Greece enters European copper market
Greece’s mineral-rich subsoil, together with the pivotal role of industry as a key pillar of growth, competitiveness and resilience for the Greek economy in an environment of heightened geopolitical and energy challenges was highlighted at the Delphi Economic Forum XI.
As Christos Balaskas, Chairman of Hellenic Gold and Vice President, Commercial, Growth & External Relations at Eldorado Gold, noted during the Forum, “beyond foreign direct investment, Greece needs industry. If we truly want to turn the page, we need industry.” He stressed that Eldorado Gold, through its investment in Greek gold since 2012, is demonstrating a vote of confidence in the country’s industrial base. The Skouries project is one of the most significant industrial projects in Greece and marks the sector’s transition to a new phase, as it evolves from a major construction project into a mature production investment with tangible economic output, with production set to begin in 2026.
Hellenic Gold and Critical Raw Materials
Balaskas underlined that the Skouries project places Greece on the map of copper producers, strengthening its strategic position, while the start of production in 2026 is expected to create a significant new source of supply for the European market. It contributes to supply security, reinforces “Made in EU” production and responds to international competition from the U.S. and China. At the same time, the development of the Kassandra Mines is helping shape a broader mining ecosystem that combines investment, expertise and a highly skilled workforce, enhancing Greece’s role as a reliable producer of strategic metals. He emphasized that the importance of the investment is further reinforced in the evolving European landscape, particularly following the adoption of the Critical Raw Materials Act and the EU’s need to reduce its dependence on third countries for critical raw materials essential to industry, the green transition, the automotive sector and digital infrastructure.
However, he stressed that unlocking these opportunities largely depends on the stability of the regulatory framework. Demand for copper is rising rapidly, driving the need for new projects, as it is a key material for energy networks, renewables, electromobility and digital infrastructure, making it critical to the global economy’s energy and technological transition. The EU consumes around 25% of critical metals but produces only about 3%, remaining heavily reliant on imports.
As Balaskas noted, this is a comprehensive investment in the Kassandra Mines in Halkidiki, where silver and gold, as well as lead and zinc, are already produced, while gold and copper concentrate production from the Skouries mine is expected to commence by year-end. He added that the project currently employs approximately 4,300 people, a significant proportion of whom are engaged in developing the new mine. Over a 23-year horizon, exports are estimated to reach 2.2 billion dollars, generating at least 500 million in revenues for the Greek state. In addition, around 80 million has already been committed to corporate social responsibility initiatives, with a significant multiplier effect. At full capacity, production is expected to reach approximately 67 million pounds of copper and 140,000 ounces of gold annually, substantially strengthening the country’s industrial base and export orientation. Overall, the Skouries project acts as a strong development multiplier, with a positive impact on both the national economy and regional development in northern Greece.
Significant copper reserves in Greece – New geological findings
Speaking to Naftemporiki, Christos Balaskas noted that “the investment in Skouries has a substantial economic footprint, extending across Northern Greece and particularly the Municipality of Aristotelis. In 2025 alone, €563 million from the Skouries investment was allocated to services and materials sourced from Greek suppliers nationwide. Of this amount, €130 million was directed to Central Macedonia, while suppliers in the Municipality of Aristotelis alone benefited by €26 million. As you can understand, the economic impact of the investment is significant and can pave the way for similar investments.”
Focusing on copper production and Greece’s upgraded role in the supply of this critical metal, Balaskas added that “copper demand in Europe is expected to double, reaching close to 45 million tonnes. Copper is emerging as the new strategic metal, beyond gold, which serves a different purpose. There are significant copper reserves in Greece, and this will open the way for other companies capable of investing, helping Europe reduce its dependence on imports of critical metals from China and other countries.”
