The Skouries project is a world-class asset located on
the Halkidiki Peninsula in northern Greece. This high-grade gold-copper porphyry deposit will be
mined using a combination of conventional open pit and underground mining techniques. The total
life of the mine is approximately 20 years, and once constructed, it is expected to produce an
average of 140,000 ounces of gold and 67 million pounds of copper per year.
On
December 15th 2022, Eldorado announced that Hellas Gold S.A. has entered into a €680
million project financing facility for the development of the Skouries Project. It also announced
that its Board of Directors has approved, conditional upon the initial drawdown of the Term
Facility, the investment decision and full re-start of construction. You can read the news
release here.
The Skouries project, as part of the
overall Kassandra Mines Complex, will create significant positive economic and social value at
local and national levels. At over US$3 billion, the full development of the
Kassandra Mines, which includes Skouries, the
Olympias
Mine, the Stratoni Port Facility and the Kokkinolakkas Tailings Management Facility,
represents one of the largest foreign direct investments in the country and will enable Greece to
become one of the leading gold-producing nations in Europe.