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Eldorado Gold Corporation (EGO) provides investors and industry observers with timely updates through this centralized news hub. Track official press releases and verified developments covering operational milestones, exploration progress, and strategic initiatives across global mining operations.
This resource delivers essential updates including quarterly earnings reports, production results, and regulatory filings. Users gain insights into asset development across key regions like Turkey and Greece, along with technical updates on gold and base metals extraction processes.
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Eldorado Gold reported its Q2 2024 financial and operational results, maintaining its 2024 operating guidance. Key highlights include a 12% increase in gold production to 122,319 ounces, and a 10% increase in gold sales to 121,226 ounces, with an average realized gold price of $2,336 per ounce. Production costs rose to $127.8 million, and total cash costs averaged $940 per ounce. Revenue grew by 30% to $297.1 million, driven by higher gold prices and sales volumes.
Net earnings surged to $56.4 million or $0.28 per share, compared to $1.5 million or $0.01 per share in Q2 2023. Adjusted net earnings were $66.6 million or $0.33 per share. Free cash flow was negative at $32.0 million due to significant investments at Skouries. Cash, cash equivalents, and term deposits increased to $595.1 million. The company is on track with its 2024 guidance and expects stronger production and improved unit costs in the second half of the year.
Skouries' project milestone achievements include significant progress in earthworks, tailings filtration infrastructure, and underground development. The project remains on budget and is expected to start production in Q3 2025.
Eldorado Gold has provided an update regarding the tax impacts on their mining operations in Turkiye for Q2 2024. The current income tax expense, which is taxed at a 25% enacted rate, is expected to decrease by $3 to $5 million. This decrease is primarily due to investment tax credits related to the Kisladag and Efemcukuru mines and the effects of inflation accounting. However, this is partly offset by taxable unrealized foreign exchange gains resulting from the weakening of the Turkish Lira against the US dollar. Eldorado Gold will release its Q2 2024 financial and operational results after market close on July 25, 2024. A conference call to discuss these results is scheduled for July 26, 2024, at 11:30 AM ET, details of which are available on their website.
Eldorado Gold has announced an extension and increase of its senior secured credit facility with a syndicate of lenders. The new agreement extends the four-year term and increases the revolving credit facility to US$350 million, up from US$250 million, with an additional US$100 million accordion feature.
This move replaces the previous credit facility, which was set to mature in 2025. The interest rate for the credit facility ranges from SOFR plus 2.125-3.250% depending on Eldorado's net-leverage ratio.
As of June 27, 2024, no amounts are drawn under this new facility, but availability is reduced by €126.2 million due to an outstanding letter of credit for the Skouries project. The facility aims to provide financial flexibility as the Skouries project is fully funded and expected to commence production in Q3 2025.
Eldorado Gold announced the election of its board of directors at the Annual Meeting of Shareholders held on June 4, 2024. All nominees listed in the Management Proxy Circular were elected. The election results showed significant support from shareholders, with all directors receiving over 98% of votes in favor. Key approvals during the meeting included the appointment of independent auditors, authorizing the board to set auditor pay, and an advisory resolution on executive compensation.
Steven Reid, Chair of Eldorado Gold's Board, thanked shareholders for their support and acknowledged Pamela Gibson for her contributions as she did not stand for re-election. Eldorado remains focused on advancing its Skouries project and delivering value in its existing operations.
Eldorado Gold has released its 2023 Sustainability Report, detailing its environmental, social, and governance (ESG) performance. The report highlights significant achievements such as a 20% reduction in potentially fatal occurrences and the lowest lost-time injury frequency rate (LTIFR) in 12 years. The company also received top ratings for biodiversity and tailings management at its Olympias site and launched its first Supplier Code of Conduct. Additionally, Eldorado committed to local employment, achieving 79% local workforce participation and made $4.29 million in community investments. The report underscores the company's commitment to reducing greenhouse gas emissions by 30% by 2030.
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