PR Newswire
VANCOUVER, March 21, 2018
TSX: ELD NYSE: EGO
VANCOUVER, March 21, 2018 /PRNewswire/ - Eldorado Gold Corporation, ("Eldorado" or "the Company") today reports the Company's financial and operational results for the fourth quarter and year ended December 31, 2017.
For information relating to the year ahead and the highlights of the Kisladag, Lamaque and Skouries Technical Reports, readers should refer to the Company's press release titled "Eldorado Gold Reports Results of Technical Studies", also dated March 21, 2018 (the "Technical Studies Press Release").
Financial and Operating Results Overview
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1 Throughout this press release we use cash operating cost per ounce, total cash costs per ounce, all-in sustaining cost per ounce, gross profit from gold mining operations, adjusted net earnings and cash flow from operating activities before changes in non-cash working capital as additional measures of Company performance. These are non IFRS measures. Please see our MD&A for an explanation and discussion of these non IFRS measures. All dollar amounts in US$, unless stated otherwise. |
Reserves and Resources
The Company ended 2017 with proven and probable gold reserves of 392 million tonnes at 1.37 grams per tonne gold containing 17.3 million ounces. A gold price of $1,200 per ounce was used in the reserve estimates, the same as in 2016.
| |
| Million Ounces |
Proven and probable in-situ gold ounces as of January 1, 2017 | 19,263 |
Mined ounces including mining depletion during 2017 | -576 |
Net discovered ounces and converted resources during 2017 | +948 |
Net decrease due to engineering and metallurgy | -2,308 |
Proven and probable in-situ gold ounces as of December 31, 2017 | 17,327 |
The complete mineral reserve and mineral resource data can be found at the end of this news release and includes the data for tonnes, grades and ounces.
The 10% overall reduction in reserve ounces was primarily attributable to the planned conversion of Kisladag from a heap leach asset to a mill processing option, with resulting higher processing costs and higher recoveries. While mineable reserves at Kisladag declined by 1.7 million ounces, incorporating expected higher mill recoveries, the forecast recoverable ounces dropped by only 400,000 ounces. Lower reserves at Olympias are the result of increases in forecast operating costs and mining dilution, both based on actual data seen since start-up.
2017 Annual Financial Results
($ million unless otherwise noted)
| | | | | |
2017 | Q1 | Q2 | Q3 | Q4 | 2017 |
Revenues | 111.9 | 82.7 | 95.4 | 101.4 | 391.4 |
Gold revenues | 90.5 | 72.2 | 84.4 | 86.2 | 333.3 |
Gold sold (ounces) | 74,068 | 57,206 | 65,439 | 67,367 | 264,080 |
Average realized gold price ($/ounce) | 1,222 | 1,262 | 1,290 | 1,280 | 1,262 |
Cash operating costs ($/ounce) | 466 | 484 | 508 | 577 | 509 |
All-in sustaining cash cost ($/ounce) | 791 | 846 | 925 | 1,104 | 922 |
Gross profit from gold mining operations | 37.0 | 28.1 | 30.1 | 26.0 | 121.2 |
Adjusted net earnings (loss) | 8.0 | 6.3 | 1.3 | (0.4) | 15.2 |
Net profit (loss) 1 | 3.8 | 11.2 | (4.2) | (20.7) | (9.9) |
Earnings (loss) per share – basic ($/share) 1 | 0.01 | 0.02 | (0.01) | (0.03) | (0.01) |
Earnings (loss) per share – diluted ($/share) 1 | 0.01 | 0.02 | (0.01) | (0.03) | (0.01) |
Cash flow from operating activities 2 | 28.2 Werbung Mehr Nachrichten zur Eldorado Gold Corp Aktie kostenlos abonnieren
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