TORONTO — Eldorado Gold Corp said on Tuesday that it will cut capital spending in 2013 by more than 35%, deferring a full expansion at its Kisladag project in Turkey, in light of the recent drop in the gold price.
The Vancouver-based company also said it will bump back the start dates for three of its European development projects — Skouries and Perama in Greece and Certej in Romania — by at least a year, into 2016 or 2017.
Eldorado now plans to spend US$430 million on capital projects in 2013, down from a previous estimate of US$670 million. The company also revised down its exploration spending to US$51 million from US$98.5 million.
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