Vancouver-based Eldorado Gold (TSX: ELD; NYSE: EGO) is nearing a turning point as its $1 billion Skouries mine in Greece readies for first concentrate production in the early third quarter and commercial production by year-end.
The year’s second half is setting up a cash-flow lift for the company after years of capital spending, CEO George Burns said during last week’s Prospectors and Developers Association of Canada convention in Toronto. The company is extending that growth into Canada through its $2.2 billion takeover of Foran Mining (TSX: FOM; US-OTC: FMCXF) and the McIlvenna Bay copper project in Saskatchewan, announced last month.
“The terms we’re getting for the concentrate are the best I’ve seen in my 30-year career,” Burns told The Northern Miner anchor Devan Murugan.
A 50% expansion at Eldorado’s Olympias mill in Greece is due to follow in the second half, giving the company another operating catalyst as Skouries ramps up. Eldorado expects about 40% gold production growth by 2027, and Burns said McIlvenna Bay could add a multi-decade foothold in the Flin Flon camp rather than just another mine.
Watch the interview below in full:
The preceding Joint Venture Video is PROMOTED CONTENT sponsored by Eldorado Gold and produced in co-operation with The Northern Miner. Visit: https://www.eldoradogold.com for more information.
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