Eldorado Gold Corporation (TSX: ELD) (NYSE: EGO) announces fourth quarter 2022 preliminary gold production of 128,453 ounces, and full year preliminary gold production of 453,916 ounces. During the year, consolidated production continued to increase sequentially, quarter over quarter. Fourth quarter production was strong across all assets, in line with the Company’s expectation of a stronger second half of 2022. Full year preliminary production was just below the bottom end of the guidance range. Detailed production, by asset, is outlined in the table below.
Q4 2022 Preliminary Gold Production
|Mine||Q4 2022||Q3 2022||Q2 2022||Q1 2022|
|Total Gold Production (oz)||128,453||118,791||113,462||93,209|
|Mine||Full Year 2022||Full Year 2021|
|Total Gold Production (oz)||453,916||475,850|
At Lamaque, fourth quarter production increased 20% over the third quarter, mainly driven by higher grade and increasing throughput performance at the mill. The mine delivered record annual production, a 14% increase over 2021.
Fourth quarter gold production at Kisladag increased 7% over the third quarter and had steady, improvement through 2022. The higher in gold production quarter-over-quarter was driven by an increase in tonnes placed on the pad during the third quarter. In the fourth quarter, eight larger, higher-capacity conveyors were installed, which has improved material handling capacity and on-belt agglomeration. Despite an approximate 35% increase in production in the second half, compared to the first half of 2022, full year production results were lower than planned, mainly attributable to lower tonnes stacked as a result of weather and COVID-absenteeism challenges in early 2022, and ongoing agglomeration optimization that continues to progress well.
At Efemcukuru, gold production, throughput and average gold grade were in line with plan for the quarter and for the full year.
The Company’s profits from mining operations in Turkiye are taxed at the enacted rate and the resulting current income tax expense can be further increased or reduced by other items. In the fourth quarter, the Company expects the Turkish current income tax expense on mining profits, at an enacted rate of 22%, to be further increased up to $0.5 million. The expected increase is primarily related to the weakening of the Lira in the quarter and the resulting generation of taxable unrealized foreign exchange gains, partly offset by reductions related to Lira deposits and the investment tax credit relating to Kisladag.
Fourth quarter gold production at Olympias was relatively flat quarter over quarter. Overall, 2022 production from Olympias was lower than planned due to lower-than-expected tonnes processed and availability of ore stopes. The Company continues to implement operating initiatives designed to improve productivity.
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkiye, Canada and Greece. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado’s common shares trade on the Toronto Stock Exchange and the New York Stock Exchange.
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