(AGENPARL) – mer 12 ottobre 2022 [Eldorado Logo]
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Eldorado Gold Corporation has added a new press release to its web site. For full details please visit the Eldorado Gold Corporation web site at:
VANCOUVER, British Columbia, Oct. 12, 2022 (GLOBE NEWSWIRE) — Eldorado Gold Corporation (“Eldorado” or “the Company”) announces third quarter 2022 preliminary gold production of 118,790 ounces, and year-to-date preliminary gold production of 325,461 ounces. Eldorado remains on track to achieve the low end of consolidated full-year guidance for 2022 of 460,000 ounces, as operating trends continue to improve, and sequential quarterly improvements in production are realized. Detailed production, by asset, is outlined in the table below.
Q3 2022 Preliminary Gold Production
Production (oz)
Mine Q3 2022 Q2 2022 Q1 2022
Kisladag 37,741 27,973 29,779
Lamaque 42,454 46,917 33,377
Efemcukuru 22,473 22,793 21,057
Olympias 16,122 15,779 8,996
Total Gold Production (oz) 118,790 113,462 93,209
Production (oz)
Mine 9 months ending Sept. 30, 2022 9 months ending Sept. 30, 2021
Kisladag 95,493 141,229
Lamaque 122,748 101,847
Efemcukuru 66,323 70,076
Olympias 40,897 40,116
Total Gold Production (oz) 325,461 353,268
Canada
At Lamaque, third quarter production was slightly below plan due to throughput. Underground development of high-grade stopes progressed well during the quarter.
Turkiye
Third quarter gold production at Kisladag increased 27% and 35% over the first and second quarter, respectively. The increase in gold production quarter-over-quarter was driven by an increase in tonnes placed on the pad during the second quarter. As evidenced by the production results, the on-belt agglomeration continues to perform as expected. As part of the North heap leach pad project, larger conveyors will be installed on schedule in the fourth quarter, providing further improvement in materials handling capabilities in the belt agglomeration circuit and throughput rates. As a result, Eldorado continues to anticipate production at Kisladag to be weighted to the second half of the year.
At Efemcukuru, gold production, throughput and average gold grade were in line with plan.
The Company’s profits from mining operations in Turkiye are taxed at the enacted rate and the resulting current income tax expense can be further increased or reduced by other items. In the third quarter, the Company expects the Turkish current income tax expense on mining profits, at an enacted rate of 22%, to be further increased up to $2 million. The expected increase is primarily related to the weakening of the Lira in the quarter and the resulting generation of taxable unrealized foreign exchange gains, partly offset by reductions related to Lira deposits and the investment tax credit relating to Kisladag.
Greece
Third quarter gold production at Olympias improved 79% over the first quarter and was in line with second quarter production. In the third quarter, Olympias had steady production, and good grade control, evidence of the progressive transformation in action. Other transformation initiatives continue at pace, as the mine continues to ramp up productivity. Full-year 2022 production at Olympias is expected to be lower than plan.
Q3 2022 Financial and Operational Results Call Details
Conference Call Details Replay (available until Dec. 2, 2022)
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkiye, Canada, Greece and Romania. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado’s common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).
Contact
Investor Relations
Lisa Wilkinson, VP, Investor Relations
Media
Louise McMahon, Director Communications & Public Affairs
Cautionary Note about Forward-looking Statements and Information
Certain of the statements made and information provided in this press release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Often, these forward-looking statements and forward-looking information can be identified by the use of words such as “anticipates”, “believes”, “budget”, “continue”, “estimates”, “expects”, “forecasts”, “guidance”, “intends”, “plans”, “projected” or “scheduled” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved.
Forward-looking statements or information contained in this release include, but are not limited to, statements or information with respect to: the Company’s 2022 annual production guidance, including our individual mine production; timing of and anticipated production; the expected tax expense in Turkiye; the timing of resource conversion drilling; the optimization of Greek operations; the Company’s release of its 2022 Third Quarter Financial and Operational Results and related conference call; our expectation as to our future financial and operating performance; expected metallurgical recoveries and improved concentrate grade and quality; risk factors affecting our business; and our strategy, plans and goals, including our proposed exploration, development, construction, permitting and operating plans and priorities and related timelines. Forward-looking statements and forward-looking information by their nature are based on assumptions and involve known and unknown risks, market uncertainties and other factors, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
We have made certain assumptions about the forward-looking statements and information, including assumptions about: our preliminary gold production and our production guidance; the weakening of the Turkish Lira and the resulting generation of taxable unrealized foreign exchange gains in Turkiye; benefits of the completion of the decline at Lamaque, the improvements at Kisladag and the optimization of Greek operations; how the world-wide economic and social impact of COVID-19 is managed and the duration and extent of the COVID-19 pandemic; timing, cost and results of our construction and exploration; the geopolitical, economic, permitting and legal climate that we operate in; the future price of gold and other commodities; the global concentrate market; exchange rates; anticipated values, costs, expenses and working capital requirements; production and metallurgical recoveries; mineral reserves and resources; and the impact of acquisitions, dispositions, suspensions or delays on our business and the ability to achieve our goals. In addition, except where otherwise stated, we have assumed a continuation of existing business operations on substantially the same basis as exists at the time of this release.
Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Many assumptions may be difficult to predict and are beyond our control.