After inking a new investment contract with Greece in early 2021, Eldorado has been focused on resuming construction at Skouries, but said the project restart was conditional upon the initial drawdown of a €680-million ($728m) finance facility from Greek banks.
The funds will provide 80% of the expected future investment required to complete the half-built Skouries project. The remaining 20% of project funding will be fully covered by Eldorado’s existing cash and future cash flow from operations, the company said.
“Skouries represents the next phase of growth at Eldorado, generating significant value for all of our stakeholders with robust project economics and providing many benefits to the local communities and economy in Greece,” chairperson Steve Reid said in the statement.
President and CEO George Burns said that having the involvement of Greek banks in the project supplied backing beyond financials.
“The…
