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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 
    2021April 2021: Receipt of modified dry stack tailings permit
    2021February 2021: Amended Investment Agreement Signed with the Greek Government
    2018December 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

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