A copper search found Eldorado Gold, with a third more gold coming

I searched for copper exposure.
Clargus returned a gold miner.
Then I did the arithmetic, and the label turned out to be half right.

Eldorado Gold is down 24% from its high, sold with gold, which is 22% off its own. Copper is 3% from its high.

The path ran from copper through Electrification, Power Grids and a $2 billion investment to Skouries, the copper-gold mine Eldorado is finishing in northern Greece. First concentrate came on September 8. Commercial production and the ramp are next.

So how much copper is there? At spot gold and copper between $4.50 and $5.50 a pound, Skouries at full rate makes copper roughly 10 to 12% of Eldorado's revenue. Not a copper miner in disguise. The gold label is right.

What the label misses is the other 90%. Skouries adds about 140,000 ounces to a base near 480,000, a third more gold, and the copper credit pays part of the cost of every one of those ounces. A gold fund selling Eldorado with the gold tape is selling a producer twelve months from the biggest output step in its history, at the point where a copper credit makes those ounces cheap. Whether that is already in the price is the next question, and it needs the ramp schedule and cost per ounce, not the revenue mix alone.

The market could still be right: Greek permitting history and ramp execution are real discounts.

The mislabel is not "copper miner". It is "struggling gold miner".