Eldorado Gold has outlined ambitious plans for its Lamaque Complex in Quebec, Canada, projecting sustained high gold production through the next decade. An updated technical report and life-of-mine plan based on current reserves anticipate an average annual production of over 175,000 ounces per annum through 2028, with the potential for extension to 2041. This expansion would leverage the existing infrastructure and contribute to the operational flexibility of the complex.
Eldorado Gold has announced an updated technical report for its Lamaque Complex near Val-d'Or in Quebec, Canada, and an updated life-of-mine plan based on current reserves. The plan features an average annual gold production of more than 175,000 ounces per annum (ozpa) through 2028.
\According to a preliminary economic assessment (PEA) based on inferred resources from the Triangle and Ormaque areas, the reserve case outlines an eight-year mine that can potentially be extended by nine years through 2041. The PEA extension will maintain average annual gold production at around 185,000 ozpa through 2036, at an estimated all-in sustaining cost of US$1149 per ounce. This would maximize the installed capacity of the Sigma mill and infrastructure at two mining centers. \The company said the area still has exploration potential to grow resources at the existing deposits, as the Ormaque deposit is open at depth and laterally. Triangle is also open at depth, and drilling continues at Plug No. 4. After acquiring this asset in 2017, the company successfully brought the Triangle deposit into commercial production in 2019, and it has since produced nearly 1 million ounces of gold. 'With the development of the Ormaque deposit, we will be adding a second underground mine to the Lamaque Complex, which provides operational flexibility and efficiency as we leverage the existing plant and infrastructure,' Eldorado Gold chief executive George Burns said. Eldorado produced 520,293 ounces in 2024, 7% more than in 2023 and at the midpoint of its guidance. It plans to release its 2025 guidance with its 2024 financial results on February 20. The company reported proven and probable reserves of 11.9 million ounces as of September 2024, up 2% from the prior year. This included a 45% increase at the Lamaque Complex, driven by the declaration of an inaugural reserve at Ormaque of 619,000 ounces. The value of shares in Eldorado Gold has increased by 24% over the past year. They are trading at $15.15, valuing the company at $3.1 billion
Eldorado Gold Lamaque Complex Gold Production Preliminary Economic Assessment Exploration Ormaque Deposit Triangle Deposit
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