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Eldorado increases 2020 gold production by 34%, appoints new Chair

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(Kitco News) - Eldorado Gold yesterday announced its fourth quarter and full year 2020 preliminary production results.

The company said that its preliminary 2020 gold production increased by 34% over 2019 to 528,874 ounces, meeting the company’s annual consolidated production guidance of between 520,000 and 550,000 ounces. Preliminary gold production for the fourth quarter of 2020 increased 16% to 138,220 ounces compared to the fourth quarter of 2019.

Eldorado added that preliminary 2020 gold production at Lamaque exceeded guidance despite a three-week shutdown in early Spring related to government-mandated COVID-19 operating restrictions. Kisladag finished the year with strong fourth-quarter gold production, driven by improving heap leach performance.

“Delivering on our production guidance amid a year of unprecedented external challenges is a testament to the dedication and resilience of our people,” said President and CEO George Burns. “Our unique portfolio of high-quality, long-lived mines and projects will continue to position Eldorado for sustained success in the years ahead.”

The company also announced that Steve Reid has been appointed Chair of the Board, replacing George Albino, who will remain on the Eldorado Board as a Director.

“I am pleased to announce the appointment of Steve to Chair of the Eldorado Board,” said Burns.  “His work as a Director over the last seven years has contributed significantly to Eldorado’s success and we look forward to benefiting from his leadership.  I would like to thank George Albino for his counsel and dedication as Chair and for his continued strong presence on the Board as a Director.”

Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania and Brazil.

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