Eldorado Gold’s Skouries project includes an open pit, underground mine and processing facilities on Greece’s Halkidiki Peninsula.
By Penny Langford
Eldorado Gold has produced its first copper-gold concentrate at the Skouries project in northern Greece, the company said Tuesday, moving the long-delayed operation into the final stage of commissioning ahead of expected commercial production in the fourth quarter.
The milestone was reached on Sept. 8 during the ongoing commissioning and ramp-up of the processing plant, according to the company. Eldorado said crushing, grinding, flotation, concentrate thickening and tailings thickening systems have been commissioned as the project transitions from construction to operations.
Skouries is expected to produce between 60,000 and 100,000 ounces of gold and 20 million to 40 million pounds of copper in 2026, including pre-commercial and commercial production. Over its planned initial 20-year mine life, the project is expected to produce an average of 140,000 ounces of gold and 67 million pounds of copper annually, based on Eldorado’s project studies.
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The first-concentrate milestone is important for Eldorado because Skouries is expected to add copper production to a predominantly gold-focused portfolio and increase the company’s production and cash-flow profile from 2027.
Commissioning moves into ramp-up
The first concentrate follows the introduction of ore to the primary crusher in July. Eldorado said the current ore stockpile exceeds 4.6 million tonnes above reserve grade, providing more than seven months of processing feed during the early ramp-up period.
That stockpile is intended to reduce pressure on the mine as the processing plant moves toward steady operation. Mining from both the open pit and underground workings is expected to continue while operators blend ore and optimize plant performance.
The company’s Skouries project overview describes the operation as a copper-gold porphyry deposit on the Halkidiki Peninsula. The mine plan combines conventional open-pit and underground mining, with ore processed through a central concentrator.
Semi-autogenous grinding and ball mills form part of the Skouries processing circuit.
Eldorado said temporary power generation is continuing to support early operations and ramp-up. Connection to Greece’s national power grid remains subject to final inspections, testing and installation of metering equipment by the country’s transmission authority. The company expects that connection to be completed in September.
Full operation of the major processing systems will depend on the completion of the power connection and the continued integration of the plant’s crushing, grinding, flotation, concentrate handling and tailings systems.
The project was approximately 97% complete at the end of June, according to Eldorado’s project update. At that point, the company had reported that the primary crusher had processed first ore and that wet commissioning was under way across portions of the plant.
Q4 commercial production remains the target
Eldorado continues to target commercial production in the fourth quarter. The company had previously delayed first concentrate by about one quarter because of equipment and power-connection issues.
In its 2026 guidance, Eldorado said the delay was expected to add approximately $50 million to construction capital. The company set 2026 Skouries construction project capital at $175 million to $185 million, with accelerated operational capital of $80 million to $90 million.
The company’s latest disclosed capital figures place the total Skouries capital cost estimate at $1.315 billion, with an accelerated operational capital estimate of $260 million to commercial production.
The project’s costs and capital spending are incurred primarily in euros but reported by Eldorado in U.S. dollars, leaving the reported figures exposed to movements in the euro-dollar exchange rate.
The two main factors behind the earlier schedule adjustment were the replacement of variable-speed-drive capacitors in the mill’s cyclone-feed pump system and delays in securing final approvals for the power-line connection. Eldorado said the replacement equipment and power infrastructure work were being managed as part of the commissioning plan.
Flotation cells and a regrind mill are part of the circuit used to produce copper-gold concentrate.
A new copper exposure for Eldorado
The Skouries start-up will broaden Eldorado’s exposure beyond gold. The company’s 2026 guidance calls for consolidated gold production of 490,000 to 590,000 ounces, with Skouries contributing to the upper end of the growth profile as it ramps up.
For 2027, Eldorado has forecast total gold production of 620,000 to 720,000 ounces and copper production of 50 million to 70 million pounds. In 2028, the company expects gold production of 640,000 to 740,000 ounces and copper production of 50 million to 80 million pounds.
