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Eldorado Gold Sees 'Steady' Q2 Performance

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(Kitco News) - Eldorado Gold is reporting a “steady” performance in the second quarter, which included full commercial production at its Lamaque property in Northern Quebec.

Ahead of the opening bell Friday, the mid-tier gold producer said that for the second quarter it saw an adjusted net loss of $1.2 million, or $0.01 loss per share, after removing, among other things, the impact of one-time asset sales.

The company report inline production numbers and an increase is gold sales. The company said that between April and June it produced 91,803 ounces of gold, of that 33,140 ounces came from its Northern Quebec project. The company said that it is on track to meet its production guidance for the year.

At the same time, Eldorado said that gold sales in the second quarter totaled 113,685 ounces at an averaged realized price of $1,321 an ounce. The company said that the higher sale volume helped reduce its All-in sustaining costs, which came in at $917 per ounce of gold sold during the second quarter, down compared to $934 per ounce sold during the second quarter of 2018.

“"It was a steady operational quarter with production and costs on plan. Two key milestones were achieved. We completed the debt refinancing, which de-risked our balance sheet, and we had a fantastic first quarter of commercial production at Lamaque,” said Eldorado's president and CEO, George Burns in a press release. “We look forward to a strong second half of the year and are on track to meet our consolidated annual guidance of 390,000-420,000 ounces of gold at all-in sustaining costs of $900-1000 per ounce of gold sold."

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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