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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. entered into a €680 million project financing facility for the development of the Skouries Project. It also announced that its Board of Directors 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. On April 5th, 2023, Eldorado announced that all necessary precedent conditions were satisfied and it closed on the previously announced 680-million project financing facility for the development of the Skouries Project.

On June 14th 2023, Eldorado announced it closed on its C$81.5 million Strategic Investment by the European Bank for Reconstruction and Development (EBRD). The proceeds will be invested in the Skouries Project, and will be credited against the Company’s 20% equity funding commitment per the terms of the project financing facility.

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.

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 (September 2022) 

* Based on current proven and probable reserves.

Skouries Update Video - December 2022

Virtual Tour

Social Benefits & Best-in-Class Sustainable Technologies

Indicative Operating Data - Based on Skouries Technical Report

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) $(365)/oz
Average AISC (LOM) $(6)/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 Technical Report (NI 43-101) published January, 2022 


    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 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.


    2023June 2023: C$81.5 Million Strategic Investment by EBRD
    2023April 2023: €680 Million Project Financing Facility and Initial Drawdown Executed, Re-starting Full Construction
    2023April 2023: Modified EIA Received for Kassandra Mines Complex
    2022  December 2022: €680 Million Project Financing and Board Approval for the Skouries Project. 
    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 suspended between Jan-May as a result of delayed permits and licences. Development recommenced in June post receipt of 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
    1997 Ownership transferred to TVX