Eldorado Gold mines for stock gains as operations resume at Turkish mine

Eldorado Gold Corp (TSE:ELD) (NYSE:EGO) announced Tuesday that mining has resumed at the company’s Kisladag facility in Turkey. Mining, crushing and the placing of ore on the leach pad were all underway as of Monday.

The company suspended operations at the mine in October 2017 to evaluate their processing options after netting lower-than-expected recoveries. After a year of tests, the company announced a mill project at the site in October 2018 but reversed course in January toward resuming gold operations.

CEO George Burns expects the Vancouver-based miner to meet its 2019 Kisladag guidance of between 145,000 and 165,000 ounces of gold at a cash cost between $570 and $620 per ounce.

READ: Eldorado Gold shares nudge higher as it boosts output but reports widened loss

In 2020, Burns hopes to increase output to between 240,000 and 260,000 ounces.

Eldorado currently operates in Canada, Brazil, Greece, Romania and Turkey.

Shares were up nearly 1% to C$5.92 in Toronto and up 0.6% to US$4.45 in New York.

Contact Andrew Kessel at [email protected]

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Story by ProactiveInvestors