Eldorado's Kisladag mine, in Turkey
Canada-based Eldorado Gold will resume mining and heap leaching at the Kisladag mine, in Turkey, putting on hold a previously announced mill project.
The decision to resume mining and heap leaching follows improved heap leach recoveries and a revised heap leaching plan that was developed early this year.
“The revised heap leaching plan results in favourable economics when compared to milling without the risks associated with the construction and financing of a $500-million project,” president and CEO George Burns said on Wednesday.
Mining at Kisladag is expected to resume by the end of the first quarter, and is forecast to produce 145 000 oz to 165 000 oz this year, contributing nearly 40% to the group’s total forecast for the year of 390 000 oz to 420 000 oz.
Average cash operating costs are forecast to decline from $621/oz to between $550/oz and $600/oz.
As mining and heap leaching at Kisladag ramps up in 2019, consolidated gold production is expected to increase to between 520 000 oz and 550 000 oz in 2020, before decreasing to 350 000 oz to 380 000 oz in 2021.
Eldorado also owns the Efemcukuru mine, in Turkey and the Lamaque mine in Canada, as well as the Olympias, Skouries and Stratoni mines, in Greece.
At Lamaque – the company's first mine in Canada – commercial production is expected to be declared in the first quarter of the year.
The company does not have any major capital projects lined up beyond Lamaque.