Located on the Halkidiki Peninsula in northern Greece, the Skouries project is a world-class asset. Combining conventional open pit and underground mining techniques, the high-grade gold-copper porphyry deposit will be mined over approximately 20 years. Once constructed, it is expected to produce an average of 140,000 ounces of gold and 67 million pounds of copper per year. Copper is a critical raw material needed for the energy transition, enabling electrification and technologies needed to decarbonize the economy.
The Skouries project will deliver additional benefits beyond just the products it produces. It will also create significant positive economic and social value at local and national levels. Our subsidiary, Hellas Gold, is prioritizing local hiring and procurement, operational excellence, and sound environmental practices through this project. The overall Kassandra Mines Complex, which includes the Skouries Project, the Olympias Mine, the Stratoni Port Facility and the Kokkinolakkas Tailings Management Facility, represents one of the largest foreign direct investments in Greece at over US$3 billion.
We are committed to promoting local hiring and procurement, with a training program focusing on operational excellence, health and safety, and sound environmental practices. The Kassandra Mines will create around 5,000 direct and indirect jobs, of which approximately 1,400 positions will be required at Skouries throughout the life of mine. Approximately 800 construction jobs will be required at the Skouries project during the construction period.
Through royalties, taxes and social contributions, the Kassandra Mines Complex will create over $2 billion in revenue for the Greek state. Furthermore, US$80 million has been committed to social responsibility programs, including infrastructure projects in local communities. We are proud to be contributing to Greece’s economic growth and leaving a positive legacy long after the project’s completion.
The Skouries project is transformational for Eldorado Gold’s production profile and is set to generate significant revenue for the country, create thousands of jobs and investment in local communities. The future is bright, and Skouries is a key driver for our growth story.