Olympias is a pre-existing gold-silver-lead-zinc mine located in the Halkidiki Peninsula in northern Greece.
It has very high gold-grades and an orebody that will allow for mining rates up to 1 million tonnes per annum. Olympias is being re-developed in three phases.
||Halkidiki Peninsula, Greece
||Gold, Silver, Lead, Zinc
|Expected mine life
| Deposit type
||Polymetallic carbonate replacement
|Resources & Reserves
* Based on current proven and probable reserves.
Olympias Phase II continues as per schedule, with commissioning of the process plant expected in the first quarter 2017. Total capital spending for 2017 of $85.0 million includes completion of the Phase II plant, general sustaining capital expenditures, and capital associated with advancement to Phase III including the continued construction of the Kokkinolakas tailings facility along with underground development and water management.
Eldorado is developing Olympias in three phases. Production from Phase 2 is targeted in Q1 2017.
Phase 1 (2013-2016)
Phase I is an environmental clean-up of previously mined tailings and includes the refurbishment of the processing plant and underground mine. Tailings retreatment commenced in 2012, produced approximately 20,000 ounces of gold per year, and is now complete. Environmental reclamation of the Olympias tailings management facility is ongoing. 5.8km of underground has been refurbished to date plus 8km of new development.
Phase 2 (2017-2022)
Phase II involves processing ore from the underground through the refurbished mill using a flotation process to produce three concentrates: lead-silver, zinc, and gold bearing pyrite-arsenopyrite. Phase 2 production is estimated to be approximately 72,000 ounces of gold per year plus approximately 55,000 ounces of gold equivalent. Capital costs associated with the final stages of Phase 2 construction are budgeted at $101 million.
Phase 3 (~2022-2025)
Phase III involves a production ramp-up to an estimated 170,000 ounces of gold per year plus approximately 130,000 ounces of gold equivalent. Designs are currently under development with engineering ongoing for a new mill site in the adjacent Stratoni Valley.
Please see our presentation Olympias Project for more information.