Detail)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Supplemental pension plan [member]    
Disclosure of defined benefit plans [line items]    
Expected return on plan assets   3.90%
Discount rate - beginning of year 3.90% 4.00%
Discount rate - end of year   3.90%
Rate of salary escalation   2.00%
Average remaining service period of active employees expected to receive benefits   7 years 1 month 6 days
Greece [member] | Defined Benefit Pension Plans [member]    
Disclosure of defined benefit plans [line items]    
Discount rate - beginning of year 1.60% 2.00%
Discount rate - end of year 1.70% 1.60%
Rate of salary escalation 2.80% 2.80%
Turkey [member] | Defined Benefit Pension Plans [member]    
Disclosure of defined benefit plans [line items]    
Discount rate - beginning of year 10.50% 10.50%
Discount rate - end of year 11.00% 10.50%
Rate of salary escalation 6.50% 6.00%
Canada [member] | Defined Benefit Pension Plans [member]    
Disclosure of defined benefit plans [line items]    
Expected return on plan assets 3.90% 3.90%
Discount rate - beginning of year 3.90% 4.00%
Discount rate - end of year 3.40% 3.90%
Rate of salary escalation 2.00% 2.00%
Average remaining service period of active employees expected to receive benefits 8 years 2 months 12 days 7 years 1 month 6 days
Canada [member] | Supplemental pension plan [member]    
Disclosure of defined benefit plans [line items]    
Expected return on plan assets 3.90%  
Discount rate - beginning of year 3.90%  
Discount rate - end of year 3.40% 3.90%
Rate of salary escalation 2.00%  
Average remaining service period of active employees expected to receive benefits 8 years 2 months 12 days  
v3.8.0.1
Defined Benefit Plans - Summary of Defined Benefit Plans' Weighted Average Asset Allocation Percentages by Asset Category (Detail)
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Defined Benefit Pension Plans [member]    
Investment funds    
Money market 0.00% 2.00%
Canadian fixed income 100.00% 98.00%
Total 100.00% 100.00%
Supplemental pension plan [member]    
Investment funds    
Money market 6.00% 3.00%
Canadian fixed income 2.00% 4.00%
Other 46.00% 44.00%
Total 100.00% 100.00%
Supplemental pension plan [member] | Canada [member]    
Investment funds    
Equities 20.00% 21.00%
Supplemental pension plan [member] | UNITED STATES    
Investment funds    
Equities 19.00% 20.00%
Supplemental pension plan [member] | Other jurisdictions [member]    
Investment funds    
Equities 7.00% 8.00%
v3.8.0.1
Defined Benefit Plans - Summary of Sensitivity of the Overall Pension Obligation to Changes in the Weighted Principal Assumptions (Detail)
$ in Thousands
Dec. 31, 2017
USD ($)
Discount rate [member]  
Disclosure of sensitivity analysis for actuarial assumptions [line items]  
Impact on overall obligation, due to 0.5 % increase in actuarial assumption $ (2,855)
Impact on overall obligation, due to 0.5 % decrease in actuarial assumption $ 3,157
Change in assumption, increase 0.50%
Change in assumption, decrease 0.50%
Salary escalation rate [member]  
Disclosure of sensitivity analysis for actuarial assumptions [line items]  
Impact on overall obligation, due to 0.5 % increase in actuarial assumption $ 8
Impact on overall obligation, due to 0.5 % decrease in actuarial assumption $ (14)
Change in assumption, increase 0.50%
Change in assumption, decrease 0.50%
v3.8.0.1
Income Tax Expense and Deferred Taxes - Summary of Income Tax Expense (Recovery) (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Major components of tax expense (income) [abstract]    
Current tax expense $ 39,232 $ 47,166
Deferred tax expense (recovery) (19,849) 9,039
Income tax expense $ 19,383 $ 56,205
v3.8.0.1
Income Tax Expense and Deferred Taxes - Summary of Income Tax Expense (Recovery) Attributable to Geographical Jurisdiction (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Disclosure of geographical areas [line items]    
Income tax expense (recovery) $ 19,383 $ 56,205
Turkey [member]    
Disclosure of geographical areas [line items]    
Income tax expense (recovery) 30,139 64,343
Greece [member]    
Disclosure of geographical areas [line items]    
Income tax expense (recovery) (4,598) (1,355)
Brazil [member]    
Disclosure of geographical areas [line items]    
Income tax expense (recovery) (1,087) (4,385)
Canada [member]    
Disclosure of geographical areas [line items]    
Income tax expense (recovery) 2,960 (1,428)
Romania [member]    
Disclosure of geographical areas [line items]    
Income tax expense (recovery) (8,026) (1,053)
Other jurisdictions [member]    
Disclosure of geographical areas [line items]    
Income tax expense (recovery) $ (5) $ 83
v3.8.0.1
Income Tax Expense and Deferred Taxes - Summary of Factors Affecting Income Tax Expense (Recovery) (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Reconciliation of accounting profit multiplied by applicable tax rates [abstract]    
Profit from continuing operations before income tax $ 792 $ 48,698
Canadian statutory tax rate 26.00% 26.00%
Tax expense on net income at Canadian statutory tax rate $ 206 $ 12,662
Foreign income subject to different income tax rates than Canada (11,792) (15,695)
Non-tax effected operating losses 9,691 19,198
Non-deductible expenses and other items 10,002 10,525
Foreign exchange and other translation adjustments 6,289 16,048
Amounts under (over) provided in prior years (84) 453
Investment tax credits (226) (269)
Withholding tax on foreign income 5,297 13,283
Income tax expense $ 19,383 $ 56,205
v3.8.0.1
Income Tax Expense and Deferred Taxes - Summary of Change in Net Deferred Tax Position (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Net deferred tax asset (liability)    
Beginning balance $ (443,501) $ (607,871)
Deferred income tax (expense) recovery related to discontinued operations   174,837
