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RBC Capital Markets Says Eldorado Gold's Potential Rerating To Be Driven By Skouries Project

MT Newswires ·  09/20 22:28

10:26 AM EDT, 09/20/2022 (MT Newswires) -- RBC Capital Markets said Tuesday that Eldorado Gold Corp. (ELD.TO)'s Skouries project represents the company's main value driver.

RBC said the project is not reflected in Eldorado's share price while noting that the company's potential for a rerating after a financing decision for Skouries by year-end and start of production in three years.

The Skouries project is about 50% complete and Eldorado is confident with its current capital estimate of US$845 million RBC said. The company recently signed a mandate letter with Greek banks for a project finance facility worth 680 million euros.

During a presentation at the 2022 Gold Forum Americas, Eldorado forecast a 10% production growth over the next five years from existing assets , plus upside from its project pipeline.

RBC gave Eldorado a sector perform rating with a US$9.00 price target.

Meanwhile, National Bank of Canada said Eldorado continues to expect full construction on Skouries to resume later this year.

The company believes Skouries would kickstart its valuation re-rating, allowing it to potentially trade more in line with the intermediate peer group.

National Bank gave Eldorado an outperform rating with a $15.50 price target.

Price: 7.80, Change: +0.01, Percent Change: +0.13

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