Deal gives Eldorado full ownership of the Lamaque project near Val-d'Or, Quebec, which is expected to produce 123,000 ounces of gold at all-in sustaining costs of US$634 per ounce over 10 years.
Eldorado Gold Corp Mining News
It now expects to produce at least 180,000-210,000 ounces of gold this year at Kışladağ, which brings Eldorado's full-year guidance down from 365,000-400,000 ounces to 315,000-365,000 ounces.
Move is part of an ongoing effort to strengthen its position in the home country, particularly around the gold-rich Eastern Abitibi region, in Quebec.
Company has decided to reconfigure the plan for its Turkey-based Kışladağ mine, which is its flagship operation.
Company has finished selling its stakes in the White Mountain and Tanjianshan mines, as well as in the Eastern Dragon development project to an affiliate of China’s Yintai Resources.
Decision is expected to put an end to years of confrontation between the Canadian miner and the Greek government.
The move marks the Vancouver-based miner exit from China.
RCT’s Smart Technology helped Eldorado Gold’s White Mountain achieve its safety and productivity goals.
Eldorado Gold Corporation, ("Eldorado" or "the Company") is pleased to announce plans at four new exploration projects.
The deal marks the end of Eldorado’s reign in China.
Greek authorities have finally approved an updated technical study for the project, which clears the way for the proposed mine.
Jinfeng produced 149,655 ounces of gold in 2015 and is expected to generate 95,000-105,000 ounces of gold this year.
However, the company said it remains committed to having a presence in Greece and has budgeted $155 million in development spending at the Olympias project.
The ruling comes only a few days after the Canadian miner decided to halt work at its mine in northern Greece, putting 600 jobs in the line.
Move comes as Canada's Eldorado, Europe's largest potential gold producer, announced massive job cuts as a result of government bureaucracy.
Environment and Energy Minister, Panos Skourletis, said the company must recall its decision to halt work at most of its sites before any dialogue between the two sides can begin.
The decision comes after more than a year of confrontations with the Greek government that included permits being revoked and delayed several times.
The company has temporarily resumed activities in the country, while it awaits a final decision.
The Vancouver-based miner, however, upgraded its 2015 production guidance to 710,000 ounces of gold.
A decision on Friday by a Greek court going in favour of Eldorado Gold's (TSX:ELD) Skouris mine has bumped the stock up by close to 10 percent.
The verdict, however, doesn't allow the company to resume operations at its gold-copper Skouries mine.
More demonstrations are expected Monday, as mine workers rally near the Canadian company's mines.
The company warned it would take authorities to court after Greece’s energy ministry halted production at the company’s Skouries gold and copper mine.
The government is suspending activity at Eldorado's Skouries mine, saying the company has violated some terms.
This month Eldorado dropped 16% to $4.03.