Eldorado Gold - President and CEO, George Burns
President and CEO, George Burns
Source: El Dorado Gold
  • Eldorado Gold Corporation (ELD) has signed a mandate letter with Greek banks for a credit committee-approved €680 million project finance facility
  • The project finance facility is for the development of the Skouries Project in Northern Greece
  • The Skouries Project, which is part of the Kassandra Mines Complex, is located within the Halkidiki Peninsula of Northern Greece, and is a is a gold-copper porphyry deposit
  • Eldorado Gold is a gold and base metals producer with mining, development and exploration operations in Turkiye, Canada, Greece and Romania
  • Eldorado Gold Corporation opened trading at C$7.22 per share

Eldorado Gold Corporation (ELD) has signed a mandate letter with Greek banks for a credit committee-approved €680 million project finance facility.

The project finance facility is 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 George Burns, President and CEO of Eldorado.

“We believe that Skouries is a world-class project that will have a lasting positive economic and social impact for Greece, the communities we work in, and other stakeholders, and we remain confident in the feasibility study capital cost estimate of US$845 million; and 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,” he added.

The mandate letter includes a long-form term sheet, which contains customary terms and conditions, including with respect to due diligence.

The mandate letter remains subject to negotiation of definitive binding loan documentation and other approvals and conditions, including board approval and confirmation of the availability of funds for a low-interest portion of the facility.

The Skouries Project, which is part of the Kassandra Mines Complex, is located within the Halkidiki Peninsula of Northern Greece and is a gold-copper porphyry deposit to be mined using a combination of conventional open pit and underground mining techniques.

Eldorado Gold is a gold and base metals producer with mining, development and exploration operations in Turkiye, Canada, Greece and Romania.

Eldorado Gold Corporation opened trading at C$7.22 per share.


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