April 12, 2012 / 12:22 PM / 6 years ago

Eldorado sees rapid growth in gold output

TORONTO, April 12 (Reuters) - Eldorado Gold Corp, a Canadian miner that recently closed its acquisition of European Goldfields, expects its annual gold production to touch 1.7 million ounces within five years as it brings new mines into production.

The Vancouver, British Columbia-based company plans to commission five new mines over the next few years, taking its global footprint to 12 operations by 2016.

“Eldorado plans on expanding gold production by roughly 160 percent over the next five years, making it one of the fastest growing emerging senior gold producers globally,” said Chief Executive Paul Wright in a statement on Thursday.

Eldorado, which owns operations in China, Turkey, Greece and Brazil, produced nearly 660,000 ounces of gold in 2011.

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