Eldorado Gold delays Greece projects, to slash spending 35 percent

Vancouver-based Eldorado Gold announced 2013 capital expenditure cuts of 35%, as well as minimum yearlong delays at three key European gold mining projects, in a July 16 company news release.

The Greece delays will take place at the Perama and Skouries sites, where Eldorado is up against firm opposition from local and environmental groups. Company property was attacked in February of this year by masked arsonists on the Halkidiki peninsula, the location of Skouries.

Eldorado will also postpone production at the Certej project, Romania.

The move is seen as a sign of what’s to come from other gold miners as companies with weaker balance sheets scramble to preserve capital in the face of a sliding gold price.