The company, which ties its dividend to gold prices, produced 659,134 ounces of gold in 2011 with an average realized price of US$1,582.
It expects to produce 730,000 to 775,000 ounces of gold this year and 560,000 to 600,000 tonnes of iron ore in 2012.
The increase in gold production will come from a full-year of production from the Efemcukuru mine in Turkey where production started last year and the first production from the Eastern Dragon in China in the second half of the year.
"The addition of the Efemcukuru mine in 2011 and the planned start-up of the Eastern Dragon mine in 2012 continue to increase the company's production while maintaining costs in the lower quartile of gold producers," president and chief executive Paul Wright said in statement.
Capital spending for 2012 is expected to total US$335 million including $325 million on the gold mines and $10 million at the Vila Nova iron ore mine in Brazil.
Eldorado has operations in Brazil, China, Greece, and Turkey and surrounding regions.
UBS analyst Dan Rollins, who rated Eldorado a "buy" with a US$19 price target on the stock, noted the company had a strong finish to 2011 and topped its mid-year production guidance.
Looking to 2012, Rollins noted that "although production is in-line with our forecast due to higher than expected production from Efemcukuru and Kisladag, production from Jinfeng is significantly lower than expected due to a phased push-back of the open-pit."
Eldorado shares were down six cents at $14.74 in trading on the Toronto Stock Exchange on Monday morning. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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