Eldorado Gold starts Skouries copper-gold concentrate

The company said the first concentrate was produced on Sept. 8 after ore was first fed to the crusher in July. Since then, Eldorado has been bringing the plant’s main circuits online, including crushing, grinding, flotation and tailings and concentrate-thickening systems. It said the successful startup confirms the core circuits are operating and can support the next phase of ramp-up.

Eldorado said the ore stockpile at Skouries now tops 4.6 million tonnes, enough for more than seven months of processing. The company also said the material grades are running above the reserve model, which could help the ramp-up phase and give the plant a better-than-expected start. In mining, that kind of inventory cushion can be valuable: it reduces the risk that early mechanical hiccups derail the path to steadier production.

The project is also nearing a key infrastructure step. Eldorado is currently using a temporary onsite power solution while it awaits connection to Greece’s national grid. The company said final inspections, testing and installation of metering equipment by grid operator ADMIE should wrap up within the month. Reliable grid power is important not only for operating costs, but also for long-term throughput and consistency.

For Greece, Skouries represents a major industrial investment and a vote of confidence in the country’s mining sector. For Eldorado, it should help diversify production beyond precious metals and strengthen its mix with copper and silver through Skouries and its McIlvenna Bay project in Saskatchewan. Management also sees the project supporting higher free cash flow over the coming years, a key consideration for long-term shareholders who want growth that eventually pays for itself.

The broader backdrop is supportive. Copper has been firm on expectations for tight supply and solid demand, and investors increasingly view new projects with meaningful copper output as strategic assets rather than just cyclical bets. That gives Skouries more than project-level importance: if Eldorado can execute the ramp-up smoothly, the mine could become a meaningful contributor just as the market is rewarding companies with exposure to critical minerals.

There are still execution risks, of course. Commissioning can be messy, grid connection needs to be completed, and the company still has to prove that early concentrate production translates into stable commercial output. But after years of design, permitting, construction and collaboration with local and national stakeholders, Skouries is finally doing what investors have waited to see.

For patient investors, that is the real story: a long-delayed copper-gold project has crossed a crucial threshold, and the next 12 months will determine whether Eldorado Gold can turn it into a lasting cash generator. Worth watching, and one to keep on the long-term radar.