Eldorado Gold investment in Halkidiki boosts EU gold production

The commencement of Eldorado Gold’s Skouries project in Halkidiki, Greece, positions the country as a major player in the European gold market. The project, which represents the largest foreign industrial investment in Greece's post-dictatorship history, was recently inaugurated by Prime Minister Kyriakos Mitsotakis.

Annual gold production from the Skouries mine is estimated to reach 4.4 tonnes, accounting for approximately 12.5% of the European Union’s total annual production of 35 tonnes. With gold prices reaching historic highs, the total value of exports from the site over a 25-year period is estimated at €17.5 billion, assuming a gold price of $3,000 per ounce.

In addition to gold, the site produces approximately 30,000 tonnes of copper annually, representing 4% of EU production. Copper is identified as a critical metal for the energy transition, with demand from the energy sector expected to rise from 25% today to 60% by 2040. The mine holds estimated reserves of 3.6 million ounces of gold and 741,000 tonnes of copper.