Question-and-Answer Session
Operator
Thank you. Ladies and gentleman we will now conduct a question-and-answer session. (Operator Instructions) Your first question comes from Stephen Walker from RBC Capital Markets. Please go ahead.
Stephen Walker - RBC Capital Markets
Good morning David, good morning Tim. Just a couple of things here. Can you expand on your expected capital spending for Skouries. We have seen cost score up across of the board at a number of feasibility stage projects and given the delays around the permitting here do you have an estimate on what capital could be at Skouries. I think we are modeling in $300 million now. Is that a reasonable number or should we be tweaking that higher?
David Reading
The team didn’t want me to go above 270 Steve and but I will took it up to 300 based on the euro dollar exchange. The long lead items have been secure. We have already signed a contract with Outotech for EUR 33 million and in fact they gave us a 3% reduction on the physical capital items. We don’t believe a lot of the plant items will cost us more than what we have estimated in the feasibility. If anything there could be an opportunity to save money here because the civil construction phase has been defined by external consultant assuming a 15% mark up for engineering contractors. I know that in Greece there is an opportunity to get things done in a slightly more cost effective way. My only reservation in saying ?well this is it and this is fin al? is that we are still in a permitting process, so there could possibly be some modifications to our tailings design -- nobody has told us that they will be, but until we finished the EIS approval I’m a bit hesitant to give the absolute final definitive number.
Stephen Walker - RBC Capital Markets
Right and may be if I can just follow up with a question on your comments about permitting and where the EIS is at this point in time. It looks like it’s a moving target, we’ve kind of gone from mid year 2008 to the latter part of 2008. Can you talk a little bit more on -- I guess there is never any certainty around permitting but just given the delays and given I guess some of the issues at the ministry of environment -- the degree of certainty that we will feed EIS approved and permits issued her later this year.
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