Eldorado Gold Corp (NYSE:EGO) reported the firm’s 2017 operating performance and preliminary cash costs. For 2017, gold production came at 285,919 ounces, including pre-commercial production from Olympias versus revised projection of 280,000 ounces to 310,000 ounces, including a fourth quarter revision at Kisladag. In addition, the firm produced gold amounting to 7,061 ounces in the fourth quarter. This production came from a bulk sample at its recently bought Lamaque project in Quebec.
The buzz
George Burns, the CEO and President of Eldorado, reported that 2017 was overshadowed by political challenges in Greece and technical headwinds at Kisladag. With that said, he is extremely proud of how their team handled the challenges and opportunities of 2017. They closed the Integra acquisition, achieved in announcing commercial production at Olympias Phase 2 at year-end and started the immense work of technical work at their major Kisladag, Skouries and Lamaque properties.
The CEO of Eldorado added that 2018 is already showing to be a busy year, with many catalysts and development ongoing at Lamaque and updated or new technical studies for Skouries, Kisladag and Lamaque. All three trials are anticipated to be done by the close of the first quarter, which will support the plan in this year. Their overarching goal for this year and beyond is to move company back into a growth stage and create value for stakeholders.
Eldorado is issuing partial operating and financial projection for 2018 for now as the technical teams persist to work on the needed metallurgical test work on the Kisladag orebody. The firm anticipates to be able to offer projection for the full year at the close of the first quarter when an adequate amount of metallurgical test work is concluded and the technical study is done.
In the last trading session, the stock price of Eldorado jumped more than 5% to close the day at $1.41.
