Eldorado under pressure as Skouries project progressing ‘slower than planned’

Shares of Eldorado Gold (EGO) are under pressure on Wednesday after the company said the Skouries project in Greece was progressing “slower than planned.” “At Skouries, as of December 31st, 2024, the current phase 2 of the project was 60% complete, and the entire project was 82% complete, when including the first phase of construction. Detailed engineering was substantially complete. Capital spending was approximately $93 million in the fourth quarter of 2024, and approximately $320 million in 2024, compared to our earlier guidance of between $350 and $380 million in 2024. In total, approximately $506 million of capital has been invested since the restart of construction in 2023. Lower than expected spend in the fourth quarter was primarily a result of delayed ramp up to the planned 1,300 site personnel, with approximately 1,050 personnel on site at year-end. The challenge in ramping up personnel was the result of a tight construction labor market in Greece, which has limited the availability of construction personnel,” the company said. Shares of Eldorado Gold have dropped over 6% to $14.65 in afternoon trading.