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Eldorado Gold Provides 2021 Guidance and Five-Year Outlook; Announces Management Appointments
VANCOUVER, British Columbia, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation, (“Eldorado” or the “Company”) today provided detailed 2021 production
About this update from Eldorado Gold Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, Jan. 14, 2021 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation, (“Eldorado” or the “Company”) today provided detailed 2021 production and cost guidance and an updated five-year production outlook. Highlights Kisladag high-pressure grinding roll (HPGR) commissioning in the third quarter of 2021 and pre-stripping investments position the mine for sustained free cash flow over a 15-year mine life. Increased five-year production profile at Lamaque driven by increasing mining rates and efficiencies from completion of Triangle decline in 2021. Column flotation at Efemcukuru improves concentrate grade and enhances low costs and operational consistency to drive sustained cash flow. Throughput expansion and efficiency improvements at Olympias lead to new growth phase over the five-year plan. Strong liquidity to drive further debt reduction in 2021. The Company’s 2021 gold production is forecast to be between 430,000 and 460,000 ounces at all-in sustaining costs (AISC) of $920 to $1,150 per ounce. Average 2021 cash operating costs are forecast in the range of $590 to $640 per ounce of gold sold. Quarter-to-quarter gold production in 2021 is expected to be relatively consistent with higher anticipated gold grade at Kisladag in the first half of the year expected to be offset by lower head grade at Lamaque. In the second half of 2021, gold production at Lamaque is expected to increase on higher grade while production at Kisladag will be temporarily affected by the expected third-quarter commissioning of the HPGR circuit. “Eldorado’s strong five-year production profile provides the growth and flexibility to reinvest in our portfolio of mines and projects while also continuing to deleverage our balance sheet,” said George Burns, Eldorado Gold’s President and Chief Executive Officer. “In Greece, we continue to work productively with the government on discussions and permitting to re-start construction at Skouries; the completion of which will drive new production growth beyond our current five-year plan.” Five-Year Gold Production Outlook Production (oz) 2021E 2022E 2023E 2024E 2025E Kisladag 140,000 - 150,000 140,000 -150,000 165,000 -175,000 185,000 - 195,000 160,000 - 170,000 Lamaque 140,000 - 150,000 165,000 - 175,000 180,000 - 190,000 160,000 - 170,000 185,000 - 195,000 Efemcukuru* 90,000 - 95,000 80,000 - 85,00...