Eldorado Gold Produces 93,209 Gold Ounces In Q1, Annual Guidance Remains Unchanged

Eldorado Gold (TSX: ELD) last night reported preliminary production figures for the first quarter of 2021. The quarterly results were said to be quite impacted by the ongoing pandemic, with absenteeism delaying planned development.

Production for the full quarter amounted to 93,209 gold ounces, a decline on both a quarter over quarter and year over year basis. Comparatively, the firm produced 111,742 gold ounces in the year ago period, and 122,582 ounces in the prior quarter.

Broken down, the firms Kisladag mine in Turkey produced 29,779 ounces, while Efemcukuru produced 21, 057 ounces. Olympias in Greece produced 8,996 ounces, while the firms Canadian mine, Lamaque, produced 33,377 ounces, and was the only mine to improve gold production on a year over year basis. On a quarterly basis, all mines saw production decreases.

In Canada, the firm was subjected to reduced workforce hours due to the pandemic, which resulted in delays to underground mine development, leading to low tonnage and gold grades. This development reportedly was finally achieved in March, with full year production so far remaining unimpacted.

Kisladag meanwhile saw mandated power outages, COVID-19, and severe weather impact its operations, with production slated to increase in the second half of the year. The firms Greek operations were impacted by all the same factors, including power outages, and production is expected to increase for the remainder of the year.

The company is currently guiding to 460,000 to 490,000 ounces of production for the year, despite appearing to fall short of those targets on a quarterly basis. The company had previously indicated that it expects production to be weighted to the second half of the year.

Eldorado Gold last traded at $15.28 on the TSX.


Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

Antimony Resources Drills 5.27% Sb Over 4.95 Metres In Latest Results

Nord Precious Metals Identifies 29 Veins At Castle East Following 3D Modeling

Related News

Canaccord Revises Estimates For Eldorado Gold, Maintains Ratings

Eldorado Gold (TSX: ELD) reported their second quarter financials recently. The company produced 116,066 ounces...

Monday, August 9, 2021, 04:49:00 PM

Eldorado Gold: Skouries Delayed Again + Guidance Cut

Eldorado Gold has seen its stock crash after further delays were announced for its oncoming...

Sunday, February 9, 2025, 08:24:00 AM

Eldorado Gold: Gold Miner Just Added 17 Years of Production… MARKET MISSED IT!

The problem with gold producers that just get the work done day in and day...

Saturday, February 1, 2025, 03:17:00 PM

Eldorado Gold Produces 528,874 Ounces Of Gold In 2020, Meeting Guidance

Eldorado Gold (TSX: ELD) late last night announced its preliminary results for its fourth quarter...

Friday, January 8, 2021, 08:07:13 AM

Pandemic Lockdowns Wreak Havoc On Gold Operations Globally

It appears that the mining of gold is slowing globally while the spot price of...

Tuesday, March 24, 2020, 12:40:05 PM