Canada’s Eldorado Gold (TSX:ELD)(NYSE:EGO) said on Thursday that output in the first three months of the year climbed 40% to 15,949 ounces when compared to the same quarter last year as output from its Olympias mine in Greece reached its highest levels in 18 months.
Production rose at three of its
four mines, with the biggest jump an 84% increase at Kışladağ in in Turkey to
50,176 ounces. The figure, however, was below the company’s expectations for
the mine due to elevated rainfall, which led to increased solution volumes.
The Vancouver-based miner said the
gold contained in excess solution will be recovered over the spring and summer
months.
Production at Efemcukuru, also in
Turkey, dropped 11% from a year ago to 23,239 ounces, but the miner said this
was consistent with expectations due to lower grades.
Eldorado highlighted the performance
of its Olympias mine in Greece, which produced the highest amount of gold in
six quarter, rising 53% year-over-year.
Output at Lamaque mine in Quebec, which have been suspended since March 23 to comply with the province’s mandated covid-19 restrictions, rose 39% from a year ago to 27,353 ounces.
Despite the modest impact on first
quarter production at Lamaque, which began commercial operations last year, Eldorado remains
optimistic as Quebec recently granted the company an environmental permit for
the expansion of underground production from the mine’s Triangle deposit.
The project would allow the miner
to churn out 2,650 tonnes per day once operations resume, up from 1,800 tonnes
per day.