The Skouries copper-gold project, located on the Halkidiki Peninsula in northern Greece, has entered its final phase of construction, marking a major milestone for one of the most significant mining developments currently underway in Europe. Operated by Eldorado Gold as part of the broader Kassandra Mines complex, Skouries is being developed as a combined open-pit and underground mine with an estimated 20-year operating life.
Overall construction progress has now reached around 90%, signaling a transition from heavy civil works to mechanical completion, system integration, and pre-commissioning activities.
Development of the underground mine continues steadily, while open-pit construction is largely complete. Installation of critical processing infrastructure — including the crushing circuit, grinding mills, flotation systems, and supporting utilities — has advanced into its final stages.
Electrical, automation, and instrumentation systems are now undergoing testing and commissioning, positioning the project for a smooth transition into operational readiness.
Filtered Tailings Facility Central to Environmental Compliance
One of the most critical remaining construction elements is the filtered tailings facility, a cornerstone of the project’s environmental strategy. Designed to reduce the project’s physical footprint and long-term tailings risk, the facility plays a key role in meeting EU and Greek environmental standards.
Its completion is being closely coordinated with final plant commissioning to ensure that initial production begins in full regulatory compliance.
Eldorado Gold expects first copper-gold concentrate production by the end of Q1 2026, followed by a structured ramp-up toward commercial production by mid-2026. Workforce recruitment and training programs are already well advanced, preparing operational teams for the shift from construction to steady-state mining.
Early mining activities are expected to support plant commissioning and throughput stabilization during the start-up phase.
At full capacity, Skouries is forecast to produce approximately 140,000 ounces of gold per year and 65–70 million pounds of copper annually, making it one of the most important new copper producers in Europe.
The copper output is strategically significant as European demand accelerates, driven by electrification, renewable energy deployment, grid expansion, and broader industrial decarbonization across the EU.
Capital Investment and Secured Financing
Total capital expenditure for Skouries has been updated to approximately $1.06 billion, reflecting inflationary pressures, construction optimization, and scope adjustments aimed at improving long-term operating performance.
Project financing is fully secured through a combination of commercial debt facilities and public funding instruments, including resources aligned with Greece’s national recovery and development programs. Additional capital has also been deployed to enable pre-commercial mining and secure higher-capacity equipment ahead of full production.
Commercial preparations are progressing in parallel with construction. Copper concentrate off-take discussions are at an advanced stage, with agreements expected to cover a substantial share of output.
Management has highlighted that current market conditions for clean, high-quality copper concentrates are materially stronger than those assumed in earlier feasibility studies, supporting improved commercial terms and cash-flow visibility.
Broader Greek Asset Development
Beyond Skouries, Eldorado Gold continues to advance its wider Greek mining portfolio. The Olympias operation is undergoing a mill expansion to boost throughput and recoveries, while Perama Hill is moving through environmental review and stakeholder consultation.
Together, these assets are designed to establish Greece as a long-term production hub within the company’s European strategy.
Community engagement remains a defining feature of the Skouries project. During construction, the mine has supported thousands of direct and indirect jobs, with a strong emphasis on local employment.
Once operational, Skouries is expected to provide several hundred permanent positions, while generating sustained demand for regional suppliers, contractors, and service providers, contributing to tax revenues, infrastructure upgrades, and skills development.
While the project faced opposition and delays in earlier phases, current progress reflects a period of greater regulatory stability and improved coordination between the operator and public authorities. Environmental monitoring and transparency are expected to remain under heightened scrutiny as production begins.
As Skouries approaches commissioning, it is increasingly viewed as a benchmark for modern, large-scale mining in the European Union, combining advanced technology, strict environmental controls, and strategic metals supply. A successful start-up in 2026 would not only reshape Eldorado Gold’s production profile but also strengthen Europe’s copper and critical raw materials supply chain.
