Eldorado gold output up 34% despite Covid impacts

The higher output was primarily due to an increase in tonnes of ore stacked and placed under heap leach at Kisladag, in Turkey, following the restart of full operations in 2019, and an increase at Lamaque, in Canada, enabled by receipt of authorisation in March 2020 to increase production.

All-in sustaining costs fell to $921/oz, from $1 034/oz, as a result of the increased production and weakening of the Turkish lira.

Higher sales volumes in 2020, combined with a higher gold price, resulted in earnings before interest, taxes, depreciation and amortisation (Ebitda) of $474.2-million, including $95.1-million in the fourth quarter. Adjusted Ebitda of $534-million was achieved in 2020.

Net earnings improved from $80.6-million, or $0.51 a share, in 2019, to $104.5-million, or $0.61 a share, in 2020. Adjusted net earnings were $170.9-million, or $1.00 a share, compared with $2.4-million, or $0.02 a share in 2019.

“Eldorado’s strong fourth-quarter finish to 2020 caps a year in which we delivered on our original guidance, generated strong free cash flow and continued to strengthen our overall capital position,” said president and CEO George Burns. “That this was accomplished during an historically challenging global operating environment is a tribute to the dedication of our people.”