Shares in Eldorado Gold (TSX:ELD)(NYSE:EGO) were down on Thursday after the company reported a Q4 loss and technical studies for its Kişladağ, Lamaque and Skouries mines.
In a press release, the Vancouver-based miner stated that, due to a 20 per cent y-o-y fall in sales volumes, its adjusted Q4 loss came in at $400,000 compared to $2.9 million in earnings in the year-ago quarter. In detail, sales moved down to 67.3K from 84.6K ounces.
In terms of production, Eldorado revealed that the last quarter of 2017 totaled 83.9K oz., up slightly from 82.8K in the same period of 2016. Full year gold production was of 292,971 ounces, including Olympias pre-commercial production and 7,061 ounces of gold produced from a bulk sample at the company’s newly acquired Lamaque project in Quebec.
In a conference call held today, CEO George Burns recognized that 2017 was a challenging year. “Looking back, despite acquiring Lamaque project from Integra Gold in July, technical challenges at play today seem to overshadow Eldorado’s value proposition.
Compounding this, permitting and arbitration headwinds in Greece were front and center for a good portion of the year. This was extremely frustrating for us and highly disappointing for our shareholders,” he said.
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