n. 31, 2019 8:11 AM ET|About: Eldorado Gold Corporation (EGO)|By: Carl Surran, SA News Editor
Eldorado Gold (NYSE:EGO) +12.2% pre-market after saying it will resume mining and heap leaching at its Kisladag gold mine in Turkey, suspending a previously announced mill project.
EGO says the decision to resume mining and heap leaching follows improved heap leach recoveries and a revised heap leaching plan, resulting in "favorable economics when compared to milling without the risks associated with the construction and financing of a $500M project."
EGO expects mining at Kisladag to resume by the end of Q1 and is forecast to produce 145K-165K oz. this year, contributing nearly 40% to the company's total full-year guidance of 390K-420K oz.
As mining and heap leaching at Kisladag ramps up in 2019, EGO foresees consolidated gold production rising to 520K-550K oz. in 2020 before dropping to 350K-380K oz. in 2021.
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