Eldorado Gold’s management is focusing on operating efficiency and productivity, factors that favor stronger production and improved unit costs for the remainder of 2024.
More specifically, in Greece and the Skouries project, the capital invested totaled 91.9 million dollars in the second quarter of 2024 and 144.4 million dollars during the six-month period ending June 30, 2024. As of June 30, 2024, the capital invested in relation to the estimated total capital of 920 million totaled 329 million dollars.
In 2024, capital expenditures are expected to range between 375 million and 425 million dollars.
The detailed engineering design, as of the resumption of the project, was 72% complete and the procurement is almost complete.
The construction of several buildings outside of the ore processing units began during the second quarter of 2024. Work is also progressing on underground development to support mining.
Approximately 841 people were employed at the site on June 30, which is expected to increase to 1,300 during 2024.
As George Burns, the company’s President and CEO, said during the first half financial results announcement: “Operationally, the second quarter was in line with targets, thanks to higher grades at the Kışladağ, Lamaque and Efemçukuru mines. At Olympiada, as negotiations for a new collective agreement progressed during the quarter, there were intermittent work stoppages from the workforce, which had little impact on production. We are confident that we will reach a mutually beneficial agreement between the Company and the employee unions, demonstrating our commitment to mutual respect and cooperation in order to support the project and develop it into a long-term profitable activity.”