Deferred income tax liability related to Integra acquisition (126,903)  
Deferred income tax (expense) recovery in the income statement 19,849 (9,039)
Deferred tax recovery (expense) in other comprehensive income 1,428 (1,428)
Ending balance $ (549,127) $ (443,501)
v3.8.0.1
Income Tax Expense and Deferred Taxes - Summary of Temporary Difference (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax assets $ 58,144 $ 50,295
Deferred tax liabilities 607,270 493,796
Expense (recovery) on the income statement (19,849) 9,039
Property, plant and equipment [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax liabilities 592,062 482,530
Expense (recovery) on the income statement (33,466) 11,200
Loss carryforwards [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax assets 31,457 15,436
Expense (recovery) on the income statement (4,641) (1,603)
Liabilities [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax assets 24,690 20,864
Expense (recovery) on the income statement (80) (3,496)
Investment tax credits [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Expense (recovery) on the income statement   5,665
Other items [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax assets 1,997 13,995
Deferred tax liabilities 15,208 11,266
Expense (recovery) on the income statement $ 18,338 $ (2,727)
v3.8.0.1
Income Tax Expense and Deferred Taxes - Summary of Unrecognized Deferred Tax Assets (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Unrecognized deferred tax assets    
Tax losses $ 167,030 $ 164,100
Other deductible temporary differences 11,253 9,968
Total unrecognized deferred tax assets $ 178,283 $ 174,068
v3.8.0.1
Income Tax Expense and Deferred Taxes - Additional Information (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Major components of tax expense income [line items]    
Tax effect of total losses not recognized $ 167,030 $ 164,100
Deductible temporary differences for which deferred tax assets have not been recognized 11,253 9,968
Temporary differences associated with investments in subsidiaries 788,137 $ 782,803
Turkey [member]    
Major components of tax expense income [line items]    
Increase in deferred income tax expense due to exchange difference $ 6,530  
v3.8.0.1
Income Tax Expense and Deferred Taxes - Summary of Unrecognized Tax Losses (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Tax effect of total losses not recognized $ 167,030 $ 164,100
Canada [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Tax effect of total losses not recognized 134,289  
Brazil [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Tax effect of total losses not recognized 5,791  
Greece [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Tax effect of total losses not recognized 26,950  
2018 [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 10,880  
2018 [member] | Greece [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 10,880  
2019 [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 28,934  
2019 [member] | Greece [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 28,934  
2020 [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 26,420  
2020 [member] | Greece [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 26,420  
2021 [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 16,058  
2021 [member] | Greece [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 16,058  
2022 [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 10,638  
2022 [member] | Greece [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 10,638  
2025 [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 7,858  
2025 [member] | Canada [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 7,858  
2026 [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 14,839  
2026 [member] | Canada [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 14,839  
2027 [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 10,703  
2027 [member] | Canada [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 10,703  
2028 [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 25,959  
2028 [member] | Canada [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 25,959  
2029 [Member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 23,444  
2029 [Member] | Canada [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 23,444  
2030 [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 7,285  
2030 [member] | Canada [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 7,285  
2031 [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 45,351  
2031 [member] | Canada [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 45,351  
2032 [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 74,871  
2032 [member] | Canada [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 74,871  
2033 [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 64,883  
2033 [member] | Canada [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 64,883  
2034 [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 58,689  
2034 [member] | Canada [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 58,689  
2035 [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 55,266  
2035 [member] | Canada [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 55,266  
2036 [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 50,503  
2036 [member] | Canada [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 50,503  
2037 [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 43,180  
2037 [member] | Canada [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 43,180  
No Expiry [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 33,378  
No Expiry [member] | Brazil [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 33,378  
