Eldorado to kick off $1B Skouries mine production in early 2026

Canada’s Eldorado Gold (TSX: ELD)(NYSE: EGO) says its Skouries copper-gold project in northern Greece is 70% complete, with first production expected in early 2026 and commercial output by mid-year.

The proposed mine, part of the Kassandra Mines Complex, holds proven and probable reserves of 3.7 million ounces of gold and 1.7 billion pounds of copper. It’s forecast to operate for 20 years, producing roughly 140,000 ounces of gold and 67 million pounds of copper annually.

Skouries faced years of setbacks, halted between 2017 and 2021 due to permit delays and local opposition. After signing a new agreement with the Greek government in 2021, Eldorado resumed construction in late 2022.

“We continued to make steady progress, supported by a skilled team on site performing at or slightly above our productivity assumptions,” CEO George Burns said in a statement. “We are focused on (…) delivering first production of  copper-gold concentrate in the first quarter of 2026, a key inflection point for the company.”

The project’s capital cost was risen in February to $1.06 billion, up $143 million from earlier estimates. Eldorado attributed the increase to Greece’s tight labour market and faster procurement of high-capacity mining equipment. Another $154 million in operational capital is scheduled before commercial production begins.

In the second quarter alone, the company invested $117 million in project capital and $27.1 million in accelerated operational spending. By June 30, Eldorado had spent $705.7 million in cumulative project capital and $40.5 million in operational capital under Phase 2 construction.

For 2025, the miner plans to spend between $400 million and $450 million in project capital, along with $80 million to $100 million in pre-production operational capital.

Once operational, Skouries is expected to reshape Eldorado’s production profile by boosting gold output and introducing copper revenue, helping lower overall cash costs. The deposit will be mined using a mix of conventional open-pit and underground methods.