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Eldorado Gold Corporation - President & CEO, George Burns - The Market Herald Canada
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  • With steady operational growth anticipated over the next five years, Eldorado Gold (ELD) has unveiled its gold production targets for 2021
  • The company hopes to produce between 430,000 and 460,000 ounces of gold at an all-in sustaining cost of C$920 to $1,150 per ounce
  • Higher gold grades at Kisladag in the first half of the year are expected to be offset by lower head grade at Lamaque
  • In the second half of the year, gold production at Lamaque is expected to increase while production at Kisladag will be temporarily affected by the third-quarter commissioning of the HPGR circuit
  • The company also unveiled the appointment of Brock Gill and Simon Hille to its executive team, as well as the promotion of Sylvain Lehoux
  • Eldorado Gold is currently down 3.99 per cent to $14.58 per share

With steady operational growth anticipated over the next five years, Eldorado Gold (ELD) has unveiled its gold production targets for 2021.

The Vancouver-based company is aiming to produce between 430,000 and 460,000 ounces of gold at an all-in sustaining cost of C$920 to $1,150 per ounce, with average operating costs expected to be between $590 and $640 per ounce of gold sold.

Over the course of the year, quarter-to-quarter production is anticipated to remain relatively stable, with higher gold grades at Kisladag in Turkey during the first half of 2021 expected to be largely offset by lower head grade at Lamaque in Quebec.

In the second half of the year, Eldorado said that gold production at Lamaque is then anticipated to increase with higher grades, while Kisladag will be temporarily impacted by the third-quarter commissioning of the high-pressure grinding roll (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, President and CEO of Eldorado Gold.

"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," he added.

Additionally, Eldorado is continuing to build out its management team with the appointment of Brock Gill and Simon Hille to its executive team and the promotion of Sylvain Lehoux.

As of March, Brock will join the company as Senior Vice President of Projects and Transformation, and will oversee development engineering activities and the delivery of major capital projects. He previously acted as Vice President of Projects with BHP, where he was responsible for leading the multi-billion-dollar Jansen Potash Project.

Simon joined Eldorado in November last year as Vice President of Technical Services, and is responsible for technical projects and driving innovation throughout the company.

Sylvain was promoted to Vice President and General Manager of Quebec in early December, and will continue to oversee all mine site operations in the province while acting as an ambassador for Eldorado in the region. He joined the company in June 2017 after holding the role of General Manager of the Westwood Mine with IAMGOLD.

Eldorado Gold is currently down 3.99 per cent to $14.58 per share at 12:38pm EST.

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