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Kışladağ is a low-grade, bulk-tonnage, open pit operation that uses heap leaching for gold recovery. Kışladağ is the largest gold mine in Turkey.

Key Facts

Location Usak Province, Turkey
Mine type Open pit, heap leach
Metals mined Gold
Employees/contractors 1,254
Deposit type Gold porphyry
Ownership 100%
Resources & Reserves

2018 Outlook

Leach Pad

The Company ceased stacking ore on the leach pad in April 2018. Production since then has been from the remaining inventory on the pad.

Updated 2018 production at Kışladağ and expected production from the leach pad for 2019 and 2020, was reported on October 25, 2018. Revised 2018 production is forecast to be 160,000 – 170,000 ounces of gold from the leach pad at a cash cost of $650-$700 per ounce including roughly $300 per ounce of non-cash costs.

Mill Project

In October 2018, following the completion of the feasibility study, the Board of Directors approved the advancement of the mill project at Kışladağ. The feasibility study indicates that the construction of a conventional carbon in pulp mill at Kışladağ is economically robust. The mill supports a 3.1 million ounce reserve with expected metallurgical recoveries of approximately 80%, to produce an average of 270,000 ounces of gold per year over nine years.

The project is expected to begin commissioning activities in late 2020, with production expected in the first half of 2021.

Heap Leach Pad

2018E(1) 2017A 2016A
Gold produced (oz) 160,000-170,000 171,358 211,161
Gold sold (oz)
171,505 211,284
Ore mined/processed (Mt)
13.1 16.6
Gold grade (g/t) 0.82(2) 1.03 0.80
Cash operating costs ($/oz) 650-750(3) 500 474
Sustaining capex ($M) 22.0

(1) Revised guidance as announced October 25, 2018.
(2) Based on P+P Reserves as at December 31, 2017.
(3) Including ~$300/oz non-cash inventory charges.

Economics for Kışladağ Mill based on feasibility study, October 2018
Milling capacity 13 Mtpa
Mine life 9 years
Average annual gold production 270,000 oz
Average cash costs $692/oz
Average AISC $793/oz
Average recovery rate 80.1%
Average gold grade 0.81 g/t Au
Strip ratio (w:o) 1.3
Initial capital (US$ millions) $520M ($384M construction, $75M pre-production waste & ore, and $61M in contingency)
Sustaining Capital (US$) $188M (including $103M capitalized Waste)
Gold price $1,300/oz
NPV-5% (after tax, US$) $392M
IRR (after tax) 20.4%
Payback period 3.9 years

For more information, please see our Kışladağ presentation.

Geology and Mineralization

Kışladağ is a porphyry gold deposit that formed beneath a coeval Miocene volcanic complex in Western Anatolia, Turkey. At least four latite intrusive phases are recognized in the deposit. Alteration consists of a potassic core with K-feldspar, biotite, quartz and locally magnetite, outwardly overprinted by illite, kaolinite, quartz, and tourmaline. Remnants of a quartz-alunite lithocap are found near surface. Gold mineralization occurs within zones of quartz-pyrite stockwork and disseminations. Oxidation extends to a depth of 20 to 80 metres but there is no supergene enrichment. The mineralized intrusions at Kışladağ are enclosed within volcanic and volcaniclastic strata that overlie basement schist and gneiss of the Menderes Massif Core Complex. These strata dip outward from the deposit core, and display rapid facies changes from massive lavas and coarse poorly stratified units proximal to the porphyry centre, to finer well-stratified volcaniclastic strata that interfinger with lacustrine sedimentary rocks in surrounding sedimentary basins.


The Kışladağ deposit was an original discovery made by Eldorado in the late 1990's during a regional grassroots exploration program. Our current exploration in the Kışladağ district is focused on defining and testing potential nearby satellite deposits, and identifying other porphyry centers in the surrounding region.


2018 October 2018 Kışladağ feasibility study completed and subsequent Board approval to advance the Kışladağ mill project was received.
2018 March 2018 Pre-Feasibility Study for the Kışladağ Mill published
2014 Poured 2 millionth ounce of gold.
2014 Received approval of supplementary EIA
2012 Applied for supplementary EIA to increase yearly ore extraction to 35 Mtpa of ore
2011 Received approval of supplementary EIA for the expansion to 12.5 Mtpa; completed Phase III expansion
2009 Completed Phase II level pad expansion
2007 Completed Phase II plant construction
2006 Produced first doré in May; commercial production began in July
2005 Began construction
2003 Completed feasibility study; received EIA approval
1997 Identified ore body and began in-depth exploration