Eldorado Gold Output Surged 50% in Second Quarter

SEATTLE (Scrap Monster): Eldorado Gold Corporation reported the company’s financial and operational results for the second quarter of 2020.

The company’s gold production totalled 137,782 ounces, significantly higher by 50% from the prior year quarter. The Q2 2019 gold production had totalled 91,803 ounces. The gold sales increased by 19% from 113,685 ounces to 134,960 ounces over the previous year. The sales recorded an increase at Kisladag, Olympias and Lamaque mines. On the other hand, sales at Efemcukuru recorded decline.

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Eldorado Gold reported net earnings of $45.6 million, or $0.27 per share, as compared with net earnings of $12.2 million, or $0.08 per share reported in the second quarter of 2019. The adjusted net earnings were $43.8 million, or $0.26 per share in Q2 2020. This compares with adjusted net loss of $3.5 million, or $0.02 loss per share in the same quarter last year. The total revenues surged higher by 47% to $255.9 million.

The company maintained its previously announced 2020 annual guidance of 520,000-550,000 ounces of gold at an all-in sustaining cost of $850-$950 per ounce sold.

George Burns, President and CEO, Eldorado Gold stated that the company achieved strong quarterly production at lower all-sustaining costs, even in the midst of Covid-19 headwinds. He pointed out several positive catalysts in the company’s future operations including further success in Turkey and continued growth in Greece and Quebec.