Canada-based Eldorado Gold has reaffirmed its 2024 production guidance of 505 000 oz to 555 000 oz of gold at an all-in sustaining cost of $1 190/oz to $1 290/oz.

The company produced 239 439 oz in the first six months of the year from its operations in Türkiye, Greece and Canada.

In the second quarter, production increased by 12% year-on-year to 122 319 oz, underpinned by a strong performance at Lamaque, in Canada, and Kisladag, in Türkiye, and offset by lower output at Olympias, in Greece, owing to work stoppages related to negotiations for a new collective bargaining agreement.

CEO George Burns said that intermittent labour-related work stoppages at Olympias had a small impact on consolidated production. “We remain confident we will come to a mutually beneficial agreement between the company and the union workforce, demonstrating our commitment to mutual respect and collaboration to support Olympias becoming a long-term profitable business.”

Meanwhile, Burns also reported that Eldorado remained on budget and on track for first production at Skouries in the third quarter of next year.

The company has invested $91.1-million in growth capital in the second quarter and $144.4-million during the six months under review. At the end of June, the growth capital invested towards the overall capital estimate of $920-million totalled $329-million.

In 2024, the capital spend is expected to be between $375-million and $425-million, with a higher expected spend in the second half of the year as contractor mobilisation continues to ramp up and multiple work fronts open up.

The current Phase 2 of the project is 49% complete and the entire project is 76% complete, when including the first phase of construction.

The Skouries operations team now consists of 133 personnel; including 118 in leadership, sustainability, operations and support services roles, and 15 embedded in the construction projects teams for openpit mining, underground mining and dry stack tailings construction. In addition to the operational readiness team, as at June 30, 2024, there were 841 personnel on site which is expected to ramp up to 1 300 during 2024.