Eldorado Gold lifts production by 34% y/y
TSX- and NYSE-listed gold and base metals producer Eldorado Gold reports that its gold production for 2020 increased by 34% year-on-year to 528 874 oz, in line with guidance of between 520 000 oz and 550 000 oz.
Production at the Lamaque mine, in Canada, exceeded guidance despite a three-week shutdown in early Spring related to government-mandated Covid-19 operating restrictions.
The strong performance at Lamaque was partially offset by lower labour availability impacting leach pad flow rates at the Kisladag mine, in Turkey, during the second quarter.
Kisladag finished the year with strong fourth-quarter gold production, driven by improving heap leach performance.
Eldorado president and CEO George Burns says that delivering the company’s production guidance amid a year of unprecedented external challenges is a testament to the dedication and resilience of its people.
“Our unique portfolio of high-quality, long-lived mines and projects will continue to position Eldorado for sustained success in the years ahead.”
Meanwhile, Eldorado has appointed Steve Reid chairperson.
He succeeds George Albino, who will remain on the Eldorado board as a director.
Reid has served as a director on the Eldorado board since May 2013. He has over 40 years of experience in the mineral resource industry.
Reid served as the executive VP and COO for gold miner Goldcorp from 2007 to 2012. Prior to that, he spent 13 years at precious metals miner Placer Dome in numerous corporate, mine management and operating roles.
Burns says Reid’s work as a director over the last seven years has contributed significantly to Eldorado’s success.
“We look forward to benefiting from his leadership. I would like to thank George Albino for his counsel and dedication as chairperson and for his continued strong presence on the board.”
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