Eldorado tracks 1.5Moz gold target for 2016
4th May 2012
VANCOUVER, May 4 – The acquisition of European Goldfields and three development projects coming on stream will help keep Eldorado Gold on target to achieve its ambition of exceeding 1.5Moz annual gold production in 2016.
On the way there, Eldorado is maintaining its full year 2012 guidance of 730,000-775,000oz gold at a cash operating cost of $430-450/oz after a solid first quarter.
Q1 gold production was 155,535oz at $452/oz (Q1 2011: 148,577oz at $410). Higher gold prices lifted revenues 24% on sales of 150,661oz, slightly higher than Q1 2011 as lower sales volumes at Jinfeng were more than offset by higher volumes at Kisladag.
Net income was $US67.9M ($52.5M); excluding $17.8M in transaction costs related to the European Goldfields acquisition, net income increased 58% mainly due to higher earnings from gold mining operations.
Profit attributable to shareholders was $67.9M ($52.5M), impacted by the EGU transaction costs.
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