- Eldorado Gold (ELD) has seen a significant bump in third quarter earnings as the company’s production and sales figures continue to climb
- For the three months ending September 30, 2020, the company reported approximately C$54.6 million in profit compared to roughly $5.6 million in the same period last year
- This came from a similar leap in revenue, which totalled around $382.9 million compared to $229.4 million in 2019
- Most significantly, gold production increased by one third, or 35 per cent, from 101,596 ounces to 136,922 ounces
- Eldorado Gold (ELD) is currently up 2.9 per cent to $16.67 per share
Eldorado Gold (ELD) has seen a significant bump in third quarter earnings as the company’s production and sales figures continue to climb.
For the three months ending September 30, 2020, the Vancouver-based mining company generated approximately C$54.6 million in profit compared to around $5.6 million in the same period last year.
The increase came off the back of a 67 per cent jump in revenue, which totalled around $382.9 million compared to $229.4 million in 2019, largely as a result of higher sales volumes combined with a higher average gold price.
Most significantly, Eldorado saw its gold production increase by more than one-third, or 35 per cent, from 101,596 ounces last year to 136,922 ounces this year. Gold sales for the period also jumped to a total of 137,704 ounces from 99,241 ounces in 2019.
Eldorado said this was due to an increase of 23,690 ounces sold at Kisladag due to increased tonnes of stacked ore, an increase of 7,465 ounces sold at Lamaque due to additional tonnes processed, and an increase of 8,420 ounces sold at Olympias as a result of generally bolstered production.
However, gold sales at Efemcukuru fell by 1,112 ounces during the third quarter as a result of a decrease in grades, as well as a lower tonnes processed.
George Burns, President and CEO of Eldorado Gold, said the results build on the previous 18 months of strong performance.
“I’m pleased to report that our balance sheet is in the strongest position it has been in several quarters and this positions us well as we look to develop the growth opportunities in our portfolio,” he added.
Eldorado Gold (ELD) is currently up 2.9 per cent to $16.67 per share at 1:07pm EDT.