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 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.
Energy minister George Stathakis said the move aims to ensure the company respects its contractual obligations.
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.
The Canadian miner also said it has obtained better terms for concentrate sales from the project, which are likely to add 15,000 ounces of payable gold production a year.
As 2017 gold price rally begins to look shaky, top listed gold producers are being punished disproportionately.
Heavy losses across the board – Barrick down 4.6% in massive volumes and second tier Canadian miners hardest hit.
Shares in most gold miners fell Monday as the precious metal price dropped more than 1% in early trading and was steadily heading to its largest single-session loss of the month.
Company has decided to reconfigure the plan for its Turkey-based Kışladağ mine, which is its flagship operation.
Wright, who joined Eldorado in 1996 and has held several management positions prior to becoming its president and CEO in 1999, will be the company's new chairman.
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.
While gold is giving back some of its largest gains following Trump's win in the US Presidential election, miners of the precious metals continue to climb.
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.
A gold bull market would be good for the badly battered TSX Venture exchange, which is heavily weighted with junior miners with gold 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.
The permit allows the company to set up a processing plant in Olympias, which is crucial for the development of the mine.
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.