PDAC video: Eldorado targets 43% output surge

Eldorado Gold (TSX: ELD; NYSE: EGO) is aiming for a 43% increase in output over the next three years over 2023 production level as new projects enter operations and copper is added to the production profile, CEO George Burns says.

The Canadian company – which operates mines in Turkey, Greece and Canada – forecasts production to hit between 660,000 and 720,000 oz. gold by 2027. That’s almost 50% more than its 2023 output.

“Meeting these targets depends on controlling costs and staying on schedule,” Burns said last month in an interview at the annual Prospectors and Developers Association of Canada event in Toronto.

Eldorado’s Skouries project in Greece, which is projected to cost C$1.06 billion, has received support from the National Bank of Greece and Piraeus Bank through a €680 million (C$1.05 billion) debt package and a C$81.5 million investment from the European Bank for Reconstruction and Development. The mine is due to begin production early next year.

Other operations produced 520,293 oz. gold last year at an all-in sustaining cost of $1,285 per ounce. Eldorado’s gold production this year is forecast to range from 460,000 to 500,000 ounces.

Watch the full conversation with The Northern Miner‘s western editor, Henry Lazenby: