- Write by:
-
Friday, April 15, 2022 - 13:36:49
-
635 Visit
-
Print
Mining News Pro - Canada’s Eldorado Gold left 2022 production guidance of 460,000-490,000 ounces untouched, despite reporting that higher-than-expected absenteeism due to the covid-19 Omicron variant hit output in Q1.
Gold production in the first three months of the year fell to 93,209 ounces, from 111,742 ounces in the same period last year and from 122,582 ounces in the last quarter of 2021, as labour shortages triggered by the onset of Omicron affected all the countries where the company operates.
At Lamaque, Eldorado’s first gold mine in Canada, lack of sufficient workforce delayed the underground development of high-grade stopes, which led to lower-than-planned gold grades and tonnage. The situation was solved by March, prompting the company to keep guidance for the mine unchanged.
Weather and power issues also affected the company’s operations in Turkey and Greece.
BMO Capital Market’s Brian Quast said the production was “well below” BMO’s forecast of 107,500 ounces, but he maintained the bank’s C$18 target price.
Eldorado, which also has operations in Romania, has increased focus on the domestic market in recent years. It bought Quebec explorer QMX Gold in early 2021 and acquired a 11.5% stake in Probe Metals, another local explorer, in July.
The Vancouver-based miner is scheduled to release its Q1/2022 earnings after market close on Thursday, April 28, and will host a conference call on Friday, April 29.
Short Link:
https://www.miningnews.ir/En/News/621061
China’s Zhaojin Mining Industry said on Wednesday that its A$733 million ($477.8 million) offer to buy Australia’s ...
Toronto-listed miner OceanaGold Corp said on Wednesday it will raise 6.08 billion pesos ($106 million) through an ...
Gold’s record-setting rally this year has puzzled market watchers as bullion has roared higher despite headwinds that ...
AbraSilver Resource said on Monday it has received investments from both Kinross Gold and Central Puerto, Argentina’s ...
Gold took a tumble as haven demand waned after geopolitical tensions eased in the Middle East.
The four largest indigenous communities in Chile’s Atacama salt flat suspended dialogue with state-run copper giant ...
A prefeasibility study for Predictive Discovery’s (ASX: PDI) Bankan gold project in Guinea gives it a net present value ...
Representatives from the Peñas Negras Indigenous community, in northwestern Argentina, clashed with heavily armed police ...
Newmont confirmed on Wednesday that two members of its workforce died this week at the Cerro Negro mine located in the ...
No comments have been posted yet ...