Eldorado Gold - President and CEO, George Burns
President and CEO, George Burns
Source: El Dorado Gold
  • Eldorado Gold (ELD) has reported a strong performance for the second quarter of 2020, despite the impact of COVID-19
  • Gold production for the quarter increased 50 per cent, from 91,803 ounces in the same period of 2019 to a total of 137,782 ounces this year
  • Revenue also increased 47 per cent compared to last year, from C$233.19 million to $343.54 million
  • As such, the company reaffirmed its 2020 production guidance of between 520,000 and 550,000 ounces of gold at an all-in sustaining cost of between $1,141 and $1,275 per ounce sold
  • Eldorado Gold (ELD) is currently up 4.08 per cent and is trading at $16.72 per share

Eldorado Gold (ELD) has reported a strong performance for the second quarter of 2020, despite the impact of COVID-19.

The company posted a 50 per cent increase in gold production for the quarter, from 91,803 ounces in the same period of 2019 to a total of 137,782 ounces this year.

Likewise, total gold sales came to 134,960 ounces this quarter, representing an increase of 19 per cent from 113,685 ounces sold last year.

This reflects an increase of 33,845 ounces sold at Eldorado’s Kisladag operation after it resumed mining activities in April, along with an increase of 7,634 ounces sold at Lamaque following the start of commercial operations, which also occurred in April.

However, further improvements in gold sales were offset by a 23,129-ounce decline at Efemcukuru as a result of delayed shipments brought on by COVID-19.

Eldorado’s total revenue also grew by 47 per cent compared to last year, from C$233.19 million to $343.54 million. This was driven by a combination of improved gold sales and a higher average gold price.

George Burns, President and CEO of Eldorado Gold, noted that, even while managing COVID-19, the company achieved strong production while experiencing lower all-in sustaining costs.

“Our outstanding operational performance during the quarter positions us to continue to generate significant value for our stakeholders.

“We are extremely pleased with first half corporate performance and see several positive catalysts on the horizon, including further success in Turkey and continued growth in Greece and Quebec,” he said.

Given the success of the quarter, Eldorado reaffirmed its 2020 production guidance of between 520,000 and 550,000 ounces of gold at an all-in sustaining cost of $1,141 to $1,275 per ounce sold.

Eldorado Gold (ELD) is up 4.08 per cent and is trading at $16.72 per share at 10:56am EDT.

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