Tax losses carried forward [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 609,139  
Tax losses carried forward [member] | Canada [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 482,831  
Tax losses carried forward [member] | Brazil [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 33,378  
Tax losses carried forward [member] | Greece [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 92,930  
Capital losses with no expiry [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses 65,812  
Capital losses with no expiry [member] | Canada [member]    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Gross amount of the tax losses $ 65,812  
v3.8.0.1
Share Capital - Additional Information (Detail) - shares
Dec. 31, 2017
Dec. 31, 2016
Non voting shares [member]    
Disclosure of classes of share capital [line items]    
Number of non-voting common shares outstanding 0 0
v3.8.0.1
Share Capital - Summary of Share Capital (Detail)
$ in Thousands
12 Months Ended
Dec. 31, 2017
USD ($)
shares
Dec. 31, 2016
USD ($)
shares
Jul. 10, 2017
USD ($)
Disclosure of classes of share capital [line items]      
Balance beginning of year $ 3,571,464    
Balance end of year $ 3,723,482 $ 3,571,464  
Integra gold corporation [member]      
Disclosure of classes of share capital [line items]      
Shares issued for acquisition of Integra 77,180,898   77,180,898
Shares issued for acquisition of Integra $ 188,061   $ 188,061
Voting common shares [member]      
Disclosure of classes of share capital [line items]      
Beginning balance | shares 716,587,134 716,587,134  
Shares issued upon exercise of share options, for cash | shares 242,648    
Ending balance | shares 794,010,680 716,587,134  
Voting common shares [member] | Integra gold corporation [member]      
Disclosure of classes of share capital [line items]      
Shares issued for acquisition of Integra 77,180,898    
Share capital [member]      
Disclosure of classes of share capital [line items]      
Shares issued upon exercise of share options, for cash $ 586    
Estimated fair value of share options exercised 176    
Balance beginning of year 2,819,101 $ 5,319,101  
Capital reduction   (2,500,000)  
Balance end of year 3,007,924 $ 2,819,101  
Share capital [member] | Integra gold corporation [member]      
Disclosure of classes of share capital [line items]      
Shares issued for acquisition of Integra $ 188,061    
v3.8.0.1
Share-based payments - Additional Information (Detail)
$ in Thousands
12 Months Ended
Nov. 01, 2015
Tranches
May 01, 2014
OptionPlans
Dec. 31, 2017
USD ($)
Options
shares
Dec. 31, 2016
USD ($)
shares
Options
Dec. 31, 2015
USD ($)
shares
Options
Dec. 31, 2017
CAD ($)
Options
Dec. 31, 2016
CAD ($)
shares
Options
Disclosure of terms and conditions of share-based payment arrangement [line items]              
Number of share option plans | OptionPlans   2          
Expense from share-based payment transactions     $ 11,218 $ 10,559      
Employee stock option plan [member]              
Disclosure of terms and conditions of share-based payment arrangement [line items]              
Term of employee option plan     5 years        
Description of option pricing model, share options granted     Generally, Employee Plan Options granted before November 1, 2015 vest in three equal and separate tranches with the first tranche vesting on the grant date and the second and third tranches vesting on the second and third anniversary dates of the grant date. Employee Plan Options granted on or after November 1, 2015 vest in three equal and separate tranches with vesting commencing one year after the date of grant and the second and third tranches vesting on the second and third anniversary of the grant date. Employee Plan Options are subject to withholding tax on exercise, withholding tax is paid by the Employee Option holder to the Company prior to receipt of the shares received pursuant to exercise.        
Number of tranches | Tranches 3            
Number of share options available to grant under the plan | shares     14,155,248 14,701,541      
Number of share purchase options vested and exercisable | Options     18,583,426 18,164,617   18,583,426 18,164,617
Weighted average exercise price of share purchase options vested and exercisable           $ 7.34 $ 9.64
Expense from share-based payment transactions     $ 6,736 $ 6,812      
Weighted average fair value per stock option           $ 1.53 $ 1.02
Directors and officers stock option plan [member]              
Disclosure of terms and conditions of share-based payment arrangement [line items]              
Term of employee option plan     5 years        
Description of option pricing model, share options granted     Generally, D&O Plan Options granted before November 1, 2015 vest in three equal and separate tranches with the first tranche vesting on the grant date and the second and third tranches vesting on the second and third anniversary dates of the grant date. D&O Plan Options granted on or after November 1, 2015 vest in three equal and separate tranches with vesting commencing one year after the date of grant and the second and third tranches vesting on the second and third anniversary of the grant date.        
Number of tranches | Tranches 3            
Number of share options available to grant under the plan | shares     3,720,125 4,243,018      
Restricted share unit plan [member]              
Disclosure of terms and conditions of share-based payment arrangement [line items]              
Description of option pricing model, share options granted     The RSUs vest as follows one third on the first anniversary of the grant date, one third on the second anniversary of the grant date and one third on the third anniversary of the grant date. RSUs terminate on the third anniversary of the grant date.        
