Deals | Investments | Economy | Athens-Pireaus-Attica

Eldorado Gold Closes €680M Project Financing Facility for the Development of Skouries

The Facility is structured to provide 80% of the funding required to complete the Project.

RE+D magazine

06.04.2023

Eldorado Gold Corporation (“Eldorado” or the “Company”) and its wholly-owned subsidiary, Hellas Gold Single Member S.A. (“Hellas”), announced that Hellas has satisfied all necessary precedent conditions and has closed its previously announced €680 million project financing facility (the “Facility”) for the development of the Skouries Project in Northern Greece (“Skouries” or the “Project”).

The Facility is structured to provide 80% of the funding required to complete the Project, with the remaining 20% to be funded by the Company. Hellas contributed €31.2 million (approximately US$34.0 million) from January 2022 through to the end of March 2023, on early works activities at Skouries, which will be applied as a credit towards the Company’s equity commitment per the terms of the Facility.

The Company’s equity commitment for the Project is backstopped by a letter of credit in the amount of €190 million issued under the Company’s revolving credit facility.

The letter of credit will be reduced Euro for Euro as the Company invests further in the Project.

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