Eldorado Gold Corporation reports the Company’s financial and operational results for the second quarter (2Q) of 2024. Second Quarter 2024 operations highlights claims that their gold production reached to 122,319 ounces in line with expectations for the quarter.
Production increased 12% from Q2 2023, reflecting increased gold production of 22% at Lamaque and 14% at Kisladag. Production was slightly offset by lower production at Olympias as a result of intermittent work stoppages during ongoing negotiations for a new Collective Bargaining Agreement (CBA).
Gold sales registered to 121,226 ounces at an average realized gold price per ounce sold1 of $2,336. Gold sales increased 10% from Q2 2023 primarily as a result of increased production at Lamaque and Kisladag. Eldorado Gold Production costs reached to $127.8 million in Q2 2024, compared to $116.1 million in Q2 2023.
The increase was due primarily to higher sales volumes, as well as slightly higher cash costs, the latter impacted by higher royalty expense due to higher gold sales and higher gold price, as well as increases in contractor and labour costs and higher fuel prices.
Eldorado Gold production and cost outlook say, the Company is maintaining its 2024 annual production guidance of 505,000 to 555,000 ounces of gold. Production continues to be weighted to the second half of the year. Total cash costs1 for the full year are expected to be between $840 to $940 per ounce sold and an average AISC1 of $1,190 to $1,290 per ounce sold.
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