Eldorado Gold to spend almost $100 million on exploration in 2013

Vancouver-based Eldorado Gold Corp (TSX:ELD)(NYSE:EGO) this week announced it would spend $98.5 million on exploration in 2013, and posted 2012 production results that came in ...

Vancouver-based Eldorado Gold Corp (TSX:ELD)(NYSE:EGO) this week announced it would spend $98.5 million on exploration in 2013, and posted 2012 production results that came in just shy of its mid-year guidance, reports MINING.com.

The gold miner, which has operations in Turkey, China, Greece, Brazil and Romania, said its 2012 production reached 659,369 ounces of gold at a cash cost of $489. Its mid-year guidance was for 660,000 ounces at a lower cost of $465 per ounce.

The bullion producer also said the overage in cash costs was due to the higher production costs at its Efemcukuru property in Turkey, which was negatively affected by one time start up issues as it began commercial production.

Eldorado said that Efemcukuru's unit costs in 2013 are projected to decline to roughly $480 per ounce.

For 2012, the miner posted a realized gold price of $1,676 per ounce, and said it sold 625,396 ounces of gold. 
Eldorado ended the year with about $810 million in cash and equivalents, including cash raised through the successful issuance of $600 million in notes, completed in December 2012.

In 2013, the company expects to produce in the range of 705,000 to 760,000 ounces of gold, with cash costs of around $515 to $530 an ounce.

cjamasmie@mining.com

@ceciliajamasmie

comments powered by Disqus

More from Mining & Energy

Regulator rules smart meters not a fire risk but wants more information ...

BC Utilities Commission rejects citizen’s complaint over alleged Hydro power meter dangers

Read Article

Ivanhoe Mines to hire strategic adviser after unsolicited interest

Vancouver-based company will likely hire investment bank to advise on options, CEO says

Read Article

Sale of Walter Energy mines to close soon

Company in the running has plans to immediately reopen the Brule mine, hire 200

Read Article

Vancouver-based company to bring gold mining back to Nova Scotia

Atlantic Gold soon to gain access to $115-million line of credit

Read Article

Plan to electrify B.C. Montney depends on LNG

Expansion of power grid to service natural gas facilities in northeastern B.C. depends on fate of proposed LNG projects

Read Article

Subscribe to our mailing lists

* indicates required

Newsletters

* You can modify your newsletter subscriptions at the bottom of any newsletter you receive.
×