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Olympias is a gold-silver-lead-zinc mine located in the Halkidiki Peninsula in northern Greece.

Key Facts

Location Halkidiki Peninsula, Greece
Mine type Underground
Metals mined Gold, Silver, Lead, Zinc
Expected mine life 19 years*
Deposit type Polymetallic carbonate replacement
Ownership 100%
Resources & Reserves

* Based on current proven and probable reserves.

2022 Outlook

Olympias is expected to mine over 475,000 tonnes of ore at an average grade of 7.4 grams per tonne of gold, 119 grams per tonne of silver, 4% lead and 4% zinc. Forecast 2022 ore processed includes processing of old Olympias tailings which will be processed at the Stratoni plant. Payable production is expected to be 65,000 to 75,000 ounces of gold, 1.4 million to 1.5 million ounces of silver, 12,000 to 15,000 tonnes of lead metal and 12,000 to 15,000 tonnes of zinc metal. Cash operating costs per ounce in 2022 are expected to be lower year-over-year due to higher base metal by-product credits. Transformation efforts during the past year are improving production rates and efficiency improvements are beginning to drive a moderating cash operating cost profile.

Forecast 2022 sustaining capital expenditures of $34 to $39 million include underground mine development and improvement projects, diamond drilling, mobile equipment rebuilds, and the second phase of the Kokkinolakas tailings management facility construction. This includes underground exploration drilling testing three step-out targets adjacent to existing mine development.

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Operating Data

2022E  2021A 2020A
Gold produced (oz) (1) 65,000-75,000  55,63958,423
Gold Sold (oz) 52,294
Ore mined/processed (t) 475,000  405,793
Gold grade (g/t) 7.4  7.33
Silver produced (oz)(1) 1.4 M - 1.5 M  941,398971,227
Lead produced (t)(1) 12,000-15,000  9,186
Zinc produced (t)(1) 12,000-15,000  11,034
Cash operating costs ($/oz sold) 650-700  930
All-in Sustaining costs ($/oz sold) 1,715
Sustaining capex ($M) 34.0-39.0  29.1 20.2

(1)Payable metal produced.

Geology and Mineralization

Olympias is a gold-rich polymetallic carbonate replacement deposit hosted in an interlayered sequence of feldspar-biotite gneiss and marble within the Paleozoic Kerdylia Formation of the Serbo-Macedonian Massif, NE Greece. It contains multiple lenses which together extend in a NNE direction for over 1.5 km, plunge 30 to 35° SW, and have an average thickness of 12 m. Two main end-member ore types are recognised; a base metal-rich ore type and a high arsenic-silica, high gold ore type. The latter typically occurs in the core of the ore lenses and is dominated by grey arsenian pyrite and arsenopyrite and subordinate galena and sphalerite with quartz-rich gangue. Gold grades are typically >10 to 30 g/t. The base metal-rich ore is characterized by variable pyrite, galena and sphalerite with lesser arsenian pyrite and arsenopyrite, and calcite-rich gangue. Gold grades are commonly in the range of 2 to 10 g/t. Both ore types locally contain spectacular bladed to dendritic arsenian pyrite and arsenopyrite with massive base metal sulphides. The Olympias deposit likely formed during the Late Oligocene to Early Miocene coincident with magmatism in the region.


Little systematic exploration has been conducted at Olympias outside of the confines of the known ore body, and consequently nearby areas have outstanding exploration potential. The deposit is open downplunge, and numerous brownfields targets exist that have had little or no drill testing. Ongoing rehabilitation of existing workings and underground development into new areas will provide access to test these exploration targets.


2017 Installation Permit for the paste plant, Technical Study for the Old Olympias Mine Closure, and Mine Operating Permit received in September. Phase II commercial production achieved at the end of December.
2016 Installation permit to begin Phase II granted in March
2013 7% increase in Olympias gold resources year on year from 4.3 Moz to 4.6 Moz
2012 Eldorado acquires Olympias via the acquisition of European Goldfields; Tailings retreatment commenced
2011 EIA received for the Kassandra Mines (includes Olympias, Skouries and Stratoni)
2004 Hellas Gold, a subsidiary of European Goldfields, acquired Olympias from the Greek state
1999 Feasibility study completed by TVX
1995 Ownership transferred to TVX Gold Incorporated from Greek state