Eldorado Gold Corporation Reports Production Results for the Fourth Quarter and Full Year 2015; Provides Production and Capital Expenditure Guidance for the Year 2016; Provides Impairment Guidance for the Year 2016
For the year, the company reported gold production of 723,532 ounces (including production from tailings retreatment at Olympias), exceeding 2015 guidance of 640,000-700,000 ounces of gold.
For the year 2016, the company expects gold production to be 565,000 - 630,000 ounces of gold at an average cash cost ranging between $585 - $620 per ounce, and an all-in sustaining cash cost between $940 - $980 per ounce.
For the year 2016, the company expects capital expenditure of $349 million.
The company is also conducting its annual impairment review and preliminary analysis indicates an impairment expense of approximately of $1.2 billion to $1.6 billion (after-tax) primarily related to its Greek assets.