Release Date: February 21, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Q: Can you provide an update on the labor situation at Skouries and the breakdown of the additional $150 million in costs? A: George Burns, President and CEO, stated that they are making good progress towards their target of 1,300 construction workers. They currently have 1,180 workers and are focusing on recruiting concrete workers, which has been a bottleneck. They are recruiting both locally and internationally. The transition to other trades like mechanical and electrical will follow as concrete work completes. They are on track to meet their schedule and are working to potentially increase second shift work to de-risk the schedule.
Q: When will you start hiring for electrical and control systems at Skouries? A: George Burns explained that they already have some mechanical and electrical workers on site. The hiring for these roles will ramp up as concrete work finishes in various parts of the plant. The transition from concrete to structural steel, then to mechanical and electrical work, will occur at different paces throughout the year.
Q: Can you explain the removal of the preliminary economic assessment (PEA) from the technical report? A: George Burns clarified that the BC Securities Commission required the removal of the PEA because it used technical and economic parameters from the reserve case, which should not be applied to inferred resources. The inferred resources remain intact, but the PEA and its economics cannot be relied upon.
Q: Why was the PEA removed if inferred resources are typically included in PEAs? A: George Burns noted that while PEAs can include inferred resources, the issue was using reserve-level assumptions in the PEA. The commission's view was that this was inappropriate since the PEA was tied to mineral reserves. Despite this, Eldorado Gold has a history of successfully converting inferred resources to reserves.
Q: What is the current status of inferred resources and reserves at Lamaque? A: George Burns highlighted that Eldorado Gold has 1.3 million ounces of mineral reserves and 2.6 million ounces of inferred resources at Lamaque. They are actively drilling to convert inferred resources to reserves, with significant drilling planned for both Triangle and Ormaque deposits.
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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