The upcoming year is poised to be a pivotal one for Canadian mining company Eldorado Gold and its Greek subsidiary, Hellas Gold. The company recently outlined a comprehensive plan to analysts, revealing that its Skouries mine in Halkidiki — Eldorado’s largest mining project — is on track for gradual operations throughout 2025.
Skouries, which combines both underground and surface mining, is located in an area rich with porphyry deposits containing significant amounts of gold (0.74 grams per ton) and copper. According to Eldorado Gold’s timeline, the mine is scheduled to begin pilot operations by the end of March 2025. Full commercial operations are expected to commence by the close of the third quarter.
In terms of production, the Skouries mine is projected to produce between 50,000 and 60,000 ounces of gold, alongside 15-20 million pounds (approximately 7,000-9,000 tons) of copper in the coming year. The concentrate produced will be exported for further enrichment, allowing for the extraction of pure gold and copper.
Construction at the Skouries site is already more than 85% complete. Once fully operational, the mine is expected to contribute significantly to Eldorado Gold’s financial performance, accounting for 50% of the company’s consolidated revenue.
The total investment in the Skouries project is estimated at €1 billion, with over €335 million spent in 2024 alone. The project’s financing includes a €680 million package, comprising loans from the National Bank and Piraeus Bank (€480 million) and funding from the EU’s Recovery Fund (€200 million). Additionally, the European Bank for Reconstruction and Development has contributed €55 million through equity financing.
The Skouries mine’s reserves are expected to support operations for at least 20 years, and part of the investment will go towards building a metallurgy unit to ensure the final production of gold. In light of this, the Greek Ministry of Environment and Energy has formed a metallurgy committee to review the company’s forthcoming study on the project.
Related Topics:
- Caution Urged for Gold Investors Amid High Macro Fund Positioning
- UBS Analysts Remain Bullish on Gold, Forecast Prices to Reach $3,000 by 2025
- Silver Prices Hold Steady Amid Market Fluctuations
