Eldorado Gold Corp. (ELD:TSX; EGO:NYSE) announced in a news release that optimization and testing extended the mine life of its Kisladag project in Turkey to 15 years, through 2034.
This development, which follows long-cycle heap leach testing and swapping out the tertiary crushing circuit for a high-pressure grinding roll (HPGR), "puts this asset back in the core of our portfolio," President and CEO George Burns said in the release. Increased leach time at Kisladag, together with the HPGR, boosted the heap-leach recovery by approximately 56%.
Taking the results into account, Eldorado now outlines for Kisladag an average annual gold production of about 160,000 ounces (160 Koz). Further optimization may be possible, specifically of the HPGR circuit, and if so, production could grow even further.
The company noted that average cash cost is estimated at $675–725 per gold ounce sold, and the average all-in sustaining cost is projected to be $800–850 per gold ounce sold. All capex required for the waste stripping and the circuit will be covered by the project itself.
From all of its operations, Eldorado forecasts cumulative gold production of 520–550 Koz in 2020, constituting the third consecutive year with an increase. The Vancouver-based company calculates five-year gold production at an average of 450 Koz per year.
This steady production "we expect will allow us to continue to delever the balance sheet and provide a solid foundation for future growth," Burns added.
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