Skouries, Eldorado Gold’s flagship copper-gold project in Halkidiki, is entering the final stretch before commercial production, with the company revising construction costs upwards and its 2026 production estimates downwards.
The project’s total capital cost is now estimated at about $1.425bn, as construction and commissioning work proved more demanding and time-consuming. Accelerated operating capital is also expected to reach $390m, while the company notes that additional spending of up to $30m may be required, depending on when commercial production begins.
The first copper-gold concentrate was produced on 8 September, while commercial production is expected towards the end of the fourth quarter of 2026. This year’s gold production guidance has been cut to 10,000-35,000 ounces, from 60,000-100,000 ounces previously, due to a slower ramp-up. The company notes, however, that the revision does not change its long-term expectations for the mine’s capacity.
Project work and Olympias
Connection to the permanent electricity grid has been completed at the site, while the processing plant is operating as production ramps up. Work is also continuing on the tailings management facilities, with the remaining four filter presses expected to be commissioned in November.
Significant work is also under way at Olympias, where processing capacity is being expanded to 650,000 tonnes a year. Nameplate capacity is expected to be reached in the first half of 2027, while the final circuit tie-ins are scheduled for the first quarter of the year. In the third quarter, Olympias produced 13,430 ounces of gold, with revenue rising to $96.7m from $65.8m.
Financial results
At group level, Eldorado Gold reported third-quarter revenue of $511.9m, net earnings of $118m ($127m adjusted) and adjusted EBITDA of $275.2m. Free cash flow was negative at $191.1m, reflecting investment in Skouries and McIlvenna Bay (positive at $98.3m excluding the two projects).
The company’s new chief executive, Christian Milau, acknowledged that the ramp-up at Skouries had taken longer and cost more than expected, setting completion of the work and a transition to stable operations as priorities to strengthen cash flow.