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Tuesday, 28th April 2009 (800 views)

Eldorado Gold has announced that it plans to increase annual production at its Kisladag mine in western Turkey.

The company published a summary of the results of an internal review of the project, which identifies ways to boost production and lower unit costs.

Eldorado Gold plans to use the report as the basis of feasibility engineering over the coming five months, with production commencing on the site in 2011.

The study indicated that the potential exists to increase planned production at the Kisladag mine by 30-40 per cent and lower unit operating costs by around 15 per cent, with capital investment requirements estimated to be around $45 million (£25 million).

"We look forward to detailing and implementing the identified opportunities to continue the ongoing enhancement of Kisladag," Paul Wright, Eldorado president and chief executive, said.

The gold producing, exploration and development firm has operations in Turkey, Brazil, China and Greece.

 

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