{"id":1101531,"date":"2019-02-22T16:00:48","date_gmt":"2019-02-22T16:00:48","guid":{"rendered":"http:\/\/www.mining.com\/?p=972979"},"modified":"2019-02-22T16:00:48","modified_gmt":"2019-02-22T16:00:48","slug":"eldorado-to-hike-gold-production-to-over-500000-ounces-in-2020","status":"publish","type":"post","link":"https:\/\/juniorminingnews.com\/?p=1101531","title":{"rendered":"Eldorado to hike gold production to over 500,000 ounces in 2020"},"content":{"rendered":"

Shares in Canada\u2019s Eldorado Gold (TSX:ELD)(NYSE:EGO) climbed on Friday after it said is ready to grow its yearly output<\/a> to more than 500,000 ounces next year, supported by the restart of its K\u0131\u015flada\u011f gold mine in Turkey, and the soon coming online of the Lamaque project in the home country.<\/p>\n

The Vancouver-based\u00a0miner cancelled last month<\/a> plans to build a $500-million processing mill at K\u0131\u015flada\u011f, choosing to resume mining and heap leaching instead.<\/p>\n

The resumption of mining and heap leaching at the K\u0131\u015flada\u011f gold mine in Turkey should provide the opportunity to consider initial debt retirement later this year.<\/q><\/p>\n

The decision may not have been entirely voluntarily, since Eldorado has almost $600 million in debt due in 2020, is building its first mine in Canada\u00a0\u2014 the Lamaque project in Val d\u2019Or, Quebec<\/a> \u2014 and it had only about $287 million in cash on its balance sheet at the end December.<\/p>\n

When it comes to output, however, Eldorado had a good year, generating 349,147 ounces of gold in 2018, which include 35,350 ounces of pre-commercial production from Lamaque. The figure is significantly higher than the previous year\u2019s output of 292,971 ounces and its original 2018 guidance of 290,000 to 330,000 ounces.<\/p>\n

For 2019, the gold company expects to produce between 390,000 and 420,000\u00a0ounces, it said while delivering its financial year-end results<\/a>.<\/p>\n

While Eldorado generated $459 million in revenue from its operations in 2018, it also registered impairments adjustments of almost $448 million related to Olympias, in Greece, and its Turkish mine, resulting in a net loss of $362 million, or $2.28 a share.<\/p>\n

The adjusted net loss came to $26.3 million, compared with adjusted net earnings of $15.2 million in the previous year.<\/p>\n

Looking ahead, chief executive officer George Burns said the restart of K\u0131\u015flada\u011f and the kick off of commercial production at Lamaque, later this quarter, should allow Eldorado to generate significant free cash flow and provide it with the opportunity to consider debt retirement later this year.<\/p>\n

The stock was up\u00a05.53% at C$5.92 by\u00a012:12 p.m. EST.<\/p>\n

The post Eldorado to hike gold production to over 500,000 ounces in 2020<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

For 2019, the Canadian miner expects to produce between 390,000 and 420,000 ounces of gold.<\/p>\n

The post Eldorado to hike gold production to over 500,000 ounces in 2020<\/a> appeared first on MINING.com<\/a>.<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-gradient":""}},"footnotes":""},"categories":[1151,1152,1299,424,404,369,518],"tags":[25,48,53,92,124],"_links":{"self":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1101531"}],"collection":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=1101531"}],"version-history":[{"count":3,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1101531\/revisions"}],"predecessor-version":[{"id":1101562,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=\/wp\/v2\/posts\/1101531\/revisions\/1101562"}],"wp:attachment":[{"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=1101531"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=1101531"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/juniorminingnews.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=1101531"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}