Canada’s Eldorado Gold (TSX:ELD)(NYSE:EGO) is strengthening its footprint outside Greece, where it has faced ongoing hurdles to advance two major gold projects, by investing $520 million on a mill at its Kışladağ gold mine in Turkey.
The project would make of Kışladağ a nine-year, 270,000-ounce-per-annum mine. Currently, it’s a heap leach operation, but Eldorado ran into major recovery trouble last year and will now “reboot” it with a mill in late 2020, with production expected in the first half of 2021.
The Vancouver-based company also said is getting closer to open its first mine in Canada, the Lamaque project in Val d’Or, Quebec, which grabbed after acquiring Integra Gold last year. It noted it received a certificate of authorization for the operation of the Sigma Mill at the site during the quarter.
Lamaque, which gives Eldorado an operating asset in its home country, will be an underground gold mine with an annual output of 123,000 ounces of the precious metal at all-in sustaining costs of $634 per ounce over 10 year. Production is scheduled to begin in early 2019.
In Greece, where earlier this week an anarchist group attacked the Canadian embassy for supporting Eldorado’s mining plans in the country, the company is still trying to engage the government in “constructive dialogue” about its investments, it said.
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