Welcome to our dedicated page for Eldorado Gold news (Ticker: EGO), a resource for investors and traders seeking the latest updates and insights on Eldorado Gold stock.
Eldorado Gold Corporation reports on gold and base metals mining, development and exploration operations in Canada, Türkiye and Greece. Recurring updates cover operating and financial results, production and cost outlooks, capital allocation, mine development, exploration activity and governance changes across assets such as Lamaque, Skouries, Kisladag, Efemcukuru and Olympias.
The company’s news also includes project and permitting developments, including the Ormaque deposit at the Lamaque Complex, and completed portfolio actions such as the acquisition of Foran Mining, which added the McIlvenna Bay copper-zinc-gold-silver asset in Canada. Eldorado’s common shares trade on the Toronto Stock Exchange and the New York Stock Exchange under EGO in the United States.
Eldorado Gold Corporation announced its preliminary production results for 2020, reporting a 34% increase in gold production to 528,874 ounces, within its guidance range. The fourth quarter yielded 138,220 ounces, a 16% rise year-over-year. Despite challenges such as a COVID-19-induced shutdown, operations at the Lamaque mine exceeded expectations, though labor shortages affected Kisladag. The company has appointed Steve Reid as the new Chair of the Board, succeeding George Albino, who will remain a Director.
Eldorado Gold Corporation announced its updated Reserve and Resource estimates as of September 30, 2020. The Proven and Probable gold Reserves rose to 17.7 million ounces, a 1.3% increase from 17.5 million ounces in the previous year. The improvements were driven by increases at Kisladag, Lamaque, and Perama Hill. However, decreases were noted at Olympias and Efemcukuru due to mining assumptions and depletion. Inferred resources saw a modest increase. The Company adjusted its resource reporting methodology, resulting in a 7% decrease for Measured + Indicated ounces and an 18% decrease for Inferred ounces.
Eldorado Gold Corporation has announced promising results from exploration drilling across its assets in Quebec, Greece, and Turkey. Notable highlights include high-grade intercepts at the Triangle deposit in Lamaque, indicating significant resource growth potential. The Ormaque zone has expanded with multiple high-grade assays, while continuity in gold grades has been confirmed at Efemcukuru. A new massive sulfide lens was discovered at Stratoni, enhancing resource potential. The company's commitment to exploration demonstrates a strategy to extend the mine life of its assets.
Eldorado Gold Corporation reported strong Q3 2020 results, with gold production of 136,922 ounces, a 35% increase from Q3 2019. The company maintained its 2020 guidance of 520,000-550,000 ounces and reported net earnings of $41 million ($0.24/share), compared to $4.2 million in Q3 2019. Free cash flow soared to $117.2 million from $16.7 million. However, all-in sustaining costs rose to $918 per ounce due to increased gold royalty rates. The company holds strong liquidity with $504 million in cash and cash equivalents.
Eldorado Gold Corporation announced a 35% increase in preliminary gold production for Q3 2020, totaling 136,672 ounces, compared to Q3 2019. Key production highlights include:
- Kisladag: 66% increase year-over-year
- Lamaque: Record production due to enhanced mining
- Efemcukuru: 8% decrease from previous year
- Olympias: 75% increase year-over-year
Production remained slightly below expectations due to high solution inventories. Improvements in processing capacity are planned for Q1 2021.
Eldorado Gold Corporation announced the resignation of Dr. Michael Price from its Board effective September 30, 2020, as part of its succession planning. Judith Mosely has joined the Board as of September 1, 2020. Furthermore, the Company has successfully redeemed $58.6 million of its senior secured notes, affirming its commitment to debt reduction. George Burns, President and CEO, expressed gratitude for Dr. Price's decade of service and welcomed Judith Mosely to the Board. Eldorado Gold operates in multiple countries and trades on the TSX and NYSE under the symbol EGO.