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Mining News August 03, 2020 07:30:39 PM

Eldorado Gold Output Surged 50% in Second Quarter

Paul Ploumis
ScrapMonster Author
The total revenues surged higher by 47% to $255.9 million.

Eldorado Gold Output Surged 50% in Second Quarter

SEATTLE (Scrap Monster): Eldorado Gold Corporation reported the company’s financial and operational results for the second quarter of 2020.

The company’s gold production totalled 137,782 ounces, significantly higher by 50% from the prior year quarter. The Q2 2019 gold production had totalled 91,803 ounces. The gold sales increased by 19% from 113,685 ounces to 134,960 ounces over the previous year. The sales recorded an increase at Kisladag, Olympias and Lamaque mines. On the other hand, sales at Efemcukuru recorded decline.

ALSO READ: Eldorado Gold Provides Latest Updates on Lamaque Gold Mine Works

Eldorado Gold reported net earnings of $45.6 million, or $0.27 per share, as compared with net earnings of $12.2 million, or $0.08 per share reported in the second quarter of 2019. The adjusted net earnings were $43.8 million, or $0.26 per share in Q2 2020. This compares with adjusted net loss of $3.5 million, or $0.02 loss per share in the same quarter last year. The total revenues surged higher by 47% to $255.9 million.

The company maintained its previously announced 2020 annual guidance of 520,000-550,000 ounces of gold at an all-in sustaining cost of $850-$950 per ounce sold.

George Burns, President and CEO, Eldorado Gold stated that the company achieved strong quarterly production at lower all-sustaining costs, even in the midst of Covid-19 headwinds. He pointed out several positive catalysts in the company’s future operations including further success in Turkey and continued growth in Greece and Quebec.

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