The Vancouver-based miner attributed the ballooning figures mainly to lower than expected gold production in the first half of the year, continued inflationary pressures, and additional costs associated with the import charges on Olympias gold concentrate shipments into China.
In the past few days, major miners including Newmont, BHP and Rio Tinto have also flagged the effects of inflationary pressures and labour crunch in their results, adding they expect these markets conditions to continue into 2023.
Gold miners have been particularly hit by a drop in bullion prices, which just had their worst quarter since early 2021. Gold fell nearly 7% in the three months ended June, as a firm dollar and aggressive rate hikes eroded the appeal of the non-yielding asset.
Eldorado also kept its 2022 production forecast unchanged at 460,000 to 490,000 ounces, though it expects to end the year in the lower end of the range.
It produced 113,462…
