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Skouries is a high-grade gold-copper porphyry deposit located in the Halkidiki Peninsula in northern Greece.

It will operate as an open pit and underground mine for about nine years, followed by approximately 15 years of underground mining.

Key Facts

Location Halkidiki Peninsula, Greece
Mine type Open pit and underground
Metals mined Gold, Copper
Employees/contractors ~30
Expected mine life 23 years*
Deposit type Gold-copper porphyry
Ownership 95%
Resources & Reserves

* Based on current proven and probable reserves.

2019 Outlook

Eldorado announced its intention to begin moving its Skouries project into care and maintenance on 9 November, 2017 as a result of ongoing permitting delays. As of December 31, 2108, the project is on care and maintenance.
Ongoing care and maintenance costs are estimated to be $5-10 million for 2019, including $2-4 million of direct site costs and its portion of country overhead costs.

An updated technical report filed March 29, 2018, the results of which are highlighted in the Technical Studies Press Release of March 21, 2018 outlines an after tax IRR of 21.2% and an NPV (5%) of $925 million, using the Company’s assumed long term metal prices of $1,300 per ounce of gold and $2.75 per pound of copper.
The updated design reflects some of the best available control technology, a dramatically reduced environmental footprint and utilizes filtered dry stack tailings.

Virtual Tour

Indicative Operating Data

Life of Mine (23 years)*
Tonnes milled 156.7 Mt
Average annual gold production 140,000 oz
Average annual copper production 66.9 Mlbs
Average total cash cost $(70)/oz
Average AISC $215/oz
Gold recovery 82.5%
Copper recovery 88.2%
Au grade 0.74 g/t Au
Cu grade 0.49% Cu
Total development capex (US $) $689.2 M
Total sustaining capex (US $) $758.0 M
Gold price $1,300/oz
Copper price assumption used in financial analysis $2.75
NPV-5% (after tax) $925 M
IRR (after tax) 21.2%
Payback period 3.4 years

*Data based on Skouries Updated Technical Report filed March 29, 2018

For more information, please see our Skouries presentation.

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 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.


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