(Kitco News) - On Thursday, Eldorado Gold (TSX: ELD) (NYSE: EGO) announced that in Q3 2022, the company produced 118,791 ounces of gold, down 5% compared to Q3 2021 (125,459 ounces) and up 5% compared to Q2 2022.
The company said that during the third quarter, its global operations performed well, as its consolidated production continues to track within the company’s annual guidance.
Eldorado noted that its total revenue was $217.7 million in Q3 2022, a decrease of 9% from $238.4 million in Q3 2021, adding that this decrease was primarily due to lower sales volumes and a decline in average realized gold price.
The company’s production costs increased to $123.5 million in Q3 2022 from $110.2 million in Q3 2021, primarily due to substantial price increases for certain commodities and consumables as a result of supply concerns. Cost increases primarily impacted electricity at operations in Greece and Turkiye, and fuel and reagents at Kisladag, it said.
The company also reported net loss attributable to shareholders from continuing operations of $50.5 million ($0.27 loss per share) in Q3 2022 compared to net earnings of $8.5 million ($0.05 per share) in Q3 2021. Adjusted net loss was $8.0 million ($0.04 loss per share) in Q3 2022 compared to adjusted net earnings of $39.9 million ($0.22 per share) in Q3 2021.
President and CEO George Burns commented, “We are, like others, continuing to face inflationary pressures, especially in electricity in Greece and Turkiye, and fuel and reagents at Kisladag. Additionally, we are actively managing costs associated with the VAT import charge on the Olympias gold concentrate shipments into China and shipments to alternative markets started in mid-2022 and continue to be explored.”
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkiye, Canada, Greece and Romania.
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