TORONTO – Eldorado Gold Corp. [ELD-TSX; EGO-NYSE] said Tuesday it has completed key growth projects at mines in Quebec and Turkey. The company also said it is poised to announce the results of a feasibility study for the company’s wholly-owned Skouries project in northern Greece.
Details of the study will be announced on December 15, 2021, the company said.
Based in Vancouver, Eldorado is a mid-tier gold and base metals producer with an international portfolio that includes mining, development and exploration projects in Turkey, Canada, Greece, Romania, and Brazil. Key operations include the Kisladag and Efemcukuru mines in Turkey, the Olympias Mine in Greece, and the Lamaque Mine in Quebec.
The company is also working to advance the Skouries copper-gold project in Greece.
When Eldorado released its 2021 third quarter operating and financial results on October 28, 2021, it raised its production guidance for this year by approximately 6% to 460,000 to 480,000 ounces.
However, the company has said it has a pipeline of growth projects that are expected to drive its annual production up to 525,000 ounces in 2024. The increase is expected to result from organic growth at existing operations.
On Tuesday the company said it has completed the Triangle-Sigma decline at the Lamaque mine and the construction and wet commissioning of the high-pressure grinding rolls (PHGR) at Kisladag.
“The successful completion of these two key organic growth projects marks an important milestone as we continue to deliver on executing our growth plans,’’ said Eldorado President and CEO George Burns.
The decline connecting the Triangle mine and Sigma mill at Lamaque will replace the current route with straight-line haulage to the mill, eliminating surface haulage costs and reducing greenhouse gas emissions.
The project included approximately 3,200 metres of development, completed within the 18-month schedule and within the US$24 million cost estimate.
This is expected to facilitate future production from the Triangle mine (contingent on continued reserve expansion) and allows for mining of satellite deposits.
The addition of the Kisladag HPGR is expected to have an immediate positive impact and increase recoveries by approximately 4.0%.
Meanwhile, the results of the Skouries feasibility study will be announced after the close of trading, Wednesday.
Situated in the Halkidiki Peninsula in the Serbo-Macedonian ore belt, Skouries was previously expected to produce 140,000 ounces of gold and 67 million pounds of copper annually during an estimated lifespan of 23 years. It is located on a concession that also contains the Olympias Mine.
Skouries is designed as a two-phase mining operation that will produce a clean gold-copper concentrate. Phase one will consist of an open pit mine and underground mine that will operate for 10 years. Phase 2 consists of mining from underground for a further 13 years.
The last capital cost estimate was $700 million. Management has indicated that higher fuel, steel and copper prices will likely have an impact on capital costs
On Tuesday, Eldorado shares eased 0.99% or 10 cents to $11.23. The shares trade in a 52-week range of $18.43 and $9.52.