Eldorado Gold, the parent company of Hellas Gold, announced a delay in the copper-gold production start at the Skouries project in Chalkidiki to the third quarter of 2026, up from the first quarter.
Despite the timeline adjustment, Skouries and the nearby Olympias mine continue to anchor Eldorado’s growth strategy in Greece. Over the next three years (2026-2028), the company targets a 40% increase in gold production from these assets.
Skouries: 60,000-100,000 ounces expected in 2026
Initial gold output from Skouries in 2026 is forecast at 60,000 to 100,000 ounces, ramping up significantly to 170,000-200,000 ounces by 2028. The project, part of the Kassandra Mines complex, represents a high-grade copper-gold opportunity that could deliver substantial long-term value once fully operational.
The delay stems from technical issues, including the replacement of moisture-damaged equipment in the main mill and slower approvals for power line connections, adding roughly $50 million to construction capital. Overall project progress stands at around 90% for phase one and 78% for phase two as of late 2025.
Olympias expansion boosts near-term output
At Olympias, 2026 gold production is projected at 70,000-80,000 ounces, an increase from 2025 levels thanks to the mill expansion reaching 650,000 tonnes annual capacity in the second half of the year. By 2028, output here is expected to stabilize at 75,000-90,000 ounces.
The site produced 59,877 ounces of gold in 2025, down 14% from the prior year due to flotation circuit challenges and maintenance, but the upgrades signal a return to stronger performance.
Solid financial foundation in 2025
Eldorado wrapped 2025 with total gold production of 488,268 ounces and sales of 491,204 ounces at an average price of $3,505 per ounce. Revenue hit $1.8 billion, while net profit reached $519.9 million.
