Eldorado lines up €680m for Skouries
Canada-based Eldorado Gold has entered into a mandate letter with Greek banks for a credit-committee-approved €680-million project finance facility for the development of the Skouries project, in northern Greece.
“The mandate letter represents an important step towards the re-start of construction at Skouries,” said president and CEO George Burns.
He said Eldorado remained confident in the feasibility study capital cost estimate of $845-million. With the project finance facility in place, the company has the balance sheet capacity to fund the remaining capital cost for completion of the project.
“We also continue to evaluate opportunities for complementary sources of financing. A final decision to re-start construction remains subject to board approval, which we expect to seek in the second half of 2022.”
The Skouries project, part of the Kassandra Mines Complex, is located within the Halkidiki Peninsula of northern Greece. It is a gold/copper porphyry deposit to be mined using a combination of conventional openpit and underground mining techniques.
Based on the feasibility study, the total life-of-mine is about 20 years, and it is expected to produce, on average, 140 000 oz/y of gold and 67-million pounds of copper a year.
From first production, the payback period of the project is less than four years, and it is expected to generate, on average, $215-million of free cash flow a year for the first five years of operations.
Comments
Research Reports
Projects
Showroom
Immersive Technologies is the world's largest, proven and tested supplier of simulator training solutions to the global resources industry.
VISIT SHOWROOM
SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...
VISIT SHOWROOM
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
