Eldorado Gold is planning investments of 375-425 million US dollars in Halkidiki, in 2024. The majority of the investments concern the Skouries mine project, which is expected to be fully operational by 2027 for copper-gold production. Approximately 550 people are now employed on the construction, a number that is expected to increase to 1,300 during 2024.
According to the company, from the beginning of the project until today, the capital expenditures have amounted to 185 million US dollars with the total projected investment cost reaching 845 million dollars. By the end of 2023, 38% of the project was concluded. Including the first phase of construction, the percentage reaches 70%. Engineering work has been concluded by 61% and procurement work by 82%. The execution of the project continued, including the construction of roads for transporting materials and earthworks. Progress has been made regarding the construction of the foundations of the primary fracture crusher. The underground power supply upgrade from 400V to 690V and the ventilation upgrade have also been completed.
The next 2024 milestones on this project include procurement and engineering design, the processing plant, the tailings filtration facility and the Integrated Mining Waste Management Facility (IEWMF). Works will also focus on underground development that will allow the launch of tests in 2025.
Commenting on the company’s activity in Greece, the President and CEO of Eldorado Gold, George Burns, underlined that “we resumed the full construction of the Skouries project, a landmark project in Greece, in 2023. In addition, we entered into an agreement with the European Bank for Reconstruction and Development for a strategic investment of CAD 81.5 million in Eldorado. As we move towards finalizing key contracts in 2023, we have moved in line with the initial capital cost estimate announced in the feasibility study in December 2021. The most recent and outstanding contracts incorporate labor costs and labor hours established through a diligent competitive process, as well as the update of all physical quantities which are higher than the feasibility study. As a result, we are able to provide an updated total cost of capital estimate for the development of the project, which has increased by 9% to 920 million US dollars from 845 million. With project funding secured and a strong balance sheet, we remain fully funded to complete the Skouries project. We look forward to commissioning this world-class copper-gold mine, which will deliver qualitative production growth of 40% by 2027.”
