Eldorado Gold

The Skouries mining project in Halkidiki, northern Greece, alongside the Olympiada and Mavres Petres mines and other facilities belonging to Kassandra Mines, constitutes a pillar of strong growth for Eldorado Gold, according to the management of the Canadian group.

Eldorado Gold's assets in Greece are key to its strategic development plans, the CEO of the Canadian company, George Burns, said on Monday, underlining that the copper deposits at Skouries are so significant that the company will become one of the largest copper producers in the European Union.

Canadian miner Eldorado Gold announced the restart of operations for the development its long-delayed Skouries gold-copper project in northern Greece, after it secured 680 million euros last April to fund the project.

The aim is to begin commercial production by the end of 2025, early 2026.

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Hellas Gold recorded its best quarterly production in a year-and-a-half at Halkidiki in central Macedonia in the January-March 2020 period, according to provisional figures released by parent company Eldorado Gold last week.
The Canadian group's subsidiary in Greece produced 15,181 ounces of gold at the Olympiada gold mines, up 53 percent from about 9,900 a year earlier.

Eldorado Gold is seeking to make substantial changes to the contracts for the mines in Halkidiki, while searching for a strategic investor that will help share the cost of an investment plan that is proving too expensive for the Canadian company to undertake on its own.

Greece is in talks with Canada's Eldorado Gold to secure higher royalties from its mining development projects and new jobs, Energy Minister Kostis Hatzidakis said on Monday.

Greece's new conservative government will soon issue permits for Canadian miner Eldorado Gold's development in northern Greece, its energy ministry said on Monday.
Vancouver-based Eldorado has two operating mines and two development projects in northern Greece but has struggled with permit delays at one location, Skouries, for years.

Greek Prime Minister Kyriakos Mitsotakis met with the chief executive officer of Canadian miner Eldorado Gold, George Burns, his Athens said on Friday.

According to the announcement, the prime minister reiterated the government's support for the company's investment plans in Greece on the condition that it respects environmental regulations and generates jobs.

US Ambassador in Athens Geoffrey Pyatt on Friday stressed American enterprises' interest in Greek privatizations, especially in ports.

Addressing a conference on mineral wealth, the US diplomat said American companies are hoping to penetrate Greece and make the most of privatization opportunities, citing port sell-offs, energy and the sectors of education and technology.