Major Greek Gold & Copper Mine Boosts Yields

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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Greece could be sitting on a potential fortune worth US$44 billion in gold and copper from its leading mining project in Skouries, located in the Halkidiki region of the north of the country.

Owned by Canadian Eldorado Gold (Vancouver, British Columbia), and operated by a local subsidiary, Hellas Gold (Athens, Greece), estimates from the company claim that there is a proven deposit of 740,000 tons of copper and 3.5 tonnes of gold and that full-scale extraction will begin in late 2025. The deposit will be mined using a combination of conventional open pit and underground mining techniques. With a total life of approximately 20 years, the mine was originally predicted to produce an average of 140,000 ounces of gold and 67 million pounds of copper per year. The project has proved particularly controversial over the last decade. It was shut down by the Greek government in 2015 and has spent many years in a stop-start scenario due to planning holdups and protests. In the summer of 2023, thanks to funding and a supportive new Greek government, Eldorado committed to a restart and expansion of the Skouries site. It expects to spend around US$920 million in total. Industrial Info is tracking two key projects. Subscribers to Industrial Info's Global Market Intelligence (GMI) Project Database can click here for the reports.

On a recent visit to the mine, Deputy Minister of Environment and Energy Alexandra Sdoukou confirmed the government's support for the project: "I am here today at Skouries, a project that marks a new era for the Greek mining industry. My visit aims to closely observe the progress of the works and to assure that the Ministry is closely monitoring the project's development. The Skouries mine is a project of strategic importance for our country. It will contribute to strengthening the economy, creating new jobs with a priority for hiring from the local community, and enhancing our country's competitiveness on the global metals map. I am particularly pleased to see that the works are progressing rapidly and according to schedule, with the goal of completing the project by 2025."

She also highlighted that Skouries would adhere to environmental rules. "I want to emphasize that the government places special importance on environmental protection. Companies carrying out such projects are obliged to strictly adhere to environmental conditions and implement the most advanced technologies to reduce the environmental footprint. Skouries will be the model that other similar investments will follow, making Greece an attractive destination for investments in the Critical Raw Materials sector, especially after the European Union's shift towards reducing its dependence on third countries."

Today, the project is 76% complete according to Hellas Gold, and the workforce of just over 800 is expected to ramp up to 1,300 by the end of this year.

Eldorado Gold President and Chief Executive Officer George Burns commented: "We remain steadfast in our belief that the Skouries Project can play a key role in Europe's green transition, while positioning Greece as a global hub for sustainable mining. We have worked tirelessly to make Skouries a model mine, staying true to our commitment to drive economic development while safeguarding the environment."

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