Eldorado Gold Cut Q3 Loss on Boosted Gold Output

SEATTLE (Scrap Monster): Eldorado Gold Corporation reported its financial and operational results for the third quarter of 2023. The Q3 loss narrowed, aided by increased gold production, higher gold prices and reduced cost.

According to company press release, gold production by the company totalled 121,030 ounces in Q3 2023, higher by 2% when compared with the production of 118,791 ounces in the same quarter a year before. The higher production was mainly on account of the enhanced materials handling circuit at Kisladag, productivity initiatives and associated improvements at Olympias. However, the production was partially impacted by slower production at Lamaque due to suspension of shifts on account of wildfires.

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The Q3 gold sales totalled 119,200 ounces, at an average realized gold price of $1,879 per ounce sold. This compares with gold sales of 118,388 ounces at an average realized gold price of $1,688 per ounce sold. The revenue from operations increased 13% from $217.7 million in Q3 2022 to $245.3 million in Q3 2023.

The production costs recorded decline from $123.5 million in Q3 2022 to $115.9 million in Q3 this year. This was mainly due to lower transport and refining charges and reduced costs for electricity and diesel in Turkiye. The total operating costs lowered from $860-$960 per ounce sold to $830-$880 per ounce sold, mainly due to lower operating costs.