The development capital that was invested by March 31, 2024 out of the total estimated capital of 920 million dollars for the Skouries project amounted to 237 million dollars.
In the first quarter of 2024, working capital invested in the project amounted to 52.5 million dollars. In 2024, capital expenditures are expected to range between 375-425 million dollars.
Skouries operations team consists of 95 people, of which 84 hold leadership roles in the sustainable development, operations and support services departments, while 11 people are part of the construction projects teams for surface mining, underground mining and the construction of the sludge dewatering unit. Recruitment work is on schedule based on the operational workforce plan.
Along with the operational readiness team, as of March 31, 2024, approximately 600 people were employed at the site, which are expected to increase to 1,300 during 2024.
The progress of the Skouries project was estimated at 43% by March 31, 2024, and, if the first phase of construction (before the suspension of work) is taken into account, by 73%. Since the resumption of the project, the detailed engineering design is 67% complete including almost all the procurement.
Project execution and escalation continued on the major earthworks as work progressed on the water management ponds and low-grade ore piles.
The 2024 milestones include procurement and engineering design, the processing plant for construction of the control room and electrical systems building: started within the first quarter of 2024, the construction of the tailings thickener: started within the first quarter of 2024. Μilestones also include the tailings dewatering facility, the Integrated Mineral Waste Management Facility (IEWMF), underground works with the award of the underground development and test fronts contract, completion of approximately 2,200 meters of underground development as well as construction progress.
