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The Skouries project is a world-class asset located on the Halkidiki Peninsula in northern Greece. This high-grade copper-gold porphyry deposit will be mined using a combination of conventional open pit and underground mining techniques. Based on the 2021 Feasibility Study, the initial life of mine is 20 years and it is expected to produce on average 140,000 ounces of gold and 67 million pounds of copper per year. 

The project is fully funded at an estimated cost of $920 million. At the end of 2023, the overall project progress was 38% complete and 70% complete when including the first phase of construction. Detailed engineering was 60% complete and procurement was 82% complete. First production is expected in Q3 2025, with commercial production at the end of 2025.

Key Facts

Location Halkidiki Peninsula, Greece
Mine type Open pit and underground
Metals mined Gold, Copper
Expected mine life 20 years*
Deposit type Copper-gold porphyry
Ownership 100%
Resources & Reserves (September 2023) 

* Based on current proven and probable reserves.

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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 

 

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