Eldorado Gold reports first concentrate production at Greek mine
Eldorado Gold Corp. [ELD-TSX; EGO-NYSE] has announced the first copper-gold concentrate production at its 100%-owned Skouries Project in northern Greece. The development marks a significant milestone in the transition of the project from construction to operations and a major step towards commercial production, which is expected to be achieved in the fourth quarter of 2026. At full production, Skouries is expected to produce an average of 140,000 ounces of gold and 67 million pounds of copper over the mine life.
“This is a defining moment for Eldorado,’’ said the company’s CEO George Burns. “First concentrate at Skouries represents a culmination of years of development, construction and partnership and marks the beginning of a new chapter for the company. Skouries is not only a transformative asset for Eldorado, but also one of the most significant investments in Greece and one of Europe’s largest copper gold projects,’’ he said. “Together with McIlvenna Bay in Saskatchewan, Skouries is expected to transform Eldorado into a larger, more diversified precious metals and critical minerals producer with a stronger production base, meaningful copper, and silver exposure and enhanced free cash flow generation.’’
Burns went on to say that the company is proud of what has been accomplished through a partnership with the Greek government, banks, local communities and workforce, plus other stakeholders. Skouries accounts for 30% of Eldorado’s net asset value.99
Eldorado Gold shares advanced on the news, rising 3.3% or $2.00 to $62.51. The shares are currently trading in a 52-week range of $69.46 and $34.25.
First concentrate follows the introduction of first ore to the crusher in July, with crushing, grinding, flotation and tailings thickening circuits successfully commissioned. The ore stockpile now exceeds 4.6 million tonnes above reserve grade, providing more than seven months of processing throughput and concentrate production.
Eldorado was in the news recently when it agreed to acquire Foran Mining Corp., in a move that aimed to create a sector-leading gold-copper mining company with significant near-term growth, and a diversified portfolio.
The combined company is expected to produce approximately 900,000 gold equivalent ounces in 2027 and generate $2.1 billion in EBITDA and $1.5 billion in free cash flow in 2027.
The McIlvenna Bay deposit is a copper-zinc-gold-silver rich deposit. It is intended to be the centre of a new mining camp in a prolific district that has already been producing for over 100 years.
The property sits just 65 kilometres west of Flin Flon, Man., and is part of the world-class Flin Flon greenstone belt that extends from Snow Lake, Man., through Flin Flon to Foran’s ground in eastern Saskatchewan, a distance of over 225 kilometres.
The McIlvenna Bay deposit is the largest undeveloped VMS deposit in the region.
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