Operational efficiency and productivity, factors that favor greater production and improved unit costs, are the focus of the company’s management Eldorado Gold for the remainder of 2024.
particularly in Greece and in Skouria’s workgrowth capital invested totaled $91.9 million in the second quarter of 2024 and $144.4 million during the six months ended June 30, 2024. As of June 30, 2024, growth capital that was invested toward the estimated total capital of $920 million totaled $329 million.
In 2024, the capital expenditures are expected to range from $375 million to $425 million.
Higher spending is expected in the second half of the year as the contractor’s facilities are expanded and several work fronts are opened. The current phase 2 of the project was 49% complete and the project as a whole was 76% complete, including the first phase of construction.
The detailed engineering design, at project resumption, was 72% complete and the procurement is substantially complete.
Construction of several buildings outside the ore processing units began during the second quarter of 2024. Work is also progressing on underground development to support mining for the 2025 test faces.
Together with the operational readiness team, as of 30 June 2024, approximately 841 people were employed at the site, which is expected to increase to 1,300 during 2024.
As indicated by George Burns, the company’s president and CEO, when announcing the financial results for the first half of 2024 “Operations-wise, the second quarter was in line with targets, thanks to higher content at the Kışladağ, Lamaque and Efemçukuru mines. At Olympiada, as negotiations for a new collective agreement progressed during the quarter, intermittent workforce stoppages occurred, which had little impact on production. We are confident that we will reach a mutually beneficial agreement between the Company and the employee unions, demonstrating our commitment to mutual respect and cooperation in order to support Olympiada and transform it into a profitable business in the long term.”
Regarding the company’s sustainable development report, Mr. Burns emphasized that “the first round of compliance checks with TSM protocols at all Eldorado mines, which began at the Lamaque complex in 2022 and at the Kassandra mines in Greece in 2023, has been completed.
It is worth noting that Eldorado received the highest possible AAA rating for tailings management across all of our global tailings facility operations.”
Eldorado Gold’s revenue was $297.1 million in the second quarter of 2024, an increase of 30% from $229.0 million in the second quarter of 2023 and $555.1 million in the six-month period, primarily due to the higher average gold price achieved and higher sales volumes.
Net cash flow from continuing operating activities reached $112.2 million compared to $75.3 million in the second quarter of 2023, and in the six months to $207.5 million, mainly due to increased revenue, which was partially offset by increased income taxes paid.
Cash flow from operating activities before changes in working capital reached $132.2 million compared to $82.4 million in the second quarter of 2023, and in the six months to $240.5 million, mainly due to higher revenues, which were partially offset by higher income taxes paid.
The Company delivered an increase in cash on hand attributable to strong cash flows from operating activities combined with the planned disbursement of the Skouries Project Financing, which were partially offset by significant investment activities, particularly at Skouries.
Net income attributable to shareholders from continuing operations was $56.4 million, or $0.28 per share, compared to $1.5 million, or $0.01 per share, in the second quarter of 2023, an increase due to higher revenues and the half-year to $96.1 million.