The Skouries copper-gold project, situated on the Halkidiki Peninsula in northern Greece, is entering its final construction phase, a significant development for the mining sector in Europe. Managed by Eldorado Gold within the Kassandra Mines complex, Skouries is designed as a hybrid open-pit and underground mine, projected to operate for approximately 20 years. As of now, construction progress stands at around 90%, transitioning from extensive civil works to mechanical completion and system integration.
With the underground mine development progressing steadily and open-pit construction nearing completion, critical processing infrastructure is being finalized. This includes essential components such as crushing circuits, grinding mills, flotation systems, and associated utilities. The testing and commissioning of electrical, automation, and instrumentation systems are also underway, setting the stage for operational readiness.
Filtered Tailings Facility Key to Environmental Strategy
A pivotal aspect of the project is the filtered tailings facility, integral to its environmental compliance strategy. This facility aims to minimize the project’s physical footprint and mitigate long-term tailings risks while adhering to EU and Greek environmental standards. Its timely completion is synchronized with the final plant commissioning to ensure that initial production aligns with regulatory requirements.
Eldorado Gold anticipates that copper-gold concentrate production will commence by the end of Q1 2026, followed by a structured ramp-up towards full commercial production by mid-2026. Preparations for workforce recruitment and training are already well underway, facilitating a smooth transition from construction to operational mining activities. Initial mining operations are expected to support plant commissioning and stabilize throughput during the start-up phase.
Once fully operational, Skouries is expected to yield around 140,000 ounces of gold annually and between 65 to 70 million pounds of copper each year. This output is particularly significant given the rising European demand driven by trends in electrification, renewable energy initiatives, grid expansion, and overall industrial decarbonization efforts across the EU.
Capital Investment and Financing Secured
The total capital expenditure for the Skouries project has been revised to approximately $1.06 billion due to inflationary pressures and adjustments aimed at enhancing long-term operational performance. Project financing has been fully secured through a mix of commercial debt facilities and public funding initiatives aligned with Greece’s national recovery programs. Additional funds have been allocated for pre-commercial mining activities and acquiring higher-capacity equipment ahead of full-scale production.
Commercial preparations are advancing alongside construction efforts. Discussions regarding copper concentrate off-take agreements are progressing well, with expectations that these will cover a substantial portion of the project’s output. Current market conditions for high-quality copper concentrates have improved significantly compared to earlier feasibility studies, enhancing commercial terms and cash-flow predictability.
Expansion of Greek Mining Assets
Apart from Skouries, Eldorado Gold is actively developing its broader Greek mining portfolio. The Olympias operation is undergoing a mill expansion aimed at increasing throughput and recovery rates, while Perama Hill is currently in the environmental review phase coupled with stakeholder consultations. Collectively, these assets are positioned to establish Greece as a long-term production hub within Eldorado Gold’s European strategy.
Community engagement remains a central focus throughout the Skouries project. During its construction phase, it has generated thousands of direct and indirect jobs with an emphasis on local employment opportunities. Once operational, Skouries is projected to create several hundred permanent positions while stimulating demand for regional suppliers and contractors, thereby contributing positively to tax revenues and local infrastructure development.
Despite facing opposition and delays in earlier stages, current progress reflects improved regulatory stability and enhanced cooperation between Eldorado Gold and public authorities. As production nears commencement, environmental monitoring will continue under increased scrutiny to ensure compliance with stringent standards.
As Skouries approaches its commissioning phase, it is increasingly recognized as a benchmark for modern large-scale mining within the European Union. By integrating advanced technologies with rigorous environmental controls, it aims to bolster Europe’s supply chain for copper and critical raw materials. A successful launch in 2026 could significantly transform Eldorado Gold’s production landscape while reinforcing Europe’s strategic position in global mining markets.
