Business
Eldorado Gold Reports Q2 2023 Financial and Operational Results; Well Positioned to Meet 2023 Guidance
VANCOUVER, British Columbia, July 27, 2023 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) today reports the Company’s financial and
About this update from Eldorado Gold Corporation
[{"type":"text","content":" VANCOUVER, British Columbia, July 27, 2023 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) today reports the Company’s financial and operational results for the second quarter of 2023. For further information, please see the Company’s Consolidated Financial Statements and Management’s Discussion and Analysis (\"MD&A\") filed on SEDAR+ at www.sedarplus.com under the Company’s profile. Second Quarter 2023 Highlights Operations Gold production: 109,435 ounces, compared to 113,462 ounces in Q2 2022, a 4% decrease from Q2 2022 as a result of lower throughput at Lamaque due to the wildfires in the region and lower average gold grade and recoveries at Olympias. Gold sales: 110,134 ounces at an average realized gold price per ounce sold1 of $1,953, compared to 107,631 ounces at an average realized gold price per ounce sold of $1,849 in Q2 2022. Gold sales increased 2% from Q2 2022 primarily a result of an increase in production at Kisladag. Production costs: $117.0 million, compared to $109.3 million in Q2 2022. The increase was primarily due to higher royalty expense and increased sales volumes. Cash operating costs1: $791 per ounce gold sold, compared to $789 per ounce gold sold in Q2 2022. Cash operating costs increased from Q2 2022 primarily as a result of lower by-product credits. All-in sustaining costs (\"AISC\")1: $1,296 per ounce sold, compared to $1,270 per ounce sold in Q2 2022, primarily reflecting the increase in cash operating costs per ounce sold and slightly offset by lower sustaining capital expenditures. Total capital expenditures: $99.4 million, including $42.6 million of growth capital1 invested at Skouries, with activity focused on mobilization, procurement and advancement of contracts. Growth capital invested at the operating mines totalled $29.0 million and was primarily related to Kisladag waste stripping to support mine life extension and construction of the first phase of the North Heap Leach Pad. Sustaining capital1 totalled $26.1 million, including $16.2 million at Lamaque for underground development, equipment rebuilds, and the expansion of the tailing management facility. Production and cost outlook: The Company is maintaining its 2023 annual gold production guidance and cost guidance. Gold production is expected to be 475,000 - 515,000 ounces of gold. Cash operating costs p...