CA - Eldorado Gold achieves annual production target

2024-01-16 06:00:56 ET

Eldorado Gold ( NYSE: EGO ) expects to meet its gold production target for full year 2023, driven by record output from its Lamaque Complex operations in Canada.

Based on preliminary estimates , full year gold production was 485,140 oz., at the midpoint of the company's 475,000 to 495,000 oz. guidance range.

The Lamaque Complex delivered record gold production both in Q4 (56,619 oz.) and for the year (177,069 oz.). During Q4, production increased 29% over the third quarter driven by increased grade and mill throughput.

At Kisladag, Turkiye, Q4 production grew 24% over the third quarter to 46,291 oz., driven by an increase in tonnes placed on the pads and higher irrigation rates during the quarter following the commissioning of the North Heap Leach pad in the third quarter.

Overall, Q4 gold production are expected to be 143,166 oz., compared to Bloomberg estimates of 139,317 oz. Production was strong across all assets and in line with the company's estimates of a stronger second half of 2023.

Eldorado ( EGO ) will release its full year 2023 and Q4 results after the market closes on February 22, 2024.

Shares of the gold producer are down 5.19% premarket

More on Eldorado Gold

• Eldorado Gold: Massive Growth Potential
• Eldorado Gold Q3 Earnings: A Solid Quarter Overall
• Eldorado Gold: Margins Up Sharply, But Annual Output Below Plan
• Eldorado Gold appoints Paul Ferneyhough as chief financial officer
• Eldorado Gold surges after Q3 earnings topper, higher production

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