Canadian mining company, Eldorado Gold (NYSE:EGO), witnessed a significant 11% increase in its shares on both the Toronto Stock Exchange and the New York Stock Exchange on Friday. The shares reached C$15.16 on the TSX and $11.01 on the NYSE, marking a 34% advance this year.
This surge followed a substantial reduction in the company's third-quarter loss, decreasing from $54.6 million (or 30 cents per share) last year to $8 million this year. An increase in gold prices and sales volumes played a key role in this financial improvement, leading to a 13% revenue increase to $245.3 million. The average gold price notably rose by 11% to $1,879 an ounce.
Gold production also saw a slight uptick, increasing from 118,791 ounces to 121,030 ounces. Lower transportation and refining charges, coupled with reduced costs for key consumables in Turkey, aided in controlling production costs.
Surpassing analysts' mean estimate of 4 cents, Eldorado reported adjusted per-share earnings of 17 cents. In light of these positive developments, the company revised its full-year production target upwards to 495,000 ounces and lowered its operating costs forecast from the previous range of $860-$960 to a more manageable $830-$880.
Eldorado Gold operates in multiple countries including Turkey, Canada, Greece, and Romania. This recent financial performance indicates a strong recovery and promising future prospects for the company amidst fluctuating global gold prices.
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