Officials at the Skouries gold mine in northern Greece said on Thursday the extraction of a proven deposit of 740,000 tons of copper will begin in 2025.
In addition, proven and probable gold reserves of 3,630,000 oz will also be extracted.
The mine at Skouries, Halkidiki, is regarded as the “jewel in the crown” of the mining activities of Hellas Gold, a subsidiary of the Canadian mining giant Eldorado Gold, which has the rights of the region.
According to the Athens-Macedonia News Agency (AMNA), the executives of the company expressed optimism, that they are now “on the final stretch” for Skouries.
More than $800 million have already been committed to the project.
At least one thousand people are employed at Skouries and this number will increase, in the first phase, to one thousand three hundred, within the next six to seven months. The new staff will be trained so that the mine can operate effectively, Hellas Gold executives said.
Gold and copper deposits in Halkidiki, Greece
Copper is an important strategic raw material in the transition to a “greener” economy. Copper is used in various technologies, including digital and electrical devices and batteries for electric vehicles.
The Greek government has collected from the investment 550 million euros ($600 million) in tax revenue in the period 2012-2023 and is expected to collect over two billion euros with the full development of the investment in the future.
“Our focus now shifts to project execution, with first production expected in the second half of 2025, followed by a ramp-up as we optimize facilities,” George Burns, President and CEO of Eldorado Gold said recently.
“Once in production, Skouries will have a significant impact on Eldorado’s total gold production and cash cost profile and will diversify our business through revenue from copper,” he added.
Strong opposition to the project
The company’s proposed gold mine in Skouries was met with strong opposition from environmental groups and local communities. Concerns were raised about the potential negative impacts on the environment, including deforestation, water pollution, and damage to biodiversity.
Many local residents and activists opposed the project, citing concerns about the potential negative impacts on their livelihoods, health, and quality of life.
The project faced delays and legal challenges throughout the permitting process, as environmental groups and local communities fought to block its development.
Halkidiki in Greece famous for its gold from ancient times
The ancient Greeks were skilled miners and metallurgists, and they exploited the gold resources of Halkidiki to produce jewelry, coins, and other valuable objects. The region was particularly famous for its gold mines in the mountains of Sithonia and Kassandra.
There is evidence of gold mining activity in Halkidiki dating back to the Bronze Age, and the region continued to be an important source of gold throughout the classical and Hellenistic periods. The ancient Greeks believed that the gold of Halkidiki was a gift from the gods, and it was often associated with wealth, power, and immortality.
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