Eldorado Gold boosts free cash flow seven-fold on strong operational results
(Kitco Mining News) - Eldorado Gold announced Thursday that the company’s gold production totaled 528,874 ounces in 2020, an increase of 34% from production of 395,331 ounces in 2019. The company said that despite impacts related to COVID-19, annual guidance was maintained and met for the 2020 calendar year.
Eldorado added that strong production drives increased cash from operations and free cash flow: net cash from operating activities of $425.6 million in 2020 (2019: $165.8 million) contributed to free cash flow of $236.2 million in 2020 (2019: negative $37.1 million) primarily as a result of higher sales volumes and a higher average realized gold price.
Net earnings attributable to shareholders of the company in 2020 were $104.5 million or $0.61 per share (2019: $80.6 million, or $0.51 per share). Adjusted net earnings attributable to shareholders of the company in 2020 were $170.9 million, or $1.00 per share (2019: $2.4 million, or $0.02 per share).
The company also reported EBITDA of $474.2 million in 2020 (2019: $311.3 million) and adjusted EBITDA of $534.0 million (2019: $235.6 million) after adjusting for, among other things, the non-cash write-down of $40.0 million of capital works in progress.
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania and Brazil. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).