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Eldorado reports strong Q1 production growth

Canada's Eldorado Gold has increased its March-quarter gold output by 40% year-on-year to 115,949oz, boosted by the Olympias mine in Greece achieving an 18-month production record.
Eldorado reports strong Q1 production growth Eldorado reports strong Q1 production growth Eldorado reports strong Q1 production growth Eldorado reports strong Q1 production growth Eldorado reports strong Q1 production growth

Eldorado Gold has increased first-quarter production 40% yoy

Staff Reporter

The only asset to underperform was Kısladag, in Turkey, where high rains led to increased solution volumes. However, production from the asset still increased 84% year-on-year to 50,176oz given the restart of mining on April 1 last year.

Vancouver-based Eldorado said the gold contained in excess solution would be recovered over the spring and summer months.

At Efemcukuru, also in Turkey, production dropped 11% to 23,239oz as expected owing to lower mined grades.

At Olympias production increased 53% year-on-year to 15,181oz.

Production at the Lamaque mine, in Canada's Quebec, which has been suspended since March 23 to comply with the province's COVID-19 restrictions, rose 39% year-on-year to 27,353oz, with production largely unaffected in the first quarter.

Eldorado will report its financial results for the first quarter on April 30 after market close.

Shares in the company (ELD:TSX) gained 11% Thursday to C$10.81, which capitalises it at $1.78 billion (US$1.27 billion).