Eldorado Gold misses by $0.01, misses on revs
- Reports Q3 (Sep) loss of $0.01 per share, $0.01 worse than the Capital IQ Consensus of ($0.00); revenues fell 18.0% year/year to $95.35 mln vs the $100.63 mln Capital IQ Consensus.
- Gold production of 70,053 ounces, (including Olympias pre-commercial production).
- Gold revenues of $84.4 million on sales of 65,439 ounces of gold at an average realized gold price of $1,290 per ounce.
- All-in sustaining cash costs averaged $925 per ounce.
- Olympias Phase IIcommissioning continued and commercial production is now expected by the end of 2017.
- "It was a productive third quarter with closing the Integra acquisition and managing the ongoing situation in Greece," said George Burns, Eldorado's President and Chief Executive Officer. "I am pleased that we received the final permits to complete commissioning at Olympias Phase II and we have entered into constructive dialogue with the Greek Ministry of Energy and Environment. We are working with the Ministry to demonstrate our commitment to implementing best in class technologies and operating to the highest health, safety and environmental standards. We continue to seek issuance of the amended electromechanical installation permit for the Skouries flotation plant, relocation of antiquities at the Skouries site as well as other matters."
Oct 26 (Reuters) - Paul Wright, the former chief executive of Eldorado Gold Corp, plans to resign from the board of the Canadian gold miner, where he is vice chairman, the company said in a statement accompanying its quarterly results.
Wright retired as CEO in April after nearly 18 years at the Vancouver-based company's helm and became vice chairman. He will resign as of Dec. 31, the company said, without giving any reason for his departure.
Shares in Eldorado have fallen 61 percent this year, in part on the back of the miner's struggles to get permits for its gold projects in Greece. In September it threatened to freeze its Greek investments, which the company made under Wright in 2012, but later backed down.
The stock fell this week to its lowest level in 15 years - C$1.59 - after Eldorado cuts its gold production forecast for its flagship Kisladag mine in Turkey due to lower-than-expected ore grades. It closed at C$1.68 on Thursday.
