Eldorado Gold has successfully produced its first copper-gold concentrate at the Skouries project in Greece, marking a significant milestone after years of development and construction challenges. The Canadian miner, listed on the TSX as ELD and NYSE as EGO, is targeting commercial production in the fourth quarter of 2026. The company introduced first ore into the crushing circuit in July and has been commissioning key processing systems, including flotation and tailings thickening operations.
The ore stockpile has now exceeded 4.6 million tonnes, which is sufficient to support more than seven months of planned processing throughput. Chief Executive Officer George Burns commented on the achievement: "First concentrate at Skouries represents the culmination of years of development, construction and partnership and marks the beginning of a new chapter for the company. Skouries is not only a transformational asset for Eldorado, but also one of the most significant investments in Greece and one of Europe's largest copper-gold projects." The Skouries project is designed to operate for 20 years and produce approximately 140,000 ounces of gold and 67 million pounds of copper annually from open-pit and underground operations.
The mine is expected to reshape Eldorado's production mix by adding significant copper revenue while lowering overall cash costs. Skouries has endured a lengthy development history, with construction suspended for four years between 2017 and 2021 due to permitting delays and local opposition. Eldorado reached a revised investment agreement with the Greek government in 2021 and received board approval to restart the project in 2022.
The project is one of two major developments expected to broaden Eldorado's exposure beyond gold, alongside McIlvenna Bay in Saskatchewan, Canada. According to Burns, "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 cashflow generation." The sizeable ore stockpile provides Eldorado with an inventory buffer as the company continues commissioning the processing plant and works toward its fourth-quarter commercial production target. The combination of gold and copper output will give the company greater exposure to critical minerals while diversifying revenue beyond its traditional precious metals business.
Source: mining.com, published September 9, 2026.
Source: mining.com