Q2 2024 Eldorado Gold Corp Earnings Call Transcript
Key Points
- Eldorado Gold Corp (EGO) reported safe gold production of 122,319 ounces in Q2, aligning with their full-year production guidance.
- The company achieved a significant decrease in lost time frequency rate to 0.40 incidents per million person-hours worked, compared to 1.32 in Q2 2023.
- Eldorado Gold Corp (EGO) received multiple awards for health and safety, sustainability, and finance, including a silver award from the Hellenic Institute for Occupational Health and Safety.
- The Skouries project is progressing well, with overall progress at 76% and first production expected in Q3 2025.
- The company maintains a strong balance sheet with total liquidity of $810 million, including $595 million in cash and cash equivalents.
- Production at Olympias was impacted by 17 days of labor-initiated work stoppages, affecting Q2 output.
- Total cash costs increased to $940 per ounce sold, and all-in sustaining costs rose to $1,331 per ounce sold, driven by higher royalties, labor, and fuel costs.
- Free cash flow in Q2 was negative $32 million, although it was positive $33.9 million excluding capital investment in the Skouries project.
- Higher royalty expenses in Greece and Turkey due to increased gold prices impacted overall costs.
- Capital expenditures were high at $133 million in Q2, with significant investment in growth projects, particularly at Kisladag and Skouries.
Thank you for standing by. This is the conference operator, and welcome to the Eldorado Gold Second Quarter 2024 Results Conference Call. (Operator Instructions) conference is being recorded. After the presentation, there will be an opportunity to ask questions to join the question queue. (Operator Instructions).
I would now like to turn the conference over to Lynette Gould Vice President, Investor Relations, Communications and External Affairs. Please go ahead, Ms. Gould.
Thank you, operator, and good morning, everyone. I am excited to welcome you to our second quarter 2024 results conference call.
Before we begin, I would like to remind you that we will be making forward-looking statements and referring to non-IFRS measures during the call. Please refer to the cautionary statements included in the presentation and the disclosure on non-IFRS measures and risk factors in our management's discussion and analysis.
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