Number of share purchase options vested and exercisable | shares       596,780 283,736   596,780
Vesting percentage on first anniversary     33.33%        
Vesting percentage on second anniversary     33.33%        
Vesting percentage on third anniversary     33.33%        
Maximum number of shares reserved for issue under options | Options     5,000,000     5,000,000  
Number of share options granted in share-based payment arrangement | Options     936,832 784,203      
Weighted average fair value per stock option           $ 4.49 $ 3.22
Number of share purchased held in trust share-based payment arrangement | shares       1,706,096 549,507    
Compensation expense       $ 2,716 $ 1,888    
Number of shares outstanding | Options     1,706,096 1,240,174 884,846 1,706,096 1,240,174
Deferred share units plans [member]              
Disclosure of terms and conditions of share-based payment arrangement [line items]              
Description of option pricing model, share options granted     Final receipt of the Redemption Notice is due fifteen (15) trading days after the Termination Date but no later than December 31 of the first calendar year commencing after the calendar year in which the Termination Date occurred (the "Redemption Date"), the Participant shall have the right to receive, and shall receive, with respect to all DUs held at the Redemption Date a cash payment equal to the market value of such DUs as of the Redemption Date.        
Trading days     15 days        
Number of shares outstanding | Options     596,836 498,390   596,836 498,390
Liabilities from share-based payment transactions     $ 866 $ 1,604      
Compensation expense (income)     $ 1,023 $ 295      
Performance share unit [member]              
Disclosure of terms and conditions of share-based payment arrangement [line items]              
Description of option pricing model, share options granted     PSUs cliff vest on the third anniversary of the grant date (the "Redemption Date") and are subject to terms and conditions including the achievement of predetermined performance criteria (the "Performance Criteria").        
Maximum number of shares reserved for issue under options | Options     3,130,000     3,130,000  
Number of share options granted in share-based payment arrangement | Options     569,719 796,652      
Compensation expense     $ 2,789 $ 1,564      
Performance share unit [member] | Bottom of range [member]              
Disclosure of terms and conditions of share-based payment arrangement [line items]              
Performance target award (range)     0.00%        
Performance share unit [member] | Top of range [member]              
Disclosure of terms and conditions of share-based payment arrangement [line items]              
Performance target award (range)     200.00%        
v3.8.0.1
Share-based payments - Summary of Movements in Number of Share Options Outstanding and Weighted Average Exercise Prices (Detail)
12 Months Ended
Dec. 31, 2017
CAD ($)
shares
Dec. 31, 2016
CAD ($)
shares
Disclosure of number and weighted average exercise price of share options [abstract]    
Weighted average exercise price, At January 1, | $ $ 7.55 $ 9.97
Weighted average exercise price, Regular options granted | $ 4.43 3.24
Weighted average exercise price, Exercised | $ 3.22  
Weighted average exercise price, Forfeited | $ 13.44 11.49
Weighted average exercise price, At December 31, | $ $ 6.04 $ 7.55
Number of options, At January 1, | shares 28,896,035 25,519,434
Number of options, Regular options granted | shares 5,804,535 9,101,164
Number of options, Exercised | shares (242,648)  
Number of options, Forfeited | shares (4,735,349) (5,724,563)
Number of options, At December 31, | shares 29,722,573 28,896,035
v3.8.0.1
Share-based payments - Summary of Range of Exercise Prices of Outstanding Share Options (Detail)
Dec. 31, 2017
CAD ($)
shares
yr
Dec. 31, 2016
shares
Dec. 31, 2015
shares
Disclosure of range of exercise prices of outstanding share options [line items]      
Option outstanding, Shares 29,722,573 28,896,035 25,519,434
Employee stock option plan [member]      
Disclosure of range of exercise prices of outstanding share options [line items]      
Option outstanding, Shares 29,722,573    
Option outstanding, weighted average remaining contractual life (years) | yr 2.3    
Option outstanding, Weighted average exercise price | $ $ 6.04    
Exercisable options, Shares 18,583,426    
Exercisable options, Weighted average exercise price | $ $ 7.34    
Employee stock option plan [member] | $3.00 to $3.99 [Member]      
Disclosure of range of exercise prices of outstanding share options [line items]      
Option outstanding, Shares 7,835,899    
Option outstanding, weighted average remaining contractual life (years) | yr 3.1    
Option outstanding, Weighted average exercise price | $ $ 3.23    
Exercisable options, Shares 2,514,519    
Exercisable options, Weighted average exercise price | $ $ 3.25    
Employee stock option plan [member] | $4.00 to $4.99 [Member]      
Disclosure of range of exercise prices of outstanding share options [line items]      
