Eldorado Gold is accelerating toward the long-anticipated opening of its $1 billion Skouries copper-gold mine in northern Greece—one of Europe’s most important new mining projects. The company expects first output in the near term and full commercial production shortly afterward, a milestone that could reshape its global portfolio and bolster Europe’s access to critical raw materials essential for clean tech and advanced manufacturing.
Investment sentiment is improving. Canaccord Genuity recently upgraded Eldorado’s stock to Buy, citing sharply reduced project risk as construction nears completion. Analysts point to the company’s strong balance sheet, competitive valuation, and expanding exposure to high-value metals like copper and gold. Forecasts show Eldorado’s gold production climbing significantly, while free cash flow is projected to surge to impressive levels.
Despite this momentum, Eldorado remains undervalued relative to its peers. Shares trade at well below average sector multiples. As Skouries progresses and long-term fundamentals for copper and gold strengthen, investor confidence continues to grow.
The road to developing Skouries has been long and complex. The project endured multiple delays, including a prolonged suspension due to permitting issues and local opposition. A renewed agreement with the Greek government revived the project, allowing construction to fully restart.
Now entering its final phase, Skouries stands as the flagship project within the historic Kassandra Mines Complex. It contains proven and probable reserves of 3.7 million ounces of gold and 1.7 billion pounds of copper, making it one of the most significant new gold-deposits and copper resources in the region. Designed for a long mine life, the operation will produce around 140,000 ounces of gold and 67 million pounds of copper annually through a combination of open-pit and underground mining.
Once operational, Skouries is expected to transform Eldorado’s production and revenue profile—introducing a major, stable stream of copper revenue at a time when global demand is accelerating due to electric vehicles, renewable energy technologies, and large-scale infrastructure projects. Higher copper output will also reduce overall cash costs, positioning Eldorado more competitively in the global mining and tech-driven metals markets.
As the Skouries project enters its final stretch, it is set to become a cornerstone of Eldorado Gold’s long-term growth strategy while reinforcing Europe’s strategic supply of essential raw materials for the clean-energy transition and next-generation technologies.
