The first production of copper-gold concentrate from the Skouries project in Halkidiki is expected towards the end of the first quarter of 2026, and commercial production in mid-2026, as announced by Eldorado Gold, the parent company of Hellas Gold.
“Greece remains key to Eldorado’s strategy, with three projects – Skouries, the Olympias upgrade and the Perama Project – progressing as planned, preparing the company for significant production growth, improved profit margins and enhanced cash flows,” according to the announcement.
At the Skouries project, overall progress has reached 90%, at Olympias the expansion of the mill to 650,000 tons per year (from 500,000) is expected to be completed this year, while at Perama, the Environmental Impact Study has been submitted and dialogue with local communities is underway.
“Skouries is a project of strategic importance for Eldorado”
George Burns, CEO of Eldorado, stated: “Skouries is a project of strategic importance for Eldorado, a project that is expected to generate significant gold and copper production and strong cash flows for decades, while providing lasting economic benefits to Greece. With the mechanical work on the mill and crusher circuits complete, the underground and surface development progressing ahead of schedule, and the tailings dehumidification plant nearing completion, the team is working to maintain momentum and safely deliver first condensate production towards the end of Q1 2026.
Beyond Skouries, we are equally excited about the progress at Olympias, where the mill expansion to 650,000 tonnes per annum from 500,000 tonnes per annum is progressing towards completion later this year. This is expected to unlock significant value through higher production, while improved concentrate sales terms will enhance cash flow. In addition, 2026 is shaping up to be an exciting year for the Olympias geological exploration team, with multiple high-value points identified close to our existing operations.
At Perama, the ongoing consultation with local communities marks a significant step towards the development of this high-content, low-cost project. Together, these projects, as well as the promising geological exploration, highlight the transformative impact of Greece on Eldorado’s future, supporting the conditions for sustainable growth and enhanced shareholder value. Our focus remains on the operation of Skouries and the implementation of a controlled and safe ramp-up of our production, while maintaining momentum across our portfolio in Greece.”
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