Eldorado Gold Corporation has fallen just 631 ounces short of its 2012 production target of 660,000 ounces of gold, with almost half of the total production achieved at its Chinese operations.
The Jinfeng, Tanjianshan and White Mountain projects produced a total of 299,334 ounces of gold for the calendar year. Eldorado has announced its targets for this year, with similar production capacity planned at the three Chinese projects.
The company’s chief executive officer Paul Wright says the guidance at Jinfeng is for between 105,000 and 115,000 ounces, with 90,000 to 100,000 ounces forecast at Tanjianshan and between 60,000 and 70,000 ounces at White Mountain. Its other Chinese project, Eastern Dragon, remains on care and maintenance, pending approval of the project permit.
The company’s gold mines in total are planning to produce in the range of 705,000 to 760,000 ounces of gold in 2013.
Eldorado ended 2012 with approximately $810 million in cash and cash equivalents, including cash raised through the successful issuance of $600 million in notes completed in December 2012.
The company continues to grow its production base through both the expansion of existing mines and new mine development. Production for the years 2014, 2015, 2016 is presently targeted to be about 850,000, 1,150,000, and 1,500,000 ounces of gold respectively.
“At Jinfeng we will spend $55 million for waste stripping and underground development as well as underground mine equipment,” says Paul Wright. “While at Tanjianshan, $10 million will be spent on capitalized waste stripping in the JLG pit and at White Mountain we have planned for $29 million capital expenditure to go towards mine equipment and infrastructure.”
Eldorado’s worldwide exploration budget for 2013 is $98.5 million, with more than a third of this allocated to resource expansion drilling programs at the Jinfeng, White Mountain and Tanjianshan operations among others in Turkey and Romania.