Eldorado Gold increases production by 34%
The Canadian gold miner has been increasing production output in 2020.

Canada's Eldorado Gold (TSX: ELD) (NYSE: EGO) increased gold production in 2020 by 34% compared to 2019 to 528,874 ounces, despite Covid-19 measures forced the company to close its Lamaque mine in Quebec to stop. The number was in line with the mining company's forecast of 520,000 to 550,000 ounces, largely thanks to Lamaque, who beat the forecast. The Canadian mine returned 138,220 ounces in the fourth quarter of 2020 alone, a 16% increase over the same period last year. The strong performance at Lamaque was partially offset by reduced labor availability, which impacted leach pad flow rates at the Kışladağ mine in Turkey in the second quarter. Production was also impacted last year by a decline in production at the Efemcukuru underground mine, also in Turkey, and the Olympias gold-silver-lead-zinc mine in northern Greece. President and CEO George Burns said that meeting the company's production forecast in a year of unprecedented external challenges is a testament to the dedication and resilience of the workforce. The Vancouver-based gold mining company also announced that Steve Reid has been named chairman of its board of directors, replacing George Albino. Albino will continue to serve as a director on the board. Reid has over 40 years of experience in the industry. He was Executive Vice President and Chief Operating Officer at Goldcorp from 2007 to September 2012. Prior to that, he spent 13 years at Placer Dome in a variety of corporate, mine management and operations roles. At Eldorado, Reid has been Director of the Board since May 2013 and is said to have contributed significantly to the success of Eldorado.





