An investment exceeding 3 billion dollars by Canada’s Eldorado Gold, parent of Hellas Gold, at the Kassandra Mines in northern Greece is positioning the country prominently on Europe’s critical raw materials map.
The investment includes the operating Olympias mine, which produces gold, silver, lead and zinc, the Skouries copper-gold project, which is nearing completion, and the port facilities at Stratoni.
With commercial production of copper-gold concentrate expected to begin in the final quarter of 2026, the Skouries mine is set to establish Greece as a reliable producer of critical metals while strengthening the country’s role in European value chains.
Copper is among the most sought-after critical minerals, with applications spanning energy, technology and defence industries.
Eldorado Gold said earlier this year that commercial terms for concentrate sales had already been discussed ahead of production start-up, with forthcoming agreements expected to cover about 80% of copper concentrate output for a period of two to three years.
Total investment in the Skouries project exceeds 2 billion dollars , of which approximately 1.3 billion has been deployed in the current phase. Construction is 94% complete. Proven reserves stand at 740,000 tonnes of copper and 3.6 million ounces of gold, while average annual production over the mine’s 20-year life is projected at 140,000 ounces of gold and 67 million pounds of copper.
The project currently employs around 3,200 workers during the construction phase, including contractors.
According to company data, the Canadian miner’s investment is expected to generate significant economic and strategic benefits for Greece.
The Kassandra Mines project supports around 5,200 direct and indirect jobs. State revenues generated to date are estimated at 500 million euros and are projected to reach 2.9 billion euros over the life of the project. Mining royalties paid to the Greek state are expected to total 55.3 million euros, while royalties allocated to the Municipality of Aristotle are estimated at 22 million euros.
Procurement spending has reached 2.3 billion euros so far and is expected to rise to 6.7 billion euros over the project’s lifetime, providing a substantial boost to domestic suppliers. Exports have totalled 1.8 billion dollars to date and are projected to reach 20.4 billion dollars over the life of the mine.
The company’s social investment programme has delivered projects worth 36.4 million euros so far and is expected to reach approximately 80 million dollars over the project’s lifespan.
According to an economic impact study by the Foundation for Economic and Industrial Research (IOBE) covering the period 2024-2044, the investment is expected to contribute 550 million euros annually to Greece’s gross domestic product, 300 million euros annually to the Municipality of Aristotle, generate around 200 million euros per year in tax revenues and add roughly 480 million euros annually to exports, equivalent to about 1% of the country’s total exports.
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