Eldorado Gold: Interest in new investments in Greece

Canadian interest Eldorado Gold for new investment In the field of mining in Greece and specifically the construction of a metallurgy unit in Chalcidice And the exploitation of gold deposit on the hill in Thrace was expressed by Hellenic Gold President Christos Balaskas.

As he said, speaking today (20.3.2025) at an IOBE event for the presentation of the socio-economic footprint of the Kassandra Mines in Halkidiki, the investment in Thrace is around € 430 million and is projected to create 700 jobs. The update of an earlier environmental impact study is currently underway, and the critical prerequisite is to secure the consent of the local community with information actions that have begun.

The final proposal of the Committee for Investigation of the Investigation of Alternative Technologies is expected for the metallurgy unit, which has been under discussion for many years, which will evaluate the viability of the investment and then the decision will be made at the political level.

Mr Balaskas said that the investment would allow the country to export final product instead of raw materials, noting that 60% of the company’s production today is exported to China. He estimated that there is a window of opportunity now that the EU is focusing on securing strategic autonomy in critical raw materials (Critical Raw Materials ACT) but also because of developments in Canada -US relationships that leads Canada to boost economic relations with the EU.

However, a challenge is to find the required specialized workforce. It is indicative that employees from Bulgaria, Poland and Finland are currently working in Halkidiki.

According to the IOBE study:

• In the period 2017 – 2023, it is estimated that the company’s activity has strengthened the country’s GDP on average by EUR 190 million a year. In the next two decades, the company’s total contribution to GDP production in the country is estimated to be on average to Euro550 million a year, of which € 300 million in the Municipality of Aristotle.
• In terms of employment, the overall impact of Hellenic Gold activity is estimated at 5.6 thousand jobs throughout the country, fixed for the years 2017 – 2023, of which 3 mm were created in Central Macedonia, while the 2.2 mm locally created in the Municipality of Aristotle. In the next two decades, for the period 2024 – 2044, Hellenic Gold activity is expected to support a total of 8.6 thousandths.

It is also emphasized that:

• The Olympiad Mines (in operation) and Skouria (under construction) have the opportunity to consolidate Greece as a leading copper and gold producer in Europe.
• Greece has significant copper reserves (2.6 million tonnes) that will contribute to the country’s autonomy and other European states.
• With the operation of the mine in Skouries, the average annual production is expected to reach 140,000 ounces of gold and 67 million pounds of copper.