Eldorado Gold Corp
EGO
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exclusion reasons
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This page is part of our public exclusion list — a transparency tool that shows which companies we screen out and why. It is not investment advice, and it is not an accusation. But it is subject to change as our understanding of the facts evolves.
Eldorado Gold Corporation is a mid-tier gold and base metals producer with mining, development, and exploration operations in Canada, Greece, and Türkiye. The company derives its revenue entirely from the extraction of non-fuel minerals, primarily gold. This core business activity falls under the extractive industries exclusion category.
The company's operations have been linked to significant social and environmental controversies. In Greece, where Eldorado now owns all gold-mining projects, its activities have proceeded in the context of a severe debt crisis and have faced opposition from local communities and environmental defenders. In 2018, Greek state prosecutors charged 21 environmental defenders related to protests against Eldorado's projects. Independent research has also examined the company's tax avoidance structures and their human rights impact in the country. Furthermore, industry analysis positions Canadian mining firms, including Eldorado, among the worst human rights and environmental offenders in the global sector. The gold industry in which Eldorado operates is also associated with systemic risks, including minerals crime where gold is misdeclared as recycled or its origin falsified to obscure links to conflict or illegal mining.
Eldorado Gold Corporation operates gold mines in jurisdictions including Greece, Turkey, and Brazil, an industry with a documented high risk of toxic contamination and habitat destruction. The company's subsidiary, Entremares, faced criminal charges in Honduras in 2015 for mine pollution. In Greece, local opposition to Eldorado's mining projects has led to legal actions, including the prosecution of 21 environmental defenders in 2018 related to protests against the company's operations. Academic and NGO research consistently identifies gold mining as a primary source of landscape degradation, deforestation, and the release of toxic heavy metals and waste into soil and waterways. Eldorado Gold's operations fall within this sector-wide pattern of environmental harm.
Research Sources
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Companies appear on our exclusion list based on our investment judgment — not because they've done anything illegal. This is a difference of values and opinion, not an accusation of wrongdoing. Exclusion does not constitute a recommendation against investing in any company, and absence from the list does not constitute a recommendation to invest.
This information is provided for educational and transparency purposes only and should not be relied upon as investment advice. Data is drawn from independent watchdogs, NGOs, government registries, and Ethical Capital's ongoing research — see Research Sources for the full list.
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