Eldorado Gold increases Skouries mine investment to $ 1.42 billion
Canadian mining company Eldorado Gold has increased its total capital investment in the Skouries copper-gold mine in Halkidiki, northern Greece, to $ 1.42 billion, reinforcing the scale of one of the country's major foreign industrial investments. Commercial production is now expected towards the end of the fourth quarter of 2026.
Eldorado Gold Corporation is a Canadian-based international gold and base metals producer. The company operates mining assets and development projects in Canada, Greece and Turkey. In Greece, its activities are conducted through its subsidiary Hellas Gold, which manages the Kassandra Mines complex in Halkidiki, including the Skouries and Olympias mining operations.
Skouries is a major copper-gold deposit developed through a combination of open-pit and underground mining. According to the company's project estimates, the mine has an initial operating life of approximately 20 years and is expected to produce an average of 140,000 ounces of gold and 67 million pounds of copper annually.
The project achieved its first copper-gold concentrate production on 8 September 2026. Once fully operational, it is expected to become an important contributor to Eldorado Gold's production capacity.
The wider Kassandra Mines investment represents a significant commitment to the Greek economy. The company expects the wider project to create jobs, support local businesses, increase exports, generate tax revenue and contribute to local communities.
The development has implications beyond the mining sector. Copper is a strategic raw material for Europe's industrial and energy transition, with applications in electricity networks, renewable energy infrastructure, electric vehicles and other technologies.
As the European Union seeks to strengthen its domestic supply of critical raw materials and reduce reliance on external suppliers, mining projects such as Skouries can contribute to the development of European industrial supply chains.
Source:
Eldorado Gold raises its investment in Skouries mine 30 October 2026
Comments