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The Skouries project, part of the Kassandra Mines Complex, is located within the Halkidiki Peninsula of Northern Greece.

It is a gold-copper porphyry deposit to be mined using a combination of conventional open pit and underground mining techniques. The total life of mine is approximately 20 years.

Key Facts

Location	Halkidiki Peninsula, Greece
Mine type	Open pit and underground
Metals mined	Gold, Copper
Expected mine life	20 years*
Deposit type	Gold-copper porphyry
Ownership	100%
Resources & Reserves

* Based on current proven and probable reserves.

2022 Outlook

The Skouries asset was acquired through the acquisition of European Goldfields in 2012 when the project was in feasibility stage and construction commenced in 2013. Construction was halted, and the project was placed on care and maintenance in November 2017 while the updated Investment Agreement with the Greek government was being negotiated. An Amended Investment Agreement was signed on February 5, 2021. In December 2021, Eldorado published the results of the Skouries Feasibility Study. Total growth capital at Skouries is expected to be $60 to $80 million in 2022.

Skouries Project Progress Video - September 2022

Virtual Tour

Indicative Operating Data - Based on Feasibility Study Highlights

Life of Mine (20 years)*
Total Mineralized Material Mined	147 Mt
Average annual gold production	140,000 oz
Average annual copper production	67 Mlbs
Average cash operating costs (LOM)	$(368)/oz
Average AISC (LOM)	$(17)/oz sold
Gold recovery	83%
Copper recovery	90%
Au grade	0.77 g/t Au
Cu grade	0.50% Cu
Initial Capital Costs (US $) - Initial Phase 1 Capex	$845 M
Total sustaining capex (US $)	$850 M
Gold price	$1,500/oz
Copper price assumption used in financial analysis	$3.85/lb
(US $)	$1.3 B
IRR (after tax)	19%
Payback period	< 4 years

*Data based on Skouries Feasibility Study Highlights published December, 2021

For more information, please see our Skouries presentation.

Environmental and Social Impact Assessment (ESIA)

Download the non-technical summary (NTS) - PDF
Download the complete assessment file - ZIP folder
Download the ESIA appendices - ZIP folder
Download the ESMS framework - PDF
Download the Stakeholder Engagement Plan - PDF
Download the E&S Management Plans - ZIP folder
Download the Environmental & Social Action Plan - PDF

Regulatory Environmental Impact Assessment (EIA)

Download the non-technical summary (NTS) - PDF
Download the complete assessment file - PDF
Download the EIA appendices - ZIP folder
Download the EIA maps / drawings - ZIP folder

Geology and Mineralization

The Skouries porphyry gold-copper deposit is centred on a small (less than 400m in diameter), pencil-porphyry stock that intruded schist and gneiss of the Paleozoic Vertiskos Formation of the Serbo-Macedonian Massif, NE Greece. Mineralization extends for more than 920m depth from surface. The porphyry is characterized by at least four intrusive phases that are of probable monzonite to syenite composition,but contain an intense potassic alteration and related stockwork veining that overprints the original protolith. Potassic alteration and copper mineralization also extend into the country rock; approximately two thirds of the measured and indicated tonnes and 40% of the contained metal are hosted outside the porphyry. The potassic alteration is syn- to late-magmatic in timing, and is characterized by K-feldspar overgrowths on plagioclase, secondary biotite replacement of igneous hornblende and biotite, and a fine-grained groundmass of K-feldspar-quartz with disseminated magnetite. Four main stages of veining are recognised: 1) an early stage of intense quartz-magnetite stockwork; 2) quartz-magnetite veinlets with chalcopyrite ± bornite; 3) quartz-biotite-chalcopyrite ± bornite-apatite-magnetite veinlets; and 4) a localized, late stage set of pyrite ± chalcopyrite-calcite-quartz veins. The host porphyry and potassic alteration at Skouries were coeval and formed during the Early Miocene.

Exploration

Exploration at Skouries is focused on identifying and testing porphyry targets within the project area, including the Tsikara and Fisoka prospects. Ongoing targeting activities include geological mapping, systematic soil sampling and geophysical surveying.

History

2021	December 2021: Skouries Project Feasibility Study Results published
2021	April 2021: Receipt of modified dry stack tailings permit
2021	February 2021: Amended Investment Agreement Signed with the Greek Government
2018	December 2018, Skouries was moved into care and maintenance.
2018	March 2018 Updated Technical Report for the Skouries project published
2017	Skouries began ramp down into care and maintenance in November due to ongoing permit delays.
2016	Development was suspended between Jan-May as a result of delayed permits and licences. Development recommenced in Jun post receipt of the updated Technical Study
2013	Construction of the Skouries Mine commenced
2012	Eldorado acquired Skouries via the acquisition of European Goldfields
2011	EIA received for the Kassandra Mines (includes Olympias, Skouries and Stratoni)
2006	Feasibility study prepared by European Goldfields
2004	European Goldfields acquired Skouries
1996-7	Ownership transferred to TVX

Resources

Report

Skouries Technical Report (NI 43-101) - January 2022 11.61 MB

Skouries Technical Report - March 2018 14.54 MB

Skouries Technical Report – July 2011 2.39 MB