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Gold production in the first three months of the year fell to 93,209 ounces, from 111,742 ounces in the same period last year and from 122,582 ounces in the last quarter of 2021, as labour shortages triggered by the onset of Omicron affected all the countries where the company operates.

At Lamaque, Eldorado’s first gold mine in Canada, lack of sufficient workforce delayed the underground development of high-grade stopes, which led to lower-than-planned gold grades and tonnage. The situation was solved by March, prompting the company to keep guidance for the mine unchanged.

Weather and power issues also affected the company’s operations in Turkey and Greece.

BMO Capital Market’s Brian Quast said the production was “well below” BMO’s forecast of 107,500 ounces, but he maintained the bank’s C$18 target price.

Eldorado, which also has operations in Romania, has increased focus on the domestic market in recent years. It bought Quebec explorer QMX Gold in early 2021 and acquired a 11.5% stake in Probe Metals, another local explorer, in July.

The Vancouver-based miner is scheduled to release its Q1/2022 earnings after market close on Thursday, April 28, and will host a conference call on Friday, April 29.