Eldorado adopts gradual output increase plan up to 2025

15th January 2021 By: Marleny Arnoldi - Deputy Editor Online

Canadian miner Eldorado Gold Corporation has set its gold production target at between 430 000 oz and 460 000 oz for the year, as well as next year, before building up to between 510 000 oz and 540 000 oz by 2025.

The company produced 528 874 oz in 2020, against a production guidance of between 520 000 oz and 550 000 oz.

Eldorado has gold and base metal mining and exploration operations in Turkey, Canada, Greece, Romania and Brazil.

Eldorado president and CEO George Burns says the company’s five-year production profile provides the growth and flexibility to reinvest in the company’s portfolio of mines, while continuing to deleverage the balance sheet.

Beyond the five-year plan, Eldorado is working with the Greek government on permitting to restart construction at the Skouries project, the completion of which will drive new production growth beyond 2025.

Meanwhile, Eldorado plans on commissioning a high-pressure grinding roll (HPGR) circuit at the Kisladag mine, in Turkey, in the third quarter. Burns says that pre-stripping investments will position the mine for sustained free cash flow over a 15-year mine life.

The company’s sustained cash flow will also be driven by low costs and operational efficiency improvements from column flotation at the Efemcukuru project, in Turkey.

Burns expects quarter-to-quarter gold production this year to be relatively consistent, with higher anticipated gold grade at Kisladag in the first half of the year, but offset by lower head grades at the Lamaque project, in Canada.

In the second half of the year, gold production at Lamaque is expected to increase on higher grade, while output at Kisladag will be temporarily affected by the third-quarter commissioning of the HPGR circuit. 

Eldorado envisions meeting all-in sustaining cost guidance of between $920/oz and $1 150/oz this year, at an assumed gold price of $1 750/oz.