Eldorado Gold announced on Sept. 8 that it had produced the first copper-gold concentrate at its Skouries project in northern Greece. This development brings the project one step closer to commercial production, which is expected in the fourth quarter of this year. 

First ore was fed to the crusher in July, with crushing, grinding, flotation, and tailings and concentrate thickening systems now functioning. 

Once in production, Skouries is expected to produce roughly 140,000 ounces of gold and 67 million pounds of copper annually over a 20-year mine life. 

According to Eldorado, the project’s ore stockpile contains more than 4.6 million tonnes of material above reserve grade. It is sufficient to support more than seven months of processing and concentrate production during the ramp-up. 

The project is still awaiting final energization by the Greek transmission authority. Eldorado had expected the grid connection by the end of August but now anticipates that it will be completed in September. Power generated on site is supporting commissioning activities and the initial ramp-up in the interim. 

"First concentrate at Skouries represents the culmination of years of development, construction and partnership and marks the beginning of a new chapter for our company,” George Burns, CEO of Eldorado, said in a news release. The company acquired the project in 2012 as part of the larger Kassandra complex, which includes legacy sites the company has been rehabilitating.   

“Together with McIlvenna Bay in Saskatchewan, Skouries is expected to transform Eldorado into a larger, more diversified precious metals and critical minerals producer with a stronger production base, meaningful copper and silver exposure and enhanced free cash flow generation,” added Burns.  

In early June, McIlvenna Bay produced its first copper concentrate. The milestone at the Skouries project comes after years of delays along a complicated path to production. 

Skouries was placed under care and maintenance in November 2017 because of continued holdups in securing permits from the Greek government. Its development also faced community opposition over potential environmental impacts. Certain construction and preservation activities resumed in late 2019 to protect existing plant assets, but a full restart remained on hold until Eldorado signed an amended investment agreement with the Hellenic Republic in February 2021, and the Greek Parliament ratified it the following month. Eldorado approved full restart of construction in December 2022, with full construction activities commencing in the second quarter of 2023. 

In addition to Skouries, Eldorado also owns the Lamaque Complex in Quebec, the Kışladağ and Efemçukuru mines in Turkey, and the Olympias mine in Greece. Its non-producing assets in Greece include the Perama Hill growth project and the Stratoni mine, which is on care and maintenance.