Eldorado Gold’s Skouries project in northern Greece produced its first copper-gold concentrate in September and is expected to reach commercial production in the fourth quarter of 2026, the company said. The milestone moves the project from construction toward production, while commissioning and ramp-up remain the near-term challenge of establishing reliable operations.
At the end of September, Skouries had about 4.8 million tonnes of ore in stockpiles, containing an estimated 176,000 ounces of gold and 61 million pounds of copper. The stockpile gives the plant a buffer during ramp-up, allowing commissioning to continue without depending entirely on immediate mine output.
The plant’s ramp-up has been slower than initially anticipated, though a slower start is not unusual for a large processing plant. Permanent grid power is operational, and commissioning of key systems, including filter presses, is advancing. The immediate task is operating stability rather than establishing resource quality.
European supply and operating milestones
Skouries has Strategic Project status under the EU Critical Raw Materials Act, as Europe seeks to reduce dependence on imported copper and other critical raw materials. Copper is essential for grid reinforcement, renewable generation, electric vehicles, industrial electrification and defence manufacturing. New European primary supply has strategic value even though its volumes are small relative to global production.
Investors will monitor recovery rates, throughput and concentrate quality, as well as water management, tailings performance and how quickly operating costs normalise. The project’s next two quarters are especially important for demonstrating reliable commercial production.
A smooth ramp-up would turn years of construction and political controversy into a producing asset with strategic relevance to European industry. Skouries is also a benchmark for Europe’s wider mining agenda, testing whether strategic project designations and accelerated permitting can lead to reliable commercial production.