Option outstanding, Shares 5,842,935    
Option outstanding, weighted average remaining contractual life (years) | yr 4.1    
Option outstanding, Weighted average exercise price | $ $ 4.43    
Exercisable options, Shares 33,333    
Exercisable options, Weighted average exercise price | $ $ 4.23    
Employee stock option plan [member] | $5.00 to $5.99 [Member]      
Disclosure of range of exercise prices of outstanding share options [line items]      
Option outstanding, Shares 12,247    
Option outstanding, weighted average remaining contractual life (years) | yr 3.4    
Option outstanding, Weighted average exercise price | $ $ 5.91    
Exercisable options, Shares 4,082    
Exercisable options, Weighted average exercise price | $ $ 5.91    
Employee stock option plan [member] | $6.00 to $6.99 [member]      
Disclosure of range of exercise prices of outstanding share options [line items]      
Option outstanding, Shares 6,916,166    
Option outstanding, weighted average remaining contractual life (years) | yr 2.1    
Option outstanding, Weighted average exercise price | $ $ 6.66    
Exercisable options, Shares 6,916,166    
Exercisable options, Weighted average exercise price | $ $ 6.66    
Employee stock option plan [member] | $7.00 to $7.99 [member]      
Disclosure of range of exercise prices of outstanding share options [line items]      
Option outstanding, Shares 4,903,752    
Option outstanding, weighted average remaining contractual life (years) | yr 1.1    
Option outstanding, Weighted average exercise price | $ $ 7.81    
Exercisable options, Shares 4,903,752    
Exercisable options, Weighted average exercise price | $ $ 7.81    
Employee stock option plan [member] | $8.00 to $8.99 [member]      
Disclosure of range of exercise prices of outstanding share options [line items]      
Option outstanding, Shares 45,405    
Option outstanding, weighted average remaining contractual life (years) | yr 0.3    
Option outstanding, Weighted average exercise price | $ $ 8.19    
Exercisable options, Shares 45,405    
Exercisable options, Weighted average exercise price | $ $ 8.19    
Employee stock option plan [member] | $10.00 to $10.99 [member]      
Disclosure of range of exercise prices of outstanding share options [line items]      
Option outstanding, Shares 4,166,169    
Option outstanding, weighted average remaining contractual life (years) | yr 0.2    
Option outstanding, Weighted average exercise price | $ $ 10.42    
Exercisable options, Shares 4,166,169    
Exercisable options, Weighted average exercise price | $ $ 10.42    
v3.8.0.1
Share-based payments - Summary of Assumptions Used to Estimate the Fair Value of Options Granted (Detail)
12 Months Ended
Dec. 31, 2017
CAD ($)
yr
Dec. 31, 2016
CAD ($)
yr
Disclosure of range of exercise prices of outstanding share options [line items]    
Risk-free interest rate   0.43%
Expected dividends | $ $ 0.02 $ 0.02
Forfeiture rate 11.00% 11.00%
Bottom of range [member]    
Disclosure of range of exercise prices of outstanding share options [line items]    
Risk-free interest rate 0.70%  
Expected volatility (range) 60.00% 55.00%
Expected life (range) 1.80 1.82
Top of range [member]    
Disclosure of range of exercise prices of outstanding share options [line items]    
Risk-free interest rate 1.05%  
Expected volatility (range) 65.00% 63.00%
Expected life (range) 3.80 3.82
v3.8.0.1
Share-based payments - Summary of Movements in Number of Share Options Outstanding (Detail) - Restricted share unit plan [member] - Options
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Disclosure of number and weighted average exercise price of outstanding share options [line items]    
At January 1, 1,240,174 884,846
Granted 936,832 784,203
Redeemed (349,842) (335,339)
Forfeited (121,068) (93,536)
At December 31, 1,706,096 1,240,174
v3.8.0.1
Supplementary cash flow information - Summary of Change in cash flow information (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Changes in non-cash working capital    
Accounts receivable and other $ (2,456) $ 17,168
Inventories (31,437) (18,264)
Accounts payable and accrued liabilities (1,862) 33,391
Total (35,755) 32,295
Supplementary cash flow information    
Income taxes paid 42,293 48,653
Interest paid $ 36,750 $ 37,114
v3.8.0.1
Financial Risk Management - Summary of Exposure to Various Currencies Denominated in Foreign Currency (Detail)
₺ in Thousands, € in Thousands, дин in Thousands, ¥ in Thousands, £ in Thousands, R$ in Thousands, $ in Thousands, $ in Thousands, $ in Thousands, in Thousands
Dec. 31, 2017
USD ($)
Dec. 31, 2017
CAD ($)
Dec. 31, 2017
BRL (R$)
Dec. 31, 2017
EUR (€)
Dec. 31, 2017
AUD ($)
Dec. 31, 2017
GBP (£)
Dec. 31, 2017
RSD (дин)
Dec. 31, 2017
TRY (₺)
Dec. 31, 2017
CNY (¥)
Dec. 31, 2017
RON ( )
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Disclosure of nature and extent of risks arising from financial instruments [line items]                        
Cash and cash equivalents $ 479,501                   $ 883,171 $ 288,189
Marketable securities 5,010                   28,327  
