Construction of Eldorado Gold’s Skouries copper-gold project in Halkidiki, northern Greece, has reached 97% completion, marking a major step toward the transition from construction to operations. The company said the primary crusher successfully processed its first ore in July using temporary power, paving the way for commissioning of the plant’s grinding circuit.
First copper-gold concentrate production is expected in the third quarter of 2026, with commercial production scheduled for the fourth quarter. For 2026, Eldorado Gold forecasts gold production of between 60,000 and 100,000 ounces and copper production of 20 million to 40 million pounds.
Capital spending at Skouries is estimated at approximately $1.315 billion through the start of commercial production, while accelerated operating capital is expected to reach about $260 million. The final project capital cost will depend partly on the completion of outstanding work and the timing of commercial production.
The project continues to be financed through operating cash flow, available funds and debt financing. Eldorado Gold has fully drawn its long-term credit facility totaling €740.4 million ($843.6 million).
Project capital expenditures reached $154.6 million in the second quarter of 2026 and $290.2 million in the first half of the year. Accelerated operating capital totaled $59.6 million in the quarter and $108.2 million for the six-month period ended June 30. By the end of June, cumulative Phase 2 project capital stood at $1.27 billion, while accelerated operating capital totaled $201.3 million.
At the site, the storage dome, feeders and related hopper works have been completed. Two of three tailings thickeners are in the final commissioning stages, while construction of the third is under way and is not required for initial operations.
The open-pit mine added 1.28 million tonnes of ore to stockpiles during the quarter, bringing inventories to around 3.6 million tonnes. Underground development also reached a record 900 metres in May.
As Skouries moves into operations, Louw Smith will leave Eldorado Gold on September 30. Operational responsibility in Greece will transfer to Niklas Frank, while Christos Balaskas will become Vice President & Country Manager, Greece.
Eldorado Gold reported second-quarter revenue of $487.5 million and net income attributable to shareholders of $172.8 million.
