Eldorado Gold Corporation has announced that it has achieved the midpoint of the gold production guidance for 2023, which was in improvement over the last year. Its financial conditions also improved over 2022.
Canada-based company's gold production amounted to 485,139 ounces in 2023, up 7% from 453,916 ounces in 2022. In Q4, the company produced 143,166 ounces of gold.
Meanwhile, Eldorado's revenue for 2023 was up 16% to $1 billion, from of $872.0 million in 2022 both due to higher average realized gold prices and higher volumes sold. Net earnings amounted to $106.2 million in 2023, an increase from net loss of $49.2 million in 2022. This increase was primarily due to higher revenue, lower mine standby costs, write-downs of assets, and income taxes.
Eldorado has also increased the capital expenditure estimate of the Skouries project in Greece to $920 million, but between the project finance facility and balance sheet, the project remains fully funded. Skouries is now expected to deliver its first copper and gold concentrate in the third quarter of next year, rather than the previously guided mid-2025. The company expects to produce 50,000 to 60,000 ounces of gold and 15 to 20 million pounds of copper at Skouries in 2025.
“This was an important year as we delivered 7% production growth, a 6% lower cash cost per ounce and a 4% lower AISC per ounce compared to 2022. We achieved this in a challenging inflationary environment and successfully delivered key initiatives across our operations,” said George Burns, President and CEO of Eldorado Gold.
“Our focus in 2024 is on safety, productivity and driving efficiencies across our portfolio to generate free cash flow. ”
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
