Commercial production at the Skouries mine is expected to begin in 2026, marking the start of a new phase of growth for Hellas Gold, with a focus now not only on gold but also on copper.
According to statements made by the Chairman of the Board of Directors of Hellenic Gold, Christos Balaskas, during a visit to the facilities, the first concentrate is expected in August, and by the end of the year the project will move into commercial production.
The company describes Skouries as a state-of-the-art mine by European standards. The total investment for this specific mine exceeds $2 billion, while for the Kassandra Mines project—which also includes Olympiada and the Stratoni port facilities— Eldorado Gold’s total investment through Hellas Gold exceeds $3 billion.
Eldorado’s Transformation
Mr. Balaskas placed particular emphasis on the group’s shift from a mid-sized gold company to a player with significantly increased exposure to copper, a metal considered critical for the green transition, electric mobility, power grids, and digital infrastructure.
This strategy also includes the recent acquisition of Foran Mining in Canada for approximately $2.8 billion, which strengthens Eldorado Gold’s portfolio of base metals.
Eldorado Gold’s global revenue in 2025 reached $1.819 billion, while Greece, which currently accounts for approximately 10% of the group’s revenue, is estimated to account for approximately 40% of reserves and a corresponding percentage of revenue once production at Skouries begins.
For Hellas Gold, the start of production at Skouries raises expectations for significant growth. From revenue of approximately 250 million euros in 2025 and a corresponding estimate for 2026, the company sees the potential for growth toward 400 million euros in 2027.
Production, Critical Raw Materials, and Economic Impact
The Skouries mine is a porphyry copper-gold deposit, utilizing a combination of open-pit and underground mining. Its initial mine life is estimated at approximately 20 years, with an average annual production of 140,000 ounces of gold and 67 million pounds of copper.
These quantities can meet, among other things, the needs of more than 420,000 electric vehicles or up to 116 million smartphones—a fact that highlights the project’s connection to modern industrial and technological supply chains. The broader significance of the sector is also reflected in the estimate that the value of northern Greece’s mineral wealth exceeds 72 billion euros.
Operations at the Kassandra Mines currently support 5,200 direct and indirect jobs, 3,200 of which are at the Skouries project during the current construction phase.
For the period 2024–2044, the annual contribution to GDP is estimated at 550 million euros, of which 300 million euros will go to the Municipality of Aristotelis, while annual tax revenues are estimated at 200 million euros and exports at 480 million euros. It is worth noting that these projections were made when the price of an ounce of gold was approximately one-third of its current price.
Social Responsibility and the Environment
Regarding the company’s social impact in the region, during the 2021–2025 period, total social investment amounted to approximately 11.2 million euros, with more than 1,330 actions and initiatives, while 79.2% of the related expenditures were directed to the Municipality of Aristotelis. Over the project’s lifetime, the CSR program amounts to $80 million.
On the environmental front, the company emphasizes the use of dewatered mine tailings, a choice that reduces the project’s environmental footprint compared to the initial design and is linked to a closed-loop water management and reuse system.
The Next Front in Thrace
Beyond Skouries, Eldorado Gold is moving forward with its plans for Thrace, spearheaded by the Perama project in Evros. This is a gold-bearing deposit for which an Environmental Impact Study has already been submitted, with the next critical step being the public consultation process.
The company appears ready to move forward immediately once the permitting process is complete, and, according to Mr. Balaska, it would like to receive approval as soon as possible. The planned investment is estimated to be close to half a billion dollars.
The Sapes project in Rodopi, which involves a gold and copper deposit, is at a different stage; however, it remains less advanced at this time.