Eldorado secures €680m for Skouries gold project in Greece

1024px Skouries July 2013

The Skouries project is expected to produce an aggregate of 140,000oz of gold and 67 million pounds of copper per annum.

Canadian firm Eldorado Gold has signed a mandate letter for a credit-committee-sanctioned €680m finance facility from Greek banks to develop the Skouries project in northern Greece.

The mandate letter, which is subject to negotiation of definitive loan documentation and other conditions, includes a long-form term sheet comprising customary terms and conditions.

According to the feasibility study, the project is expected to cost $845m for development.

Eldorado president and CEO George Burns said: “We believe that Skouries is a world-class project that will have a lasting positive economic and social impact for Greece, the communities we work in, and other stakeholders.