- Eldorado Gold Corporation (ELD) has secured a €680 million project financing facility for the development of the Skouries Project
- The wholly-owned subsidiary of Eldorado Gold, Hellas Gold Single Member S.A., went into the project financing facility with National Bank of Greece S.A. and Piraeus Bank S.A. as lead arrangers
- The term facility will provide 80 per cent of the expected future funding required to complete the project, which is approximately half-built
- Eldorado Gold is a gold and base metals producer with mining, development and exploration operations in Turkiye, Canada and Greece
- Eldorado Gold Corporation opened trading at C$11.10
Eldorado Gold Corporation (ELD) has secured a €680 million project financing facility for the development of the Skouries Project.
The wholly-owned subsidiary of Eldorado Gold, Hellas Gold Single Member S.A., went into the €680 million project financing facility with National Bank of Greece S.A. and Piraeus Bank S.A. as lead arrangers.
The term facility will provide 80 per cent of the expected future funding required to complete the project, which is approximately half-built.
In addition, the term facility is non-recourse to Eldorado, and the collateral securing the facility covers the Skouries Project and the Hellas operating assets.
The remaining 20 per cent of project funding is expected to be fully covered by Eldorado’s existing cash and future cash flow from operations.
Until such further equity is fully invested, Eldorado’s investment undertaking for the project will be fully backstopped by a letter of credit from the company’s revolving credit facility. Drawdown on the Term Facility is subject to customary closing conditions.
The company expects such conditions to be satisfied and the initial drawdown to occur in the first quarter of 2023.
“The participation of Greek lenders in the Project provides aligned strategic partners as we advance Skouries towards commercial production,” noted George Burns, President and CEO of Eldorado Gold.
The company is also pleased to announce that its Board of Directors has approved, conditional upon the initial drawdown of the term facility, the investment decision and full re-start of construction at Skouries.
“The participation of Greek lenders in the project provides aligned strategic partners as we advance Skouries towards commercial production,” noted George Burns, President and CEO of Eldorado Gold.
Skouries, located within the Halkidiki Peninsula of Northern Greece, 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 and Greece.
Eldorado Gold Corporation opened trading at C$11.10.
