Eldorado Gold, the parent company of Hellenic Gold, presented the updated operational goals for 2024 during the announcement of the third quarter financial results.
Focusing on Greece, the company spoke of increased production at the Olympias mine. It also underlined that the Skouries project is progressing normally, with invested capital reaching 227.1 million dollars in the nine-month period.
In particular, the production of the Olympias mine amounted to 21,211 ounces of gold in the third quarter of 2024, recording an increase of 13% from 18,848 ounces in the third quarter of 2023.
Revenue increased to 65.7 million dollars in the third quarter of 2024 from 51.4 million dollars in the third quarter of 2023, primarily due to a higher average achieved gold price and slightly higher volume of ounces sold.
Production costs increased to 44.7 million in the third quarter of 2024 from 39.3 million in the same period in 2023 due to higher labor costs and higher royalties resulting from higher gold prices achieved.
Gold production to increase by 3% from the third quarter of 2023
Overall for Eldorado Gold, gold production reached 125,195 ounces in the third quarter of 2024, up 3% from the same quarter last year. The Canadian company’s total gold sales stood at 123,828 ounces at an average realized gold price per ounce sold of 2,492 dollars. Gold sales rose by 4% compared to the third quarter of 2023, mainly as a result of increased production at Olympias and Kisladag.
Skouries
Regarding the Skouries project, the overall progress reaches 79%, including the first phase of construction. Growth capital invested totaled 82.7 million dollars in the third quarter of 2024 and 227.1 million dollars during the nine months ended September 30, 2024. As of September 30, 2024, growth capital invested against the total estimated capital of 920 million totaled 411.9 million along with the operational readiness team, as of September 30, 2024 the staff numbered approximately 1,000 people.
As the company’s management emphasized “so far the productivity of the construction work force slightly exceeds our expectations. We are making steady progress towards our goal of having 1,300 workers on site at the end of the year. Once we secure the additional personnel on site, our primary goal is to bring them up to the estimated productivity levels to stay on schedule and on budget. We are managing this matter very carefully and are taking proactive measures to mitigate potential challenges in a tight construction labor market.”
First production of the copper-gold concentrate is expected in the third quarter of 2025. Gold production in 2025 is expected to be 50,000-60,000 ounces and copper production is expected to be 15-20 million pounds. The project remains on schedule for commercial production in late 2025.
