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Eldorado issued a press release on February 5, 2025, “provid[ing] an update on the construction progress at its copper-gold Skouries Project (‘Skouries’ or the ‘Project’), detailed 2025 production and cost guidance, and three-year production outlook.” Eldorado disclosed that “labour market tightness in Greece, particularly pronounced in construction, has continued to limit the availability of key construction personnel at Skouries, resulting in a slower ramp-up of the workforce and delayed progress in certain areas of the Project” and that “[f]irst production at Skouries is now expected in the first quarter of 2026, followed by commercial production expected in mid-2026.” Eldorado also advised that “[t]he revised Project capital cost estimate incorporates an increase of approximately $143 million or 15.5% over prior capital cost estimates, to a total of approximately $1.06 billion” and that “the Company expects to complete additional pre-commercial production mining and has accelerated the purchase of higher capacity mobile mining equipment (originally expected to be purchased post commercial production), resulting in $154 million of accelerated operational capital prior to commercial production.”
Following this news, Eldorado’s stock price fell over 11% on February 6, 2025.