Strong gold production at the Kisladag project in Turkey and the Lamaque project in Canada pushed levels up towards the upper end of the increased guidance range.
Production in the fourth quarter was 122,582 ounces of gold, which took the 2021 total to 475,850oz. However, gold sales decreased 10% year-on-year after lower sales were seen at Kisladag due to a planned lower average grade.
Cash operating costs were also within the 2021 guidance range at $571 per ounce sold in the fourth quarter and $626 per ounce sold in 2021, up 11% from the previous year.
Eldorado acknowledged there was a significant decrease in cash operating costs at Olympias, in Greece, in the final quarter of the year due to higher average gold grades and higher by-product credits.
Eldorado Gold recorded a $43.1 million loss in the fourth quarter and a total of $10.8 million in 2021. The losses in fourth quarter were driven by higher income tax expenses due to the weaker Turkish Lira, unrealised foreign exchange gains and impairment loss and assets write-downs.
Meanwhile, total capital expenditure was $82.1 million in the fourth quarter and $282.1 million for the whole year, with growth capital primarily focused on Kisladag and Lamaque.
The company reported that revenue dropped 8.3% from the previous year to $940.9 million in 2021, with cash and cash equivalents of $481.3 million as of December 31, 2021, nearly 6% down from the previous year.
Eldorado's president and chief executive officer, George Burns, said the company had delivered on several key milestones in 2021, including the completion of the Skouries feasibility study in Greece, and the completion of projects at Kisladag and Lamaque.
These three projects will continue to be key value drivers for the company in 2022. Production is anticipated to be lower in the first half of the year due to the ramp-up of the high-pressure grinding rolls circuit at Kisladag, the ongoing impact of COVID-19 and weather issues in Turkey and Greece.
Eldorado Gold also announced the results of a new technical study on the Lamaque project in Val d'or, Quebec, which highlighted the potential for a significant production increase and further expansion.
On February 24, Eldorado Gold traded on the TSX at C$13.74/share, which was down 2.96% on the day. Its shares had risen sharply in February after plunging below the $10 mark in September last year.
