MINEX Forum

Tag: Eldorado Gold

  • Eldorado Gold Achieves First Ore Crushing Milestone at Skouries Project

    Eldorado Gold Achieves First Ore Crushing Milestone at Skouries Project

    Eldorado Gold Corporation has announced a significant milestone at its Skouries copper-gold project located in Northern Greece, with the first ore successfully processed through the newly commissioned crushing circuit. This development marks the transition of the project into the commissioning phase, which is a crucial step towards full production. The company is targeting the production of copper-gold concentrate in the third quarter of 2026, with plans for commercial production to commence in the fourth quarter of the same year, contingent on the completion of final site energization and commissioning activities.

    The successful crushing of the first ore is a testament to the effective operation of the front-end processing systems at Skouries. The company has reported that commissioning activities are progressing across various operational areas, including crushing, grinding, flotation, and concentrate handling. Eldorado Gold has also taken proactive measures to ensure that commissioning readiness is maintained, including the addition of supplemental generators to provide interim power while awaiting final site energization from the Greek power authority.

    With an ore stockpile of approximately 3.9 million tonnes, the open pit mining operations at Skouries are running ahead of schedule, allowing for a steady ramp-up of the processing plant. This stockpile is expected to support the commissioning and first year of production, reducing risks associated with the initial operational phase. Eldorado Gold’s CEO, George Burns, expressed confidence in the project’s progress, highlighting the team’s commitment to completing the remaining steps safely and methodically as they work towards the first concentrate production.

  • Eldorado Gold Uncovers Multiple High-Grade Zones and Eyes Expansion at Key Assets

    Eldorado Gold Uncovers Multiple High-Grade Zones and Eyes Expansion at Key Assets

    Eldorado Gold Corporation has reported a series of significant high-grade discoveries across its exploration portfolio, reinforcing the potential for mine life extensions and future production growth in Canada and Greece. The company also confirmed it has launched studies to assess a possible expansion of processing capacity at its Lamaque Complex in Quebec.

    At Lamaque, recent drilling identified four new high-grade zones around the Ormaque deposit and the historic Lamaque Mine. These include the newly defined Ormaque South-East zone, extensions to the west of Ormaque, the Garnet Zone north of the deposit, and additional mineralization at Lamaque South. The results confirm the presence of multiple stacked and laterally continuous vein systems located close to existing infrastructure, strengthening the case for low-risk, capital-efficient growth. On the back of these results, Eldorado has begun studies to increase throughput at the Sigma mill from around 2,500 tonnes per day toward its fully permitted capacity of 5,000 tonnes per day.

    In Greece, exploration at the Olympias mine outlined a new North West zone with high gold, silver, lead and zinc grades located within 200 metres of current underground workings. Drilling at the West Flats area also intercepted thick massive sulphide mineralization beyond the existing resource, pointing to further expansion potential. In parallel, Eldorado confirmed the discovery of a gold-copper skarn system along the Stratoni Fault, near historic mining operations, adding a new target style to the Kassandra district.

    The company said these discoveries highlight strong upside across its portfolio and support continued investment in exploration. Eldorado plans a substantially expanded drilling programme in 2026 across Quebec, Greece and Turkiye, with total exploration spending expected to rise to between $75 million and $85 million as it targets both resource growth near existing mines and earlier-stage discovery opportunities.

  • Eldorado Gold’s Skouries Project in Greece Hits 70% Completion, First Output Due in 2026

    Eldorado Gold’s Skouries Project in Greece Hits 70% Completion, First Output Due in 2026

    Canadian miner Eldorado Gold has announced that its flagship Skouries copper-gold project in northern Greece is now 70% complete, with first production anticipated in early 2026 and commercial operations slated for mid-year. The project, part of the Kassandra Mines Complex, boasts proven and probable reserves of 3.7 million ounces of gold and 1.7 billion pounds of copper, with a projected 20-year mine life.

    Skouries is expected to deliver around 140,000 ounces of gold and 67 million pounds of copper annually. Once operational, it will significantly alter Eldorado’s production profile by adding copper revenues and reducing cash costs.

    Construction at the site had previously been suspended between 2017 and 2021 due to permitting delays and local resistance. A revised agreement with the Greek government in 2021 allowed Eldorado to resume development in late 2022.

    “We continued to make steady progress, supported by a skilled team on site performing at or slightly above our productivity assumptions,” said CEO George Burns. “We are focused on delivering first production of copper-gold concentrate in Q1 2026.”

    Eldorado raised the project’s capital cost to $1.06 billion earlier this year—$143 million higher than previously forecast—citing a tight labour market in Greece and the need for quicker procurement of large-scale mining equipment. An additional $154 million in operational capital will be needed before commercial output begins.

    In Q2 2025 alone, the company invested $117 million in construction and $27.1 million in operational activities. Cumulative capital spending had reached $705.7 million by the end of June, with another $400–450 million expected for project capital and $80–100 million for pre-production operations through 2025.

    The mine will use a hybrid of open-pit and underground mining methods, and Eldorado sees the project as a “key inflection point” in its long-term strategy.

