Eldorado Gold output up by 34% in 2020

Cecilia Jamasmie | January 8, 2021 | 7:15 am News Canada Europe Gold 
Eldorado Gold shares fall on Lamaque lower reserves
Lamaque gold mine in Quebec, Canada. (Image courtesy of Eldorado Gold.)

Canada’s Eldorado Gold (TSX:ELD)(NYSE:EGO) managed to increase gold production in 2020 by 34% from 2019 to 528,874 ounces, despite covid-19 related measures that forced the company to halt its Lamaque mine, in Quebec.

The figure was in line with the miner’s guidance of between 520,000 and 550,000 ounces thanks mainly to Lamaque, which exceeded guidance. The Canadian mine yielded 138,220 ounces in the fourth quarter of 2020 alone, a 16% increase from the same period the previous year.

The strong performance at Lamaque was partially offset by lower labour availability impacting leach pad flow rates at the Kışladağ mine, in Turkey, during the second quarter.

Production was also hit last year by an output drop at Efemcukuru underground mine, also in Turkey, and at Olympias gold-silver-lead-zinc mine, in northern Greece. 

President and CEO George Burns said that delivering the company’s production guidance amid a year of unprecedented external challenges was a testament to the dedication and resilience of its people.

New chair of the board 

The Vancouver-based gold miner also announced that Steve Reid was appointed as chair of the Board, replacing George Albino. Albino will continue to serve as a director on the board.

Reid has over 40 years of experience in the industry. He was executive vice president and chief operating officer for Goldcorp from 2007 to September 2012. Previous to that, he spent 13 years at Placer Dome in numerous corporate, mine management and operating roles.

At Eldorado, Reid has served as a director of the board since May 2013 and is said to have contributed significantly to Eldorado’s success.

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