Eldorado Gold has closed a financing facility of €680m for the Skouries gold-copper mining project in Greece.

The funds are expected to cover 80% of the financing needed for the development of the project while the remaining 20% will be provided by Eldorado.

From January 2022 through to the end of March 2023, Eldorado subsidiary Hellas has contributed €31.2m ($34m) on early works activities at the project.

Eldorado stated that this will be applied as a credit towards its equity commitment in accordance with the terms of the facility.

In a press statement, Eldorado said: “The company’s equity commitment for the project is backstopped by a letter of credit in the amount of €190m 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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Located within Greece’s Halkidiki Peninsula, the Skouries high-grade gold-copper porphyry deposit is expected to have an average annual production capacity of 140,000oz of gold and 67 million pounds of copper over its initial mine life of 20 years.

The Skouries project forms part of the overall Kassandra Mines Complex, which also includes the Olympias Mine, the Stratoni port facility and the Kokkinolakkas tailings management facility.

In January 2023, Fluor was selected by Hellas Gold Single Member, a wholly owned unit of Eldorado, to provide engineering, procurement and construction management services (EPCM) for the Skouries project.

Fluor will be responsible for infrastructure, non-process facilities, process area and tailings filtration.