In an extensive article headlined “Greece mines critical raw materials”, the business newspaper Handelsblatt looks at efforts to tap the country’s mineral wealth. One example is Eldorado Gold’s investment at Skouries in Halkidiki, which, it notes, “aims to begin commercial production in the fourth quarter of this year. With gold and copper mining beginning in Macedonia, Greece is emerging as one of Europe’s largest gold producers—after Bulgaria, Finland and Sweden.”
The Düsseldorf-based newspaper notes that “even in ancient times, the Greeks knew what treasure lay hidden in the dense forests of the Halkidiki peninsula. The rise of the Kingdom of Macedonia to become a dominant power in Greece, as well as the campaigns of Alexander the Great, would have been unthinkable without the gold mined there. Today, Greece is aiming to mine 4.4 tonnes of gold a year.”
On the political background to the Skouries investment, Handelsblatt notes that “in 2015, the left-wing government of Alexis Tsipras revoked important permits for the company. The project only began moving forward again after the Conservatives’ election victory in 2019. Critics warn that it poses environmental risks. At the same time, however, the mine’s economic importance has increased its acceptance among some sections of the population.”
Reducing dependence on China?
Alongside gold, the article also focuses on gallium, one of the critical raw materials for which international demand is rising. “The business group Metlen Energy & Metals says it wants eventually to meet the European Union’s current needs for the metal, which has many applications in modern technology,” the article says.
“The country is tapping its mineral wealth in pursuit of a strategic EU goal: reducing dependence on China and other ‘third countries’ for critical raw materials, at a time when exports of raw materials are increasingly being used as an instrument of power.”
Elsewhere in the report, the writer explains that “China dominates global production of refined gallium and has already imposed sanctions as a geopolitical tool. Metlen wants to mine 50 tonnes of gallium a year. According to the company, this amount could meet the EU’s total current needs. Production will begin gradually, commercial production is expected in 2027, and full capacity is expected to be reached in 2028. The European Investment Bank has already committed €90 million in financing.”
Source: Deutsche Welle