Canada’s Eldorado Gold (TSX:ELD)(NYSE:EGO) said Tuesday a contractor employee at its Skouries gold and copper project in Greece was struck by a branch from a falling tree Monday, and the accident resulted in fatal injuries.
"Our deepest condolences and support go out to the individual's family, friends and colleagues at this time," George Burns, Eldorado's President and Chief Executive Officer, said in the statement. "Safety is our top priority at Eldorado Gold and we are committed to the well-being of our employees and contractors on all of our sites." The contractor employee was struck by a branch from a falling tree on Monday.
The Vancouver-based company noted an investigation related to the incident was already underway.
Skouries is a high-grade gold-copper porphyry deposit located in the Halkidiki Peninsula in northern Greece.
It will operate as an open pit and underground mine for about nine years, followed by approximately 15 years of underground mining.
Eldorado, which already operates one mine in the north of Greece — Stratoni —, has been trying to develop the Skouries and Olympias projects for years, but local opposition and an ongoing back-and-forth with authorities have delayed progress.
The biggest differences between the company and Greek authorities revolve around testing methods applied to comply with environmental regulations at Skouries, whose final permits are still pending. Last month, the company said production is now targeted for 2020, adding it had reviewed the project's capital spending.
Licensing for the company’s Olympias project is in the final stage and Eldorado had said it expects to begin production at the gold, silver, zinc and lead mine before year-end.
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Eldorado Gold Reports Fatality at its Skouries Project
August 29, 2017
VANCOUVER, Aug. 29, 2017 /CNW/ - Eldorado Gold ("Eldorado" or the "Company") today regrets to report that on the morning of August 28, 2017, during tree cutting operations at the Skouries Project in Greece, a contractor employee was struck by a branch from a falling tree resulting in fatal injuries. An investigation is underway.
"Our deepest condolences and support go out to the individual's family, friends and colleagues at this time," said George Burns, Eldorado's President and Chief Executive Officer. "Safety is our top priority at Eldorado Gold and we are committed to the well-being of our employees and contractors on all of our sites."
Additional Information
Additional information on Eldorado is available on the Company's website at www.eldoradogold.com and on SEDAR at www.sedar.com.
SOURCE Eldorado Gold Corporation
Development Approach
Eldorado plans to develop Skouries in a two-phased approach. Production is targeted in 2020.Phase 1 (2020-2027)
Phase 1 is a combination of open pit and underground mining over 9 years, producing a total of 1.4 million ounces of gold and 620 million pounds of copper at average cash operating costs of -$255 per ounce of gold due to copper by-product credits. Development capital over the Phase 1 is budgeted at $710 million and includes all mine development and process facilities.Phase 2 (2028-2042)
Phase 2 involves underground mining for a 15 year period once Phase 1 is complete. Total production during this phase is expected to be 1.7 million ounces of gold and 850 million pounds of copper at average cash operating costs of $165 per ounce of gold due to copper by-product credits. Development capital during Phase 2 is budgeted at approximately $460 million.Benefits of this updated development plan include:
- An increased feed to the plant, allowing it to run at full capacity (8 Mtpa) for a 14 year period, starting in 2020.
- Higher grades from the underground earlier on in the development.
- A smaller environmental footprint and decreased sustaining capex over the life of mine due to improved filtered tailings approach. A best-practice technology, filtered tailings decreases the amount of storage needed which potentially eliminates the need for a second storage facility.
- Improved project economics through optimized mine and tailings plans.