Accounts receivable and other 78,344                   54,315  
Accounts payable and accrued liabilities (110,651)                   $ (90,705)  
Canadian dollar [member] | Currency risk [member]                        
Disclosure of nature and extent of risks arising from financial instruments [line items]                        
Cash and cash equivalents   $ 18,280                    
Marketable securities   6,286                    
Accounts receivable and other   13,706                    
Accounts payable and accrued liabilities   (30,900)                    
Other non-current liability   (1,269)                    
Net balance 4,865 $ 6,103                    
Australian dollar [member] | Currency risk [member]                        
Disclosure of nature and extent of risks arising from financial instruments [line items]                        
Cash and cash equivalents         $ 482              
Accounts receivable and other         4              
Accounts payable and accrued liabilities         (42)              
Net balance 347       $ 444              
Euro [member] | Currency risk [member]                        
Disclosure of nature and extent of risks arising from financial instruments [line items]                        
Cash and cash equivalents | €       € 13,030                
Accounts receivable and other | €       24,508                
Accounts payable and accrued liabilities | €       (45,751)                
Other non-current liability | €       (6,516)                
Net balance (17,664)     € (14,729)                
Turkish lira [member] | Currency risk [member]                        
Disclosure of nature and extent of risks arising from financial instruments [line items]                        
Cash and cash equivalents | ₺               ₺ 4,965        
Accounts receivable and other | ₺               60,111        
Accounts payable and accrued liabilities | ₺               (50,099)        
Other non-current liability | ₺               (17,999)        
Net balance (802)             ₺ (3,022)        
Chinese renminbi [member] | Currency risk [member]                        
Disclosure of nature and extent of risks arising from financial instruments [line items]                        
Cash and cash equivalents | ¥                 ¥ 77      
Net balance 12               ¥ 77      
Serbian Dinar [member] | Currency risk [member]                        
Disclosure of nature and extent of risks arising from financial instruments [line items]                        
Cash and cash equivalents | дин             дин 4,845          
Accounts receivable and other | дин             43,157          
Accounts payable and accrued liabilities | дин             (9,000)          
Net balance 394           дин 39,002          
Romanian lei [member] | Currency risk [member]                        
Disclosure of nature and extent of risks arising from financial instruments [line items]                        
Cash and cash equivalents |                   9,730    
Accounts receivable and other |                   7,542    
Accounts payable and accrued liabilities |                   (6,174)    
Net balance 2,874                 11,098    
Great British pound [member] | Currency risk [member]                        
Disclosure of nature and extent of risks arising from financial instruments [line items]                        
Cash and cash equivalents | £           £ 366            
Net balance 495         £ 366            
Brazilian real [member] | Currency risk [member]                        
Disclosure of nature and extent of risks arising from financial instruments [line items]                        
Cash and cash equivalents | R$     R$ 15,991                  
Accounts receivable and other | R$     12,547                  
Accounts payable and accrued liabilities | R$     (5,559)                  
Net balance $ 6,946   R$ 22,979                  
v3.8.0.1
Financial Risk Management - Additional Information (Detail)
$ / T in Thousands, $ in Thousands
12 Months Ended
Dec. 31, 2017
USD ($)
$ / T
T
Dec. 31, 2016
Disclosure of risk management [line items]    
Increase/decrease in the U.S. dollar exchange rate against all currencies except Canadian dollar, Australian dollar, Euro, Turkish lira, Chinese renminbi, Swedish krona, Romanian lei, Great British pound and Brazilian real 1.00%  
Decrease/increase in profit (loss) before taxes due to 1% increase/decrease in the U.S. dollar exchange rate against all currencies except Canadian dollar, Australian dollar, Euro, Turkish lira, Chinese renminbi, Swedish krona, Romanian lei, Great British pound and Brazilian real $ 25  
Decrease/increase in other comprehensive income due to 1% increase/decrease in the U.S. dollar exchange rate against all currencies except Canadian dollar, Australian dollar, Euro, Turkish lira, Chinese renminbi, Swedish krona, Romanian lei, Great British pound and Brazilian real $ 0  
Debt fixed interest rate 6.13%  
Payment for metal sales period description Payment for metal sales is normally in advance or within fifteen days of shipment depending on the buyer.  
