Eldorado’s revised production guidance outlines increased gold production

Eldorado Gold is targeting an increased gold output this year as a result of its revised production guidance.

The company noted that its full-year revised production guidance rose to 330,000oz-340,000oz of gold from the previously projected output of 290,000oz-330,000oz.

The revision comes in the wake of an expected production growth at the company’s Kisladag gold mine in Turkey.

Based on an improved production forecast, Kisladag is expected to produce 140,000oz-150,000oz at a cash cost of $700-$800 per ounce.

However, the company has kept its production guidance for the mine for next year unchanged at 40,000oz-50,000oz.

For the quarter ending 30 June this year, the company’s gold production climbed 56% to 99,105oz from 63,692oz in the corresponding period last year as a result owing to enhanced production at Kisladag, Efemcukuru in Turkey and Olympias in Greece.

Production increases at Kisladag is a result of improved leach kinetics and placement of ore earlier this year on an inter-lift liner.

Eldorado Gold President and CEO George Burns said: “Production was strong, driven by better-than-expected ounces from the heap leach pad at Kisladag.

“We achieved lower costs at Olympias, reflecting mill and filter press optimisations. With production and costs continuing to trend positively, we have increased full-year guidance to 330,000oz-340,000oz of gold at $580-$630 per ounce.

“Development continues ahead of schedule at Lamaque and we are on track to complete the feasibility study for a mill at Kisladag in the third quarter of this year.”

The company is planning to re-establish annual production of 600,000oz per year by 2021.