Eldorado Gold Corporation - President & CEO, George Burns
President & CEO, George Burns
Source: Eldorado Gold
  • Eldorado Gold (TSX:ELD) secured €680 million (C$999 million) worth of financing, the company confirmed Wednesday
  • The Vancouver-based mineral explorer raised the money through its subsidiary Hellas Gold Single-Member
  • Financing will go towards developing and advancing development of its Skouries Project in Northern Greece
  • The financing will cover 80 percent of the amount required to funding required to complete the project, with the company funding the rest
  • Eldorado Gold (TSX:ELD) is down 0.89 percent, trading at $14.53 at 11:21 a.m. ET

Eldorado Gold (TSX:ELD) secured €680 million (C$999 million) worth of financing, the company confirmed Wednesday.

The Vancouver-based mineral exploration firm raised the money through its wholly-owned subsidiary Hellas Gold Single-Member.

Money generated through the financing facility will go towards developing and advancing development of its Skouries Project in Northern Greece.

The financing will cover 80 percent of the amount required to funding required to complete the project. The remaining 20 percent will be funded by the company’s existing reserves.

Hellas has conducted €31.2 million (C$45.8 million) worth of exploration so far on the project, between January 2022 through to the end of this past March.

The letter of credit will be reduced as the company invests and further develops the project.

Hellas also signed foreign exchange hedging arrangements to fix the U.S. dollar to Euro exchange rate for a portion of the Facility repayments through 2032.

The company expects to produce 32,000 ounces of gold at a forward price of U.S.$2,160 per ounce; and 6,160 tonnes of copper at a forward price of $8,525 per tonne by 2026.

Eldorado is continuing its gold and base metals mining, development and exploration operations in Turkiye, Canada and Greece.

Eldorado Gold (TSX:ELD) is down 0.89 percent, trading at C$14.53 at 11:21 a.m. ET.

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