Number of days from shipment 15 days  
Debt to capital ratio 13.80% 14.00%
Net Debt to EBITDA ratio 0.9 (1.7)
Level 2 [member]    
Disclosure of risk management [line items]    
Derivative liability $ 837  
Lead [member]    
Disclosure of risk management [line items]    
Fair value hedge minimum price | $ / T 2,300  
Hedge per tonne | T 15,336  
Zinc [member]    
Disclosure of risk management [line items]    
Fair value hedge minimum price | $ / T 2,850  
Hedge per tonne | T 25,416  
Top of range [member]    
Disclosure of risk management [line items]    
Target debt to capital ratio less than 30% 30.00%  
Net Debt to EBITDA target ratio 3.5  
v3.8.0.1
Financial Risk Management - Summary of Hedge Positions (Detail)
$ / T in Thousands
12 Months Ended
Dec. 31, 2017
$ / T
T
Lead 1 [member]  
Disclosure of detailed information about hedged items [line items]  
Hedged per Amount | T 7,668
Maturity Jan 2018 - Jun 2018
Lead 2 [member]  
Disclosure of detailed information about hedged items [line items]  
Hedged per Amount | T 7,668
Maturity Jul 2018 - Dec 2018
Zinc1 [member]  
Disclosure of detailed information about hedged items [line items]  
Hedged per Amount | T 12,708
Maturity Jan 2018 - Jun 2018
Zinc 2 [member]  
Disclosure of detailed information about hedged items [line items]  
Hedged per Amount | T 12,708
Maturity Jul 2018 - Dec 2018
PUT [member] | Lead 1 [member]  
Disclosure of detailed information about hedged items [line items]  
Fair value hedges 2,300
PUT [member] | Lead 2 [member]  
Disclosure of detailed information about hedged items [line items]  
Fair value hedges 2,300
PUT [member] | Zinc1 [member]  
Disclosure of detailed information about hedged items [line items]  
Fair value hedges 2,850
PUT [member] | Zinc 2 [member]  
Disclosure of detailed information about hedged items [line items]  
Fair value hedges 2,850
CALL [member] | Lead 1 [member]  
Disclosure of detailed information about hedged items [line items]  
Fair value hedges 2,625
CALL [member] | Lead 2 [member]  
Disclosure of detailed information about hedged items [line items]  
Fair value hedges 2,735
CALL [member] | Zinc1 [member]  
Disclosure of detailed information about hedged items [line items]  
Fair value hedges 3,470
CALL [member] | Zinc 2 [member]  
Disclosure of detailed information about hedged items [line items]  
Fair value hedges 3,600
v3.8.0.1
Commitments - Summary of contractual obligations (Detail)
$ in Thousands
Dec. 31, 2017
USD ($)
Later than one year and not later than two years [member]  
Disclosure of contingent liabilities [line items]  
Leases $ 14,953
Purchase obligations 47,614
Totals 62,567
Later than two years and not later than three years [member]  
Disclosure of contingent liabilities [line items]  
Leases 11,676
Purchase obligations 722
Totals 12,398
Later than three years and not later than four years [member]  
Disclosure of contingent liabilities [line items]  
Leases 10,688
Purchase obligations 100
Totals 10,788
Later than four years and not later than five years [member]  
Disclosure of contingent liabilities [line items]  
Leases 60,958
Purchase obligations 152
Totals $ 61,110
v3.8.0.1
Related party transactions - Summary of compensation paid or payable to key management (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Disclosure of transactions between related parties [abstract]    
Salaries and other short-term employee benefits $ 9,515 $ 8,152
Defined benefit pension plan 754 1,350
Share based payments 5,920 5,326
Compensation for key management personnel $ 16,189 $ 14,828
v3.8.0.1
Financial Instruments by Category - Summary of Carrying Value and Fair Value of Financial Instruments (Detail) - USD ($)
$ in Thousands
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Financial Assets - Available-for-sale      
Marketable securities $ 5,010 $ 28,327  
Financial Assets - Loans and receivables      
Cash and cash equivalents 479,501 883,171 $ 288,189
Term deposit 5,508 5,292  
Restricted cash 310 240  
Accounts receivable and other 33,627 32,159  
Other assets 17,517 1,810  
Financial Liabilities at amortized cost      
Accounts payable and accrued liabilities 110,651 90,705  
Debt 593,783 591,589  
Fair value [member]      
Financial Assets - Available-for-sale      
Marketable securities 5,010 28,327  
Financial Assets - Loans and receivables      
Cash and cash equivalents 479,501 883,171  
Term deposit 5,508 5,292  
Restricted cash 310 240  
Accounts receivable and other 33,627 32,159  
Other assets 17,517 1,810  
Financial Liabilities at amortized cost      
Accounts payable and accrued liabilities 110,651 90,705  
Debt $ 595,698 $ 609,000  
v3.8.0.1
Production Costs - Summary of Product Cost (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Expenses by nature [abstract]    
Labour $ 52,670 $ 55,223
Fuel 23,241 22,405
Reagents 40,839 35,292
Electricity 12,132 13,991
Mining contractors 12,575 16,028
Operating and maintenance supplies and services 56,342 45,376
