The European Commission has granted strategic status to Eldorado Gold’s (TSX: ELD, NYSE: EGO) Skouries copper-gold mine in Greece, positioning one of Europe’s largest new mining projects for faster permitting and improved access to financing as it ramps up production.
The designation, the Canadian miner announced on Oct. 9, places Skouries among 46 projects selected under the EU’s Critical Raw Materials Act (CRMA).
The backing comes as the EU looks to strengthen its domestic supply chain of critical metals and enhance long-term supply, breaking free from its reliance on China for them. Copper is included in the list as it is essential for Europe’s electrification, manufacturing, and the energy transition.
“As one of the largest new copper-gold mines in Europe, Skouries is positioned to support the secure and responsible supply of critical raw materials that are essential to economic growth, industrial competitiveness and the energy transition,” Eldorado CEO Christian Milau said. “This recognition highlights the strategic significance of the project and the important role it can play in strengthening Europe’s long-term supply chain resilience.”
Skouries is among 46 projects selected by the EU that will benefit from faster permitting and help in bidding for public and private funding, not immediately receiving funding from the Commission.
Shares in Eldorado Gold were down 3.03% to C$52.09 ($36.62) apiece on Tuesday morning in Toronto, valuing the company at C$13.6 billion ($9.5 billion).
European Commission picks 46 new strategic critical mineral projects
Taking off
Located in the Halkidiki region of northern Greece, the mine represents more than $2 billion in investment and is designed to operate for 20 years, supporting jobs and economic activity in the region.
Skouries recently produced its first copper-gold concentrate, looking to start commercial production by the end of 2026. The ore stockpile now exceeds 4.6 million tonnes, enough to support more than seven months of planned processing throughput.
Eldorado’s Skouries turns years of setbacks into copper
The project has endured a lengthy and difficult development history. Construction was suspended for four years between 2017 and 2021 amid permitting delays and local opposition in its early days due to the environmental impact the project could have in the region.
Eldorado reached a revised investment agreement with the Greek government in 2021 before its board approved restarting the project in 2022.
Skouries aim to produce about 140,000 oz. of gold and 67 million lb. of copper annually from open-pit and underground operations.