Eldorado Gold has increased the capital expenditure estimate of the Skouries gold project in Greece

The company advanced to full construction last year following the closing of a €680-million project financing facility with two Greek banks. In addition, Eldorado completed a C$81.5-million strategic investment with the European Bank for Reconstruction and Development. After finalising key contracts last year, the capital cost estimate remained in line with the December 2021 feasibility study estimate. However, more recent and pending contracts incorporate labour rates and labour hours that are higher than the feasibility study estimate, resulting in the capex rising from the initial $845-million. Further, the time it took to negotiate key contracts has had a “modest” impact on the production schedule, the company reports. Skouries is now expected to deliver its first copper/gold concentrate in the third quarter of next year, rather than the previously guided mid-2025. As such, Eldorado now expects to produce between 50 000 oz and 60 000 oz from Skouries in 202

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