Eldorado Gold Corporation announces fourth quarter 2024 preliminary gold production of 155,669 ounces, and full year preliminary gold production of 520,293 ounces, delivering 7% annual production growth over 2023. Fourth quarter production was very strong at the Lamaque Complex and Kisladag, while Efemcukuru continued to deliver on expectations.
Overall production was well in line with the Company’s guidance of a stronger second half in 2024. Full year preliminary production was above the midpoint of the tightened guidance range of 505,000 to 530,000 ounces, as announced in the third quarter 2024 results news release. Detailed production, by asset, is outlined in the table below.
Skouries – Slower than Planned Progress on Construction and Capital Spend at Year-End 2024
At Skouries, as of December 31st, 2024, the current phase 2 of the project was 60% complete, and the entire project was 82% complete, when including the first phase of construction. Detailed engineering was substantially complete.
Capital spending was approximately $93 million in the fourth quarter of 2024, and approximately $320 million in 2024, compared to our earlier guidance of between $350 and $380 million in 2024. In total, approximately $506 million of capital has been invested since the restart of construction in 2023.
Lower than expected spend in the fourth quarter was primarily a result of delayed ramp up to the planned 1,300 site personnel, with approximately 1,050 personnel on site at year-end. The challenge in ramping up personnel was the result of a tight construction labor market in Greece, which has limited the availability of construction personnel.
“We are evaluating the impact of these and other factors on the project schedule and capital cost. We expect to provide a full project update, including an updated capital cost estimate and project schedule, in February 2025” said, Eldorado Gold.
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