Site general and administrative costs 23,621 20,394
Inventory change (36,501) (19,510)
Royalties, production taxes and selling expenses 7,821 5,470
Production costs $ 192,740 $ 194,669
v3.8.0.1
Earnings Per Share - Summary of Weighted Average Shares and Adjusted Weighted Average Shares (Detail) - shares
shares in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Weighted average ordinary shares and adjusted weighted average ordinary shares [abstract]    
Weighted average number of ordinary shares used in the calculation of basic earnings per share 753,565 716,587
Diluted impact of stock options   6
Weighted average number of ordinary shares used in the calculation of diluted earnings per share 753,565 716,593
v3.8.0.1
Segment Information - Additional Information (Detail)
Dec. 31, 2017
Segments
Disclosure of operating segments [abstract]  
Number of reportable segments 6
v3.8.0.1
Segment information - Summary of Operating Segments (Detail) - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2017
Dec. 31, 2016
Dec. 31, 2015
Information about profit and loss      
Metal sales from external customers $ 391,406 $ 432,727  
Production costs 192,740 194,669  
Inventory write-down 444    
Depreciation 72,130 74,887  
Gross profit 126,092 163,171  
Other material items of income and expense      
Write-down (write-up) of assets 46,697 4,529  
Exploration costs 38,261 18,773  
Income tax expense (recovery) 19,383 56,205  
Additions to property, plant and equipment during the period 346,988 298,504  
Information about assets and liabilities      
Property, plant and equipment 4,227,397 3,645,827 $ 4,747,759
Goodwill 92,591   $ 50,276
Information about assets and liabilities 4,319,988    
Debt 593,783 591,589  
Turkey [member]      
Information about profit and loss      
Metal sales from external customers 337,907 392,096  
Production costs 145,573 159,632  
Depreciation 71,389 74,061  
Gross profit 120,945 158,403  
Other material items of income and expense      
Write-down (write-up) of assets 29,619 626  
Exploration costs 3,203 2,278  
Income tax expense (recovery) 30,139 64,343  
Additions to property, plant and equipment during the period 65,013 65,674  
Information about assets and liabilities      
Property, plant and equipment 835,422 885,629  
Information about assets and liabilities 835,422    
Brazil [member]      
Information about profit and loss      
Metal sales from external customers 2,347    
Production costs 1,824    
Gross profit 523    
Other material items of income and expense      
Write-down (write-up) of assets (79) (798)  
Exploration costs 4,733 3,503  
Income tax expense (recovery) (1,087) (4,385)  
Additions to property, plant and equipment during the period 10,029 6,057  
Information about assets and liabilities      
Property, plant and equipment 196,467 186,606  
Information about assets and liabilities 196,467    
Greece [member]      
Information about profit and loss      
Metal sales from external customers 51,152 40,631  
Production costs 45,343 35,037  
Inventory write-down 444    
Depreciation 466 543  
Gross profit 4,899 5,051  
Other material items of income and expense      
Write-down (write-up) of assets 6,661 4,701  
Exploration costs 7,512 3,091  
Income tax expense (recovery) (4,603) (1,355)  
Additions to property, plant and equipment during the period 233,293 210,770  
Information about assets and liabilities      
Property, plant and equipment 2,362,107 2,157,822  
Information about assets and liabilities 2,362,107    
Romania [member]      
Information about profit and loss      
Depreciation   2  
Gross profit   (2)  
Other material items of income and expense      
Write-down (write-up) of assets 10,454    
Exploration costs 10,168 1,892  
Income tax expense (recovery) (8,026) (1,053)  
Additions to property, plant and equipment during the period 2,006 15,953  
Information about assets and liabilities      
Property, plant and equipment 415,856 413,949  
Information about assets and liabilities 415,856    
Other [member]      
Information about profit and loss      
Depreciation 269 281  
Gross profit (269) (281)  
Other material items of income and expense      
Write-down (write-up) of assets 42    
Exploration costs 6,029 8,009  
Income tax expense (recovery) 1,428 (1,345)  
Additions to property, plant and equipment during the period 827 50  
Information about assets and liabilities      
Property, plant and equipment 750 1,821  
Information about assets and liabilities 750    
Debt 593,783 $ 591,589  
Canada [member]      
Information about profit and loss      
Depreciation 6    
Gross profit (6)    
Other material items of income and expense      
Exploration costs 6,616    
Income tax expense (recovery) 1,532    
Additions to property, plant and equipment during the period 35,820    
Information about assets and liabilities      
Property, plant and equipment 416,795    
Goodwill 92,591    
Information about assets and liabilities $ 509,386