Eldorado Gold updates 2023 guidance
Canada-headquartered Eldorado Gold has tweaked its guidance for gold production, cost and capital expenditure (capex) to narrow the ranges, reflecting its updated expectations for the company.
Gold production is expected to be 475 000 oz to 495 000 oz, from the previous guidance of 475 000 oz to 515 000 oz.
The cash operating cost per ounce sold range has been lowered to between $730/oz and $780/oz, from $760/oz to $860/oz, owing to lower unit costs for fuel and power, as well as a weaker Lira and Canadian dollar.
All-in sustaining costs are forecast to be between $1 190/oz and $1 240/oz.
Eldorado slashed its capex guidance from a previous range of $394-million to $437-million, to a new range of $280-million to $305-million. The lower capital investment stems from adjustments to its spending at the Skouries project, in Greece, as well as deferral of projects at Lamaque, in Canada, and Kisladag, in Türkiye.
During the third quarter, Eldorado produced 121 030 oz of gold at an AISC of $1 177/oz. The miner generated revenue of $245.3-million and reported adjusted net earnings of $35-million, or $0.17 a share.
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