Eldorado Gold Sees Progress at Skouries and McIlvenna Bay Operations

Eldorado Gold Corporation (EGO) reported its second-quarter earnings on August 10. The company's production was in line with plans, according to CEO George Burns. He expects this quarter to be his last as CEO, with President Christian Milau set to take over.

Skouries project in Greece is advancing towards first concentrate production, expected in the third quarter. Burns said commissioning of the processing plant is underway, and water circulation testing is progressing through the circuit. Two tailings thickeners are ready for first-ore commissioning, while mechanical and electrical work has been completed on two of six filters at the filtered-tailings plant.

The company also reported progress at its McIlvenna Bay operation in Saskatchewan. It produced its first copper concentrate in June and its first zinc concentrate in July. McIlvenna Bay is expected to begin generating positive cash flow by the end of 2026 as production ramps up through the fourth quarter. Unit costs are expected to decline in 2027.

Eldorado Gold's revenue rose to $487 million from $452 million a year earlier, due to a higher realized gold price of $4,379 per ounce offsetting lower sales volumes. Net earnings attributable to shareholders from continuing operations were $173 million, or $0.68 per diluted share, compared with $139 million, or $0.67 per share, in the prior-year quarter.