ATHENS : Eldorado Gold Corporation has confirmed that construction at its flagship Skouries copper-gold project in northern Greece has reached 97 percent completion, positioning the development for initial concentrate production in the third quarter of 2026.
The milestone marks the transition of the asset from major construction into the active commissioning phase, according to corporate updates and operational disclosures released by the Vancouver-headquartered miner. Project engineers have successfully introduced the first run of ore through the primary crushing circuit, running initial testing sequences on temporary power generation while final grid interconnection work proceeds.
With primary construction wrap-up nearly complete, management anticipates commercial production at Skouries to commence during the fourth quarter of 2026, anchoring Eldorado’s medium-term growth profile in polymetallic assets across the Mediterranean region.
Commissioning Milestone and Operational Readiness
The advancement to 97 percent completion underscores a rapid construction acceleration over the first half of 2026. Skouries, located within the Kassandra Mines complex in the Chalkidiki peninsula, has overcome historic permitting hurdles and logistical complexities to emerge as one of Europe’s most significant incoming sources of critical transition metals.
+-----------------------------------+-----------------------------------+
| Metric | Skouries Project Projections |
+-----------------------------------+-----------------------------------+
| Current Construction Completion | 97% (as of mid-2026) |
| First Concentrate Production | Q3 2026 |
| Commercial Production Target | Q4 2026 |
| 2026 Production Guidance (Gold) | 60,000 – 100,000 oz |
| 2026 Production Guidance (Copper) | 20 – 40 million lbs |
| Life-of-Mine Average (Gold) | ~140,000 oz/year |
| Life-of-Mine Average (Copper) | ~67 million lbs/year |
+-----------------------------------+-----------------------------------+
During the current commissioning window, operations teams are progressively routing mined ore through the grinding, milling, and flotation circuits. Preliminary trials are verifying structural integrity, slurry transport mechanics, and automated process control systems.
“We are tracking precisely against our revised development schedule,” noted operational leads familiar with the site deployment. “The successful passage of initial ore through the crushing plant confirms our mechanical readiness ahead of full circuit integration.”
Power Infrastructure and Grid Energization
The final critical-path item remaining for the Skouries site is permanent high-voltage grid energization by the Greek public power utility and local transmission authorities.
To maintain strict adherence to the Q3 production timeline without waiting for final substation sign-offs, Eldorado Gold has deployed temporary high-capacity industrial generator sets on-site. These temporary power installations provide sufficient baseload capacity to run the crushing circuit, conveyor networks, and initial wet commissioning tests for grinding mills.
Discussions with local utility operators regarding final grid tie-ins are in advanced stages, with permanent substation connection expected to synchronize ahead of the commercial ramp-up phase in Q4.
Ramp-Up Profile and Financial Impact
For investors and commodity analysts tracking European critical minerals supply, Skouries represents a transformative asset. Once operating at full nameplate capacity, the mine is projected to yield an average of approximately 140,000 ounces of gold and 67 million pounds of copper annually over an initial multi-decade life-of-mine.
For the transitional ramp-up year of 2026, Eldorado has guided production to reach between 60,000 and 100,000 ounces of gold and 20 million to 40 million pounds of copper.
This output aligns with broader industry trends highlighted in recent market analysis on gold mining investments and margin expansion, where major producers are capitalizing on robust precious metal pricing environments and strong free cash flow generation.
Technical Infrastructure and Engineering Scale
The Skouries deposit is developed as a combination of open-pit and underground mining methods, utilizing a high-efficiency processing flowsheet designed to maximize recovery rates for both copper concentrate and free-milling gold.
The crushing and screening infrastructure features heavy-duty jaw and cone crushers engineered to process hard-rock abrasive ore efficiently. The material is then transferred via enclosed overland conveyors to semi-autogenous grinding (SAG) and ball mills, where it is reduced to fine slurry before entering the differential flotation plant.
Environmental controls and tailings management have been a focal point of the project’s engineering design. Skouries utilizes dry-stack tailings technology, a modern method that dewaters tailings material and stores it as a stable, compacted solid mass. This significantly reduces water consumption through recycling and mitigates long-term environmental risks compared to conventional wet slurry storage dams.
Regional Economic Integration and Employment
The completion of Skouries carries substantial economic significance for Greece’s Halkidiki region. The project directly employs over 1,500 workers during construction and will maintain hundreds of high-skilled operational, engineering, and metallurgical roles once commercial production is established.
Eldorado Gold’s Greek subsidiary, Hellas Gold, has worked closely with regional municipalities to ensure that infrastructure investments: including road upgrades, water management facilities, and environmental monitoring stations: benefit local communities.
As global demand for copper intensifies due to electrification and energy transition mandates, European domestic production assets like Skouries offer crucial supply chain security for regional manufacturers and industrial consumers.
Outlook and Next Steps
With 97 percent of construction complete, Eldorado Gold will focus over the next sixty days on completing wet commissioning of the flotation circuit, optimizing reagent dosing, and finalizing the permanent electrical grid connection.
First copper-gold concentrate production remains on track for delivery in Q3 2026, setting the stage for a systematic ramp toward commercial production thresholds in the final quarter of the year. Market participants will monitor upcoming quarterly operational filings for final confirmation of grid synchronization and initial concentrate assay results.
Reporting by Charles Pitts.
