Eldorado Gold (ELD.TO) on Monday said the first copper concentrate has been produced at itsd McIlvenna Bay Project in Saskatchewan.
Wet commissioning of the McIlvenna Bay processing plant was completed recently, and following the start of hot commissioning, first copper concentrates were produced on June 7, the company said.
The operating team is now focused on ramp-up toward the nameplate capacity of 4,900 tonnes per day, it said and added that key activities during the ramp-up period include optimizing the flotation circuit and reagent addition performance, and completing the paste plant and associated underground infrastructure, such as the paste plant reticulation to support ongoing mine and plant production ramp-up.
The company expects to achieve commercial production at McIlvenna Bay in the third quarter of 2026.
"The adjacent Tesla Zone, a high-grade polymetallic discovery located near existing infrastructure, represents a compelling longer-term expansion opportunity at McIlvenna Bay," said the company. "Beyond testing for copper-rich extensions at Tesla, the exploration team will be drilling the Bigstone deposit with the objective of expanding that resource, drilling several advanced and early-stage targets and undertaking large-scale airborne and target-scale geophysical surveys to identify new and refine known targets for future drill testing."
In addition, the team will be undertaking various ore body characterization studies to support both exploration vectoring and future resource development, the company added.
"Achieving first concentrate at McIlvenna Bay is a significant milestone, not just for Eldorado but for Canadian mining," said George Burns, Chief Executive Officer. "This project is a compelling example of Canada's ability to advance critical mineral assets responsibly and with conviction. McIlvenna Bay diversifies our revenue base with substantial copper and zinc production, and alongside our Skouries project in Greece, will transform Eldorado into a high-margin, free cash flow generating business. We are proud to become part of the Saskatchewan mining community and look forward to building lasting relationships with our employees, Indigenous rightsholders and local communities and all levels of government as we advance this exceptional asset together."
The company's shares were last seen up $0.54 to $41.78 on the Toronto Stock Exchange.
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