Eldorado to begin production at its Greek Olympias mine by year-end
Canada’s Eldorado Gold (TSX:ELD)(NYSE:EGO) continues to grow stronger in Greece, where it faced several hurdles in the past, and as a proof of it the miner said it has recently obtained better concentrate sales terms at its Olympias gold project.
Construction at the Olympias gold project in northern Greece is mostly complete, with commissioning underway.
The Vancouver-based company noted it has received “multiple tenders for significantly better concentrate sales terms beyond 2017” for material from the northern Greece project, where wet commissioning of phase two is underway.
Under the new sales terms, gold payability rates have increased from 58% up to a maximum of 71%, which is expected to result in an increase of roughly 15,000 ounces of payable gold production per year, the miner said.
As a result, the company now estimates yearly production from Phase II, which involves processing 400,000 tonnes of ore a year from an underground mine, will be around 85,000 ounces of gold (from 72,000 ounces previously expected), which translates into about 55,000 ounces of gold equivalent production.
The Olympias mine, slated to begin commercial production in the September quarter of the year, also produces zinc, lead and silver.
More details in the Press Release: