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Mining News May 02, 2022 01:50:42 PM

Eldorado Gold to Restart Construction at Skouries Gold-Copper Mine

Paul Ploumis
ScrapMonster Author
Eldorado Gold reported cash flow from operating activities of $49.7 million in Q1 2022.

Eldorado Gold to Restart Construction at Skouries Gold-Copper Mine

SEATTLE (Scrap Monster): Eldorado Gold Corporation reported financial and operational results for the first quarter of 2022.

According to company press release, the quarterly gold production totalled 93,209 ounces during Q1 2022. The production was heavily impacted in the earlier part of the quarter due to Covid-19 and weather related challenges and power outages at its operations. The Q1 gold sales totalled 94,472 ounces. The all-in sustaining costs during the quarter were $1,347 per ounce. Also, the capital expenditures totalled $60.8 million in Q1 2022, which includes $5.6 million of growth capital spent at Skouries.

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Eldorado Gold reported cash flow from operating activities of $49.7 million in Q1 2022. The adjusted EBITDA stood at $62.1 million during the quarter. The company posted net loss of $316.8 million or $1.74 loss per share and adjusted net loss of $19.0 million or $0.10 loss per share. The lower gold production and sales resulted in negative free cash flow of $26.8 million during the quarter.

The company maintained its annual gold production guidance for the full year 2022 at 460,000-490,000 ounces. The yearly production is expected to be heavily weighted to the second half of the year. It targets to restart construction at the Skouries gold-copper mine in the second half of 2022, subject to necessary financing and Board approval.

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