The figures relating to Greece’s mineral wealth are impressive. Proven and potential deposits, valued at substantial sums, lie buried beneath the country’s soil, waiting for the time and the people who will bring them to the surface.
Studies, findings and valuations are not enough. That is the easy part. The difficult part is the digging, the hard work, the people who will descend into the darkness of underground tunnels and mines, and the ingenuity — above all, the determination — required to turn “soil” into “gold”: into growth, jobs, infrastructure and wealth for present and future generations.
When Greece finally puts aside its perennial alchemists and decides to work seriously, using modern technological and economic tools and transparent rules, while harnessing private enterprise in the national interest, the aspiration that “whatever we touch turns to gold” could become reality — rather than the opposite.
Skouries mine inaugurated: One of Europe’s largest copper and gold mining projects completed – next steps
The Skouries mine, part of the Kassandra Mines complex in the Municipality of Aristotle in Halkidiki, is moving towards the production phase. One of Europe’s largest copper and gold mining projects, it is expected to strengthen the position of northern Greece and the country as a whole on the international stage as a reliable producer of critical metals. It is also expected to mark a new starting point for further projects to develop Greece’s mineral wealth, in Thrace and elsewhere.
Many officials attended the inauguration ceremony, including Prime Minister Kyriakos Mitsotakis, government officials, representatives of the state and local community, executives and employees of Eldorado Gold and its subsidiary Hellas Gold, as well as institutional, banking, business and academic partners and members of the media.
There was a sense of optimism as the ceremony marked “the completion of a long and arduous effort involving thousands of workers and more than €2 billion in investment”, according to the company.
Reflecting on the Canadian multinational’s years of work and the contribution of thousands of employees, Hellas Gold President Christos Balaskas stressed that Eldorado Gold’s total investment in Greece, amounting to €3 billion — of which €2 billion relates to the Skouries mine — is the largest investment the Canadian multinational has made anywhere in the world.
“Skouries is now moving from construction to operations and beginning to create significant value for the local community and the national economy through employment, Greek suppliers, public revenues and social investment,” Balaskas said.
He added that “with the completion of the Skouries project, the sceptics have been proved wrong, paving the way for Greece to develop its mineral wealth”.
Production and economic, social and environmental impact: 3,000 jobs and €1.8 billion in public revenue
Skouries is expected to produce an average of 140,000 ounces of gold and 67 million pounds of copper annually over a long operating life, initially estimated at 20 years, with the potential for an extension through ongoing exploration.
Once Skouries reaches full production capacity, the Kassandra Mines complex is expected to employ around 3,000 people directly and indirectly, offering stable, well-paid jobs, with priority given to residents of the local community.
Purchases from Greek suppliers are estimated to total €6.7 billion, while exports are projected to reach €17.5 billion, strengthening the investment’s contribution to the economy and the country’s international reach.
Meanwhile, the project is estimated to contribute approximately €1.8 billion to public revenues. Mining royalties payable to the Greek state are expected to generate a further €1.3 billion, of which €509 million will go to the Municipality of Aristotle, directly supporting local development and prosperity.
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