The Lamaque underground gold mine in Val d’Or, Quebec, is expected to produce up to 135,000 ounces of the precious metal a year in 2020 and 2021.
Eldorado Mining News
For 2019, the Canadian miner expects to produce between 390,000 and 420,000 ounces of gold.
Eldorado's shares jumped 12% in pre-market trading in New York on Thursday on the news.
The company is on track to kick off commercial production at its Lamaque project in Val d’Or, Quebec, during the first quarter of the year.
The project would make Kışladağ a nine-year, 270,000-ounce-per-annum gold mine.
The non-judicial request relates to damages suffered by the company as a result of a longer-than-expected wait for its Skouries project's permits.
The country’s energy ministry said he aimed to address the company's development plans in the coming weeks and according to a recent arbitration, which favoured Eldorado.
Ruling rejects the Greek State's motion that Eldorado's technical study for a metallurgy plant in the country’s Stratoni Valley, was in breach of any agreements between the parts.
Canadian gold miner provides an update on exploration activities completed to date in 2017.
Miner said it would the project back into "care and maintenance" and re-assess its investment in it upon approval and receipt of required permits.
Company said it preserved the right to shut down operations in the country and to take legal actions to protect itself and its assets should the dialogue with the ministry of energy and environment fails.
While the company can now proceed with development of Olympias, is still awaiting permits for its Skouries project, the main bone of contention with Greek authorities.
Greek government alleges a technical study for the company’s Madem Lakkos metallurgical plant is deficient and thereby violates environmental terms.
The miners from the Eldorado Gold mine in the Halkidiki region were protesting looming layoffs as the company said Monday it would suspend all operations in Greece.
Government said it expects to settle its differences with the Canadian miner, which is developing the Skouries and Olympias projects in northern Greece, where it also operates the Stratoni mine.
Contractor employee was struck by a branch from a falling tree, resulting in fatal injuries.
Authorities seek to settle differences with the Canadian miner over Skouries, one of the gold projects the firm is currently developing in northern Greece.
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.
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.
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.