Canadian miner Eldorado Gold has announced that its flagship Skouries copper-gold project in northern Greece is now 70% complete, with first production anticipated in early 2026 and commercial operations slated for mid-year. The project, part of the Kassandra Mines Complex, boasts proven and probable reserves of 3.7 million ounces of gold and 1.7 billion pounds of copper, with a projected 20-year mine life.
Skouries is expected to deliver around 140,000 ounces of gold and 67 million pounds of copper annually. Once operational, it will significantly alter Eldorado’s production profile by adding copper revenues and reducing cash costs.
Construction at the site had previously been suspended between 2017 and 2021 due to permitting delays and local resistance. A revised agreement with the Greek government in 2021 allowed Eldorado to resume development in late 2022.
“We continued to make steady progress, supported by a skilled team on site performing at or slightly above our productivity assumptions,” said CEO George Burns. “We are focused on delivering first production of copper-gold concentrate in Q1 2026.”
Eldorado raised the project’s capital cost to $1.06 billion earlier this year—$143 million higher than previously forecast—citing a tight labour market in Greece and the need for quicker procurement of large-scale mining equipment. An additional $154 million in operational capital will be needed before commercial output begins.
In Q2 2025 alone, the company invested $117 million in construction and $27.1 million in operational activities. Cumulative capital spending had reached $705.7 million by the end of June, with another $400–450 million expected for project capital and $80–100 million for pre-production operations through 2025.
The mine will use a hybrid of open-pit and underground mining methods, and Eldorado sees the project as a “key inflection point” in its long-term strategy.
