Louise McMahon, Director Communications & Public AffairsĬautionary Note about Forward-looking Statements and InformationĬertain of the statements made and information provided in this press release are forward-looking statements or information within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO). The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. The call will be webcast and can be accessed at Eldorado Gold’s website: or via:Įldorado is a gold and base metals producer with mining, development and exploration operations in Turkiye, Canada, Greece and Romania. Q2 2022 Financial and Operational Results Call DetailsĮldorado will release its 2022 Second Quarter Financial and Operational Results after the market closes on Thursday, July 28, 2022, and will host a conference call on Friday, July 29, 2022, at 11:30 AM ET (8:30 AM PT). Transformation initiatives continue to show positive results as the mine continues to ramp up productivity. Additionally, production increased as a result of processing ore stockpiles. Olympias saw meaningful productivity improvements and good control on gold grades in the second quarter. The expected increase is primarily related to the weakening of the Lira in the quarter and the resulting generation of taxable unrealized foreign exchange gains, partly offset by reductions related to Lira deposits and the investment tax credit relating to Kisladag heap leach improvements. In the second quarter, the Company expects the Turkish current income tax expense on mining profits, at an enacted rate of 22%, to be further increased up to $4 million. The Company’s profits from mining operations in Turkiye are taxed at the enacted rate and the resulting current income tax expense can be further increased or reduced by other items. We continue to anticipate production at Kisladag to be weighted to the second half of the year.Īt Efemcukuru, gold production, throughput, and average gold grade were in line with expectations. During the second quarter, there was a notable increase in tonnes placed on the leach pad with a higher average grade, which is expected to positively impact gold production in the third quarter. The HPGR is performing according to plan, with recovery rates as expected. Optimization of the high-pressure grinding roll (“HPGR”) and debottlenecking of the belt agglomeration circuit continued in the second quarter.
Gold production during the second quarter at Kisladag was below plan due to the effects of lower tonnes placed on the leach pad in the first quarter. Eldorado is proud of its long history of strong relations with Turkiye and is pleased to adopt the new name. In June 2022, the United Nations announced it would recognize the new name. In December 2021, Turkey began the move to change its internationally recognized official name in English from Turkey to Turkiye. Additionally, during the quarter resource conversion drilling commenced on the Ormaque deposit. Underground development of high-grade stopes progressed well, and gold production was higher than planned, as a result of higher throughput and higher grades.
(1) As announced on JanuFigures may not add due to rounding.ĭuring the second quarter, mine and mill optimization efforts drove positive results. Detailed production, by asset, is outlined in the table below.
VANCOUVER, British Columbia, J(GLOBE NEWSWIRE) - Eldorado Gold Corporation (“Eldorado” or “the Company”) announces second quarter 2022 preliminary gold production of 113,462 ounces and maintains full-year consolidated production guidance of 460,000 to 490,000 ounces.
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