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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With so much that I wish to convey about the top five selections among my top 10 gold stocks for 2013, please indulge me while I dive right in. I strongly encourage readers to begin with Part 1 of this series to consider my associated outlook for continued strength in the gold price, and to review my first five selections. I also invite readers to bookmark my article list or follow me on Twitter in order to track my ongoing coverage of these and other standout gold equities throughout the year ahead. With that said, here’s wishing every Fool a happy and profitable year of prospecting in the gold patch during 2013. Continue reading →