Eldorado Gold Corporation (NYSE:EGO) Q4 2019 Earnings Conference Call - Final Transcript

Feb 21, 2020 • 11:30 am ET


Eldorado Gold Corporation (NYSE:EGO) Q4 2019 Earnings Conference Call - Final Transcript


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Thank you for standing by. This is the conference operator. Welcome to the Eldorado Gold Corporation Fourth Quarter and 2019 Year End Results Conference Call. [Operator Instructions]

I would now like to turn the conference over to Peter Lekich, Manager, Investor Relations. Please go ahead, Mr. Lekich.

Peter Lekich

Thank you, operator. And thank you, ladies and gentlemen for taking the time to dial into our conference call today. With me in Vancouver this morning are George Burns, President and CEO; Phil Yee, Executive Vice President and CFO; Joe Dick, Executive President and COO; Paul Skayman, Special Adviser to the COO and Jason Cho, Executive Vice President and Chief Strategy Officer.

Our release yesterday details our 2019 fourth quarter and year-end financial and operating results. This should be read in conjunction with our fourth quarter and year-end financial statements and management's discussion and analysis, both of which are available on our website. They have also been filed on SEDAR and EDGAR. All dollar figures discussed today are in U.S. dollars unless otherwise stated. We will be speaking to the slides that accompany this webcast. You can download a copy of these slides from our website. Before we begin, I would like to remind you that any projections included in our discussion today are likely to involve risks, which are detailed in our 2018 AIF and in the cautionary note on Slide 1.

I will now turn the call over to George.

George Burns

Thanks, Peter, and good morning, everyone. It's fantastic to see the response to our release this morning. Here is the format for today's call. I'll give an overview of the highlights along with some comments, then I'll pass it over to Phil to go through the financials. Paul will follow by reviewing operational performance, and Joe will say a few words on 2020 plans. Then we'll open it up for questions. Before we get into things, I want to say a warm welcome to Joe, our new COO. Joe has been with us for a few months and has had the opportunity to spend some time at our sites. He joins us from Newmont, where he was SVP for Latin America. He also has experience with Barrick and Rio Tinto. Welcome, Joe.

Moving on to the highlights on the next slide, it was another solid quarter for -- both operationally and financially. We produced a record 118,955 ounces of gold, our highest quarterly production in nearly four years. This was a result of increased production at Lamaque and Kisladag. Consolidated annual gold production came in on plan and we ended the year with over 395,000 ounces, our highest total production in three years. Cash operating cost remained steady.

Looking back, 2019 was a pivotal year in Eldorado's 25-year history. We put our first Canadian mine into commercial production. We restructured the balance sheet and reduced our total debt by $100 million and we received long-awaited permits in Greece. On top of these accomplishments, our cornerstone asset, Kisladag, is now back on track.