Juan Jose Napuri/iStock through Getty Photos
Eldorado Gold (NYSE:EGO) opened decrease on Thursday after reporting preliminary Q1 gold manufacturing fell sharply however sustaining full-year manufacturing steerage of 460K-490K oz.
Eldorado (EGO) mentioned Q1 manufacturing totaled 93,209 oz, down 16% Y/Y and down 24% Q/Q, citing decreased workforce hours resulting from COVID-related absenteeism that delayed the underground growth of high-grade stopes, which led to decrease than deliberate gold grades and tonnage.
On the Lamaque mine in Canada, Eldorado mentioned (EGO) mine growth progressed and the deliberate gold grade and tonnage had been achieved in March, permitting it to maintain the operation’s full-year manufacturing consistent with steerage.
The corporate additionally maintained full-year manufacturing steerage on the Kisladag mine in Turkey, as manufacturing shall be weighted to the 12 months’s H2 after COVID-related absenteeism additionally precipitated decrease than deliberate output, with operations additionally affected by extreme climate and a government-mandated energy outage.
Skouries might be a “game-changer” for Eldorado Gold (EGO), Taylor Dart writes in an evaluation printed on In search of Alpha.