Eldorado Gold secures 80% of Skouries project funding

After inking a new contract with Greece, Eldorado’s board approved in December last year the investment decision and full restart of construction at Skouries.

The funding will provide 80% of the expected future investment required to complete the half-built project. The remaining 20% of the investment needed will be fully covered by Eldorado’s existing cash and future cash flow from operations, the company said.

Once that it’s up and running Skouries is expected to have a significant impact on Eldorado’s total gold production and cash cost profile, as it will diversify the company’s business through revenue from copper.

Part of the Kassandra Mines Complex, Skouries has an anticipated operational life of 20 years, producing an aggregate of 140,000 ounces of gold and 67 million pounds of copper annually.

The deposit is planned to be mined using a combination of conventional open pit and underground mining techniques, Eldorado said.