Eldorado Gold Reports 2017 Year-End and Fourth Quarter Results

Precious Metals

Eldorado Gold Corporation reported the company’s financial and operational results for the fourth quarter and year ended December 31, 2017.

Eldorado Gold Corporation (NYSE:EGO) reported the company’s financial and operational results for the fourth quarter and year ended December 31, 2017.

Highlights are as follows:

  • Loss attributable to shareholders of $9.9 million ($0.01 per share), compared to loss attributable to shareholders of $344.2 million ($0.48 per share) in 2016. Adjusted net earnings of $15.2 million ($0.02 per share) compared to an adjusted net earnings of $47.4 million ($0.07 per share) in 2016.
  • Full year gold production of 292,971 ounces, including Olympias pre-commercial production and 7,061 ounces of gold produced from a bulk sample at our newly acquired Lamaque project in Quebec (2016: 312,299 ounces from continuing operations).
  • Gross profit from gold mining operations of $121.2 million (2016: $158.7 million from continuing operations).
  • Gold revenues of $333.3 million on sales of 264,080 ounces at an average realized gold price of $1,262 per ounce.
  • All-in sustaining cash costs averaged $922 per ounce, slightly higher than guidance of $915 per ounce.
  • Cash operating costs averaged $509 per ouncecompared to revised 2017 guidance of $500 per ounce.
  • The Company held $485 million in cash, cash equivalents and term deposits, and $250 million in undrawn lines of credit at year end.
  • Completed acquisition of Integra Gold Corp. (“Integra”), for a total consideration of $357 million, inclusive of Integra shares held by Eldorado. Commenced pre-feasibility work (including test mining), and advanced construction of the Lamaque mine and refurbishment of the associated Sigma mill.
  • Hellas Gold S.A., Eldorado’s Greek subsidiary, entered into arbitration proceedings with the Greek Government; the proceedings are expected to conclude by April 6, 2018.
  • In November, announced the intention to move the Skouries project into care and maintenance due to continued permitting delays. Skouries is expected to be fully ramped down shortly.
  • Olympias Phase II commissioning was completed and commercial production was achieved on December 31, 2017.
  • Continued exploration success at Lamaque (Canada), Bolcana (Romania), Efemcukuru (Turkey), and Stratoni (Greece), with a total of 114,900 meters of drilling completed in 2017.
  • Continued improvement to the overall safety record with a reduction in the total recordable injury frequency rate (for continuous operations) for the fourth consecutive year to 6.61 from 7.18 in 2016.
  • George Burns appointed President and CEO in April 2017.
  • Reconfigured the Board of Directors with retirements of Paul Wright and Jonathan Rubenstein and the appointment of Dr. George Albino as the new Chair.

Click here to read the full Eldorado Gold Corporation (NYSE:EGO) press release.

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