Eldorado expects to produce less gold in coming years
(Kitco News) - Eldorado Gold today provided detailed 2021 production and cost guidance and an updated five-year production outlook.
The company’s 2021 gold production is forecast to be between 430,000 and 460,000 ounces at all-in sustaining costs (AISC) of $920 to $1,150 per ounce.
It should be noted that the mid-point of 2021 guidance (445,000 ounces) is 16% lower than 528,874 ounces of gold Eldorado produced in 2020.
Eldorado said that quarter-to-quarter gold production in 2021 is expected to be “relatively consistent” with higher anticipated gold grade at Kisladag in the first half of the year expected to be offset by lower head grade at Lamaque. In the second half of 2021, gold production at Lamaque is expected to increase on higher grade while production at Kisladag will be temporarily affected by the expected third-quarter commissioning of the HPGR circuit.
The company expects that its gold production will be between 430,000-460,000 ounces in 2022, 480,000-510,000 ounces in 2023, 500,000-530,000 ounces in 2024, and 510,000-540,000 ounces in 2025.
“Eldorado’s strong five-year production profile provides the growth and flexibility to reinvest in our portfolio of mines and projects while also continuing to deleverage our balance sheet,” said President and CEO George Burns. “In Greece, we continue to work productively with the government on discussions and permitting to re-start construction at Skouries; the completion of which will drive new production growth beyond our current five-year plan,” continued Burns.
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania, and Brazil.