Greece is now responsible for 12.5% of all gold produced in the European Union, after Eldorado Gold officially opened it...

Greece is now responsible for 12.5% of all gold produced in the European Union, after Eldorado Gold officially opened its Skouries mining operation in Halkidiki last Thursday. Prime Minister Kyriakos Mitsotakis presided over the inauguration, which marks the largest foreign industrial investment in Greece since the restoration of democracy in 1974. The Skouries mine is projected to produce 4.4 tonnes of gold annually, out of the EU's total output of 35 tonnes. The $2 billion project comes online at a moment when gold prices have surpassed $4,000 per ounce, pushing Eldorado's revenues from the site significantly higher than original projections. Over a 25-year period, export revenues from Skouries are estimated at 17.5 billion euros, calculated at a conservative price of $3,000 per ounce. Gold is not the only metal coming out of Halkidiki. Skouries will also produce roughly 30,000 tonnes of copper per year, equal to 4% of European copper output. Copper is a critical material for the energy transition, used in solar panels, wind turbines, and power cables. Christos Balaskas, president of Hellas Gold, said at the inauguration ceremony that by 2040 the energy sector is expected to absorb 60% of global copper demand, up from 25% today. Known reserves at Skouries currently stand at 3.6 million ounces of gold and 741,000 tonnes of copper, with further exploration ongoing in northeastern Halkidiki that could extend the mine's operational lifespan. Separately, the Olympiadas mine, also operated by Hellas Gold and in production since 2017, produced 96,700 ounces of gold in 2025 along with 1.1 million ounces of silver, 11,200 tonnes of lead, and 11,700 tonnes of zinc. That operation has an estimated 16 years of remaining production life. #Greece #Mining #EldoradoGold