05:13 PM EDT, 04/09/2024 (MT Newswires) -- Eldorado Gold ( EGO ) after trade Tuesday provided updates on the tax impacts in Turkiye related to the weakening of the Turkish Lira in Q1 2024.

According to a statement, the company's profits from mining operations in Turkiye are taxed at the enacted rate and the resulting current income tax expense can be further increased or reduced by other items. For the first quarter, the company expects the Turkish current income tax expense on mining profits, at an enacted rate of 25%, to be further decreased by US$9 million to US$12 million.

The company said the estimated decrease is primarily attributable to investment tax credits relating to its Kisladag and Efemcukuru mines and the effects of inflation accounting, partly offset by taxable unrealized foreign exchange gains due to the weakening of the Lira against the US dollar, in the quarter.

Eldorado will release its 2024 First Quarter Financial and Operational Results after the market closes on Thursday, April 25, 2024.

The company's shares closed up C$0.75 to C$21.25 on the Toronto Stock Exchange, a 52-week high.