Eldorado Gold has forecast preliminary gold production of 520,293 ounces for 2024, with stable preliminary fourth-quarter gold production of 155,669 ounces, achieving a 7% annual production increase compared to 2023.
The company said fourth-quarter production was very strong at Lamaque and Kisladag, while Efemcukuru continued to meet expectations. Overall production was in line with the company’s forecast for a stronger second half in 2024. Preliminary full-year production was above the midpoint of its tightest guidance range (505,000 to 530,000 ounces).
Regarding the company’s activity in Greece, the fourth quarter gold production was lower compared to the third quarter, mainly affected by the lower performance during the quarter, related to planned equipment outages, as well as maintenance challenges (filter presses), which negatively affected the performance of the ore processing plant.
At Skouries, as of December 31, 2024, the current phase 2 of the project was 60% complete and the overall project was 82% complete, including the first initial construction phase. Detailed engineering is substantially complete. Capital expenditures totaled approximately 93 million dollars in the fourth quarter of 2024 and approximately 320 million dollars in 2024, compared to the previous guidance of between 350 million and 380 million in 2024. In total, approximately 506 million euros of capital has been invested since construction restarted in 2023. The lower-than-expected expenditures in the fourth quarter were primarily a result of the delayed increase in the planned construction workforce to 1,300 workers, with the workforce numbering approximately 1,050 on the project at year-end. The challenge to increase the workforce was a result of the limited availability of construction labor in Greece.
The company is evaluating the impact of these and other factors on the schedule as well as capital costs and will provide a full update in February 2025. Eldorado will release its year-end 2024 and fourth quarter financial and operating results after the market closes on Thursday, February 20, 2025.
