The expansion of Eldorado Gold’s (TSX: ELD; NYSE: EGO) Skouries mine in northern Greece is on track to start production in the first quarter next year, with commercial output targeted by mid-year, CEO George Burns says.
Construction of the $1.06 billion (C$2.3 billion) copper-gold project is part of Eldorado’s vision for a 20-year operation producing roughly 140,000 oz. gold and about 66 million lb. copper annually.
“We’re about 70% complete on the second stage of construction and that puts us at about 85% overall on the project,” Burns told The Northern Miner’s Western Editor, Henry Lazenby, last month during the Mining Forum Americas.
In Greece, the company is also expanding the Olympias plant to 650,000 tonnes per year. In Quebec, the Lamaque complex is advancing the Ormaque orebody with a second bulk sample and permitting for a paste backfill plant and added tailings capacity.
Eldorado has begun share buybacks and expects capital allocation options to broaden after Skouries comes online, Burns said, including potential debt reduction, a dividend, further growth spending and exploration across Turkey and Canada.
Watch the full interview below:
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