Eldorado Gold Corporation - President and CEO, George Burns
President and CEO, George Burns
Source: Eldorado Gold
  • Eldorado Gold (ELD) has reported a 50 per cent increase in gold production for the second quarter of 2020 compared to last year’s results
  • Total production for the second quarter of the year totalled 137,782 ounces of gold compared to 91,803 in the second quarter of 2019
  • The most significant contributor was the Kisladag mine in Turkey, which produced a total of 59,890 ounces of gold
  • However, the greatest level of growth came from the Olympias mine in Greece, which posted a 159 per cent increase in production
  • Eldorado Gold (ELD) is currently up 3.32 per cent to C$14.95 per share at 12:24pm EDT

Eldorado Gold (ELD) has reported a 50 per cent increase in gold production for the second quarter of 2020.

Total production for the second quarter of the year totalled 137,782 ounces of gold, compared to 91,803 ounces in the second quarter of 2019 and 115,950 ounces in the first quarter of 2020.

Eldorado’s star contributor was the Kisladag mine in Turkey, which produced a total of 59,890 ounces of gold, representing a 130 per cent increase in production compared to 26,072 ounces last year. This was largely driven by higher grades and an increase in tonnes of stacked ore.

However, the greatest amount of growth came from the company’s Olympias mine in Greece, which produced a total of 17,921 ounces, representing a 159 per cent increase over the 6,924 ounces produced in the second quarter of 2019.

The substantial increase reflects Eldorado’s extensive work that was completed over the last 12 months to increase underground development and backfilling, which subsequently resulted in a greater amount of tonnes processed.

Meanwhile, operations at the company’s Lamaque project in Val d’Or, Quebec, resumed on April 15 following a three-week shutdown imposed by the provincial government as part of COVID-related restrictions.

Despite this impact, second quarter production totalled 33,095, which is marginally higher than the 27,353 ounces produced in the first quarter of 2020. The increase was largely attributable to an increase in tonnes mined per day, which was enabled by a recent Certificate of Authorisation from the Quebec Ministry of Environment.

Early last month, Eldorado announced that it would be commencing construction of a three-kilometre exploration decline at Lamaque to connect the Sigma mill to the 405-metre level of the Triangle mine. The decline is expected to eliminate surface re-handling and haulage, which equates to a roughly 26 kilometre round-trip.

Eldorado Gold (ELD) is currently up 3.32 per cent to C$14.95 per share at 12:24pm EDT.

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