Μake us preferred on Google The Skouries copper and gold mine in northeastern Halkidiki has officially entered its production phase, marking the completion of one of Greece’s largest industrial investments after years of construction, regulatory disputes, legal battles and fierce opposition from parts of the local community.
Prime Minister Kyriakos Mitsotakis attended the inauguration alongside representatives of the government, local authorities, Eldorado Gold, its Greek subsidiary Hellas Gold, banks, business and academic institutions and the media.
Prime Minister Kyriakos Mitsotakis.
More than two billion US dollars have been invested in Skouries, according to the company. The mine is expected to produce an average of 140,000 ounces of gold and 67 million pounds of copper annually over an initially estimated 20-year operating life. Eldorado produced its first copper-gold concentrate at the site on Sept. 8, with commercial production expected in the fourth quarter of 2026.
Mitsotakis described the project as potentially the largest foreign productive investment made in Greece in recent decades, stressing the strategic importance of copper as Europe seeks to secure supplies of critical raw materials. He also highlighted additional environmental requirements incorporated into the revised investment plan.
Eldorado Gold President and CEO Christian Milau described the start of production as a major milestone for the company, pointing to the mine’s expected output of copper and gold. He also linked Skouries to the wider European effort to secure supplies of critical minerals.
George Burns, who led Eldorado during much of the project’s development, said the first concentrate marked the culmination of years of construction and permitting work. He described Skouries as a major copper-gold project and pointed to the use of filtered tailings and progressive rehabilitation at the site.
Hellas Gold President Christos Balaskas said the transition to production represented the completion of years of work, highlighting employment, Greek suppliers, public revenues and investment in the surrounding community.
An aerial view of the Skouries mine complex in northern Greece, which is expected to produce an average of 140,000 ounces of gold and 67 million pounds of copper annually. ANA-MPA/Hellas Gold/Ektoras Nikolakis
At full production, the company estimates the project will support about 3,000 direct and indirect jobs. It also projects 6.7 billion euros in purchases from Greek suppliers, 17.5 billion euros in exports and about 1.8 billion euros in public revenues over the operating period.
The project has, however, had a deeply contentious history. Opposition to the Kassandra Mines has lasted roughly 15 years and involved sections of the local community, environmental activists and political parties.
Fast forward to 2022 and Eldorado announced a 680-million-euro financing package and final investment decision for Skouries, effectively restarting the development.
Recent progress has been rapid. Back in July construction had reached 97%, with the primary crusher processing its first ore as the project moved toward commissioning. The mine was subsequently connected to Greece’s electricity transmission grid ahead of commercial production.
Previous high-pitched opposition
The opposition to Skouries dates back well before a SYRIZA-ANEL coalition government was in power between 2015 to 2019, and involved a portion of local residents, environmental groups from throughout the country and even far-left anti-capitalist activists, which challenged the project over its environmental impact and the mining and processing methods proposed.
Leftist SYRIZA party itself had strongly opposed the investment while in the opposition, with party figures publicly calling for Hellas Gold’s departure.
After SYRIZA and its leader, Alexis Tsipras, came to power in 2015, the dispute moved increasingly into the regulatory and legal “battlefield”. The then government questioned permits and technical studies for the project, while work at Skouries was ordered suspended in August 2015 following the environment ministry’s revocation of approvals. The Council of State (CoS) subsequently annulled that decision.
The conflict continued over outstanding licenses and the proposed metallurgical process. In 2017, then Environment and Energy Minister Giorgos Stathakis sought arbitration with Hellas Gold to resolve the dispute, while permits for Skouries remained pending. Eldorado repeatedly complained about delays, eventually announcing in September 2017 that it would suspend its Greek operations after what it described as months of unsuccessful negotiations with the government.
The confrontation continued into 2018, with Eldorado again considering legal action over outstanding permits. The company pointed to an April 2018 arbitration ruling that found it had not breached its transfer contract with the Greek state. Later that year, it sought 750 million euros in damages from the Greek state, citing licensing delays and associated costs and lost profits.
The dispute extended into 2019, when further Council of State rulings favored Hellas Gold. Following the change of government in July 2019 with the landslide victory of center-right and business-friendly New Democracy (ND) party and its leader, Kyriakos Mitsotakis, the new administration moved toward issuing the outstanding permits and restarting the investment.
H.T.
