Header Image

Header Image

Olympias is an 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.

Key Facts

Location Halkidiki Peninsula, Greece
Mine type Underground
Metals mined Gold, Silver, Lead, Zinc
Employees/contractors ~750
Expected mine life 22 years*
Deposit type Polymetallic carbonate replacement
Ownership 100%
Resources & Reserves

* Based on current proven and probable reserves.

2020 Outlook

For 2020, the Company is forecasting production of 50,000-60,000 ounces of gold, 950,000-1,000,000 ounces of silver, 9,500-10,000 tonnes of lead metal and 12,000-12,500 tonnes of zinc metal. Olympias is expected to mine 415,000 tonnes of ore at an average grade of 7.4 grams per tonne of gold, 104 grams per tonne of silver, 3% lead and 4% zinc. Cash operating costs, net of by-products, are expected to be $800-900 per ounce of gold sold.

Sustaining capital expenditures are expected to be $30-35 million on underground development, an infill diamond drill program, mobile machinery and equipment rebuilds. In addition, 8,000 metres of drilling are planned to test new exploration targets in the mine area.

Growth capital is expected to be $10-15 million for 2020, including underground maintenance facilities, underground development relating to supporting increased mine production, and work on an expanded substation.

Virtual Tour

Operating Data

2020E 2019A 2018A
Gold produced (oz) (1,2) 50,000-60,000 37,41046,750
Gold Sold (oz) - 43,668 35,030
Ore mined/processed (t) 415,000 317,577 322,659
Gold grade (g/t) 7.4 6.97 7.75
Silver produced (oz)(2) 950,000-1,000,000 621,864 563,267
Lead produced (t)(2) 9,500-10,000 6,084 5,545
Zinc produced (t)(2) 12,000-12,500 7,784 7,810
Cash operating costs ($/oz sold) 800-900 1,286 764
All-in Sustaining costs ($/oz sold) - 1,837 1,297
Sustaining capex ($M) 30-35 20.1 12.2

(1)Includes pre-commercial production in Q1 2018 and payable ounces in lead/silver concentrate.
(2)Payable metal produced.

Development Approach

Eldorado is developing Olympias in three phases.

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. Commercial production from Phase 2 was achieved on 31 December, 2017. 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. The Company constructed a new paste backfill plant (part of the original Phase II scope) and installed an additional tailings filter. The filter and the paste plant were completed in 2018.

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. 


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