  • Eldorado Gold has increased the capital expenditure estimate of the Skouries gold project in Greece

    Eldorado Gold has increased the capital expenditure estimate of the Skouries gold project in Greece

    The company advanced to full construction last year following the closing of a €680-million project financing facility with two Greek banks. In addition, Eldorado completed a C$81.5-million strategic investment with the European Bank for Reconstruction and Development.

    After finalising key contracts last year, the capital cost estimate remained in line with the December 2021 feasibility study estimate.  However, more recent and pending contracts incorporate labour rates and labour hours that are higher than the feasibility study estimate, resulting in the capex rising from the initial $845-million.

    Further, the time it took to negotiate key contracts has had a “modest” impact on the production schedule, the company reports. Skouries is now expected to deliver its first copper/gold concentrate in the third quarter of next year, rather than the previously guided mid-2025.

    As such, Eldorado now expects to produce between 50 000 oz and 60 000 oz from Skouries in 2025, compared with the previously guided 80 000 oz to 90 000 oz range.

    Copper production from the new Greek mine is expected to be between 15-million and 20-million pounds in 2025.

    A steep ramp-up curve is expected over that second half of 2025 and remains on track for commercial production at the end of 2025.

    “We look forward to bringing online this world class copper/gold asset that will deliver an additional 40% of high-quality gold production growth for our company by 2027,” said CEO George Burns.

    In 2023, Eldorado produced 485 139 oz of gold from a portfolio of four operating mines. The company delivered a 7% production growth and lowered all-in sustaining costs by 4% to $1 229/oz.

    “We achieved this in a challenging inflationary environment and successfully delivered key initiatives across our operations. Kisladag successfully commissioned the new agglomeration drum and North Heap Leach Pad; Olympias started up its ventilation system and bulk emulsion explosives; and Lamaque converted a portion of the Ormaque inferred resources into indicated in preparation for an initial reserve later in 2024. By completing these critical activities we have set up our operations for success to deliver consistent, sustainable results through continued execution,” said Burns.

  • Achieving Success Amidst Challenges – Eldorado Gold Corp’s Q2 2023 Results

    Achieving Success Amidst Challenges – Eldorado Gold Corp’s Q2 2023 Results

    This comprehensive report delves into the company’s performance during this quarter, analyzing key metrics such as gold production, sales, revenue, net earnings, and the notable progress made in the Skouries project. Despite encountering a 4% decline in gold production, the company managed to offset this setback with a remarkable 2% increase in sales. This, coupled with an impressive 8% surge in revenue, led to net earnings of $1.5 million. Let’s dive into the details of Eldorado Gold Corp’s Q2 2023 results and explore the factors that contributed to its success amidst the challenges.

    Gold Production: Insights and Analysis

    Eldorado Gold Corp’s gold production in Q2 2023 experienced a slight downturn, dropping by 4% compared to the previous quarter. Although this may seem concerning at first glance, a closer examination reveals essential insights into the contributing factors. Weather conditions, logistical issues, or fluctuations in ore grades could have played a role in this temporary dip. Nevertheless, it’s vital to highlight the company’s ability to maintain overall production efficiency despite encountering these challenges. A well-managed production process and the dedication of skilled personnel undoubtedly mitigated the impact of these hurdles, ensuring a strong foundation for future growth.

    Sales Growth: Leveraging Opportunities

    While gold production faced a minor setback, Eldorado Gold Corp impressively managed to boost its sales by 2% in Q2 2023. This increase in sales indicates the company’s effective utilization of marketing strategies and market insights to capitalize on opportunities. By understanding customer demands and market trends, the company adeptly positioned its products and services, resulting in an enhanced market presence. Furthermore, a customer-centric approach and strong sales team performance might have played pivotal roles in driving this growth, enabling the company to secure its market position even amidst a challenging production phase.

    Revenue Surge: Navigating Market Forces

    Eldorado Gold Corp’s revenue witnessed a noteworthy 8% surge in Q2 2023, showcasing the company’s resilience and adaptability in navigating market forces. Despite facing challenges in gold production, the company strategically managed its resources and optimized its operational efficiency. Additionally, fluctuations in the global gold market were skillfully addressed by leveraging hedging strategies and long-term contracts. This allowed Eldorado Gold Corp to stabilize its revenue streams and fostered investor confidence in the company’s ability to manage market uncertainties effectively.

    Net Earnings and Financial Stability

    Amidst fluctuations in gold production and the market, Eldorado Gold Corp demonstrated its financial strength by achieving net earnings of $1.5 million in Q2 2023. These positive earnings are indicative of the company’s prudent financial management and its ability to generate profits even in challenging times. The net earnings figure serves as a testament to the company’s dedication to maximizing shareholder value while maintaining a robust financial position.

    Progress in Skouries Project: A Vision Unfolds

    In addition to its Q2 2023 financial performance, Eldorado Gold Corp made significant progress in its ambitious Skouries project. The Skouries project represents a substantial long-term investment for the company and is expected to contribute significantly to its future growth and success. The project’s advancement signifies Eldorado Gold Corp’s commitment to expanding its operations and developing sustainable mining practices. As the project takes shape, it opens up new opportunities for the company and reinforces its position as a key player in the gold mining industry.