Eldorado Gold slashes capital spending by 35%, shelves projects as gold price falls

Eldorado Gold Corp says 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.<br />

TORONTOEldorado 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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Source: http://business.financialpost.com/2013/07/16/eldorado-gold-slashes-capital-spending-by-35-shelves-projects-as-gold-price-falls/


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