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.