Eldorado Hikes 2020 Gold Production Forecast by 35%

SEATTLE (Scrap Monster): Vancouver, B.C.-based Eldorado Gold Corporation provided detailed 2020 production and cost guidance as well as a five-year production outlook. It also announced 15-year mine life at Kisladag.

According to the company, it continues to remain focused on operating all of its assets in a safe and responsible manner. It intends to transform Olympias into a stable and profitable mine and optimizing production at Lamaque in an efficient manner.

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The company expects to record third consecutive year of increased gold production in 2020. The production during the year is likely to range between 520,000 and 550,000 ounces of gold, which is significantly higher by almost 35% when compared with the 395,331 ounces of gold produced in 2019. The average cash operating costs is likely to be in the range of $550-600 per ounce of gold sold in 2020. This compares with $608 per ounce of gold sold in 2019. Also, AISC is forecast to decline to $850-$950 per ounce of gold sold.

Eldorado forecasts five-year production from its four current operations- Kisladag, Lamaque, Efemcukuru and Olympias to average over 450,000 ounces of gold per year. In addition, the gh quality development projects is expected to contribute significantly to its production profile and cash flow.