The company has described Skouries as a long-life, low-cost asset that is expected to generate meaningful free cash flow once it reaches steady-state production. Its 2026 guidance puts Skouries’ all-in sustaining cost at between negative $100 and $200 per ounce sold, although that range includes the effects of by-product copper revenue and the early production profile.
| Skouries operating indicator | Company guidance or project estimate |
|---|---|
| 2026 gold production | 60,000–100,000 ounces |
| 2026 copper production | 20–40 million pounds |
| Average annual gold production | 140,000 ounces |
| Average annual copper production | 67 million pounds |
| Initial mine life | 20 years |
| 2026 construction project capital | $175–185 million |
| Total capital cost estimate | $1.315 billion |
| Current ore stockpile | More than 4.6 million tonnes |
The figures are company estimates and remain subject to commissioning performance, plant recoveries, mine sequencing, power availability and the timing of commercial production.
Concentrate sales agreements are in place
Eldorado said it has entered into concentrate sales agreements covering all expected 2026 volumes and a portion of 2027 production. The company is also working to finalize additional agreements covering production through 2029.
The commercial terms, Eldorado said, are significantly better than those assumed in the 2022 feasibility study, reflecting stronger market conditions for copper-gold concentrates. The company did not disclose the specific terms of those agreements in the first-concentrate announcement.
The timing is notable for the copper market, where treatment charges for concentrate have come under pressure as smelters compete for available feedstock. Producers that can bring reliable new concentrate supply to market may have greater negotiating leverage with smelters and other offtakers.
Skouries is not expected to resolve the broader copper supply deficit on its own. However, its planned production is material for Eldorado and adds another European source of copper concentrate at a time when governments and industrial consumers are seeking more diversified critical-minerals supply chains.
Processing infrastructure and tailings design
The project includes a concentrator with crushing, grinding and flotation circuits. The processing route separates copper- and gold-bearing minerals from the surrounding rock to produce a saleable concentrate.
Eldorado’s project documentation also describes a filtered tailings facility. The process removes much of the water from tailings before the material is transported and compacted in a solid or semi-dry form.
The company says filtered tailings can reduce water consumption, improve geotechnical stability and require a smaller storage footprint than conventional liquid tailings facilities. Skouries is designed to use one tailings management facility rather than two facilities under the project’s original design.
Power infrastructure remains part of the final commissioning work at Skouries.
Those systems will remain key areas for operators and regulators as the mine moves from construction into production. The early operating period will test not only the concentrator but also the plant’s water management, filtered-tailings handling, power supply and ore-blending systems.
Eldorado has said that 12 experienced process-plant ramp-up specialists were contracted to support the operating team during the first three months of operations. Training and job familiarization work has been under way across the Skouries and Olympias operations in Greece.
What to watch next
The next milestone is the completion of the remaining commissioning work and the transition to commercial production in the fourth quarter. Investors and industry observers will be watching several operating indicators:
- Completion of the national-grid connection and final energization activities.
- Stability of crushing, grinding and flotation throughput.
- Concentrate quality, recoveries and shipment timing.
- The pace of underground development and open-pit ore delivery.
- Progress against the 2026 production and capital guidance.
- Performance of the filtered tailings and water-management systems.
First concentrate confirms that Skouries has begun producing a saleable product, but it does not by itself establish steady-state production. The company must still demonstrate reliable plant availability, consistent recoveries and a controlled transition from commissioning to normal operations.
For Eldorado, the project now moves into the phase where construction execution gives way to operating performance. If the Q4 commercial-production target is achieved, Skouries will become a significant new source of gold and copper for the company and one of the larger new copper-gold developments entering production in Europe.
Sources: Eldorado Gold’s Skouries project page; Eldorado Gold announcement carried by Digital Journal and GlobeNewswire; Eldorado Gold 2026 guidance; Skouries technical report.
