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Eldorado Gold’s Skouries Mine Wins EU Strategic Project Status
Eldorado Gold’s Skouries copper-gold mine in northern Greece has been designated a Strategic Project under the European Union’s Critical Raw Materials Act, formally placing the emerging mine within Europe’s effort to expand domestic supplies of copper and other materials considered essential to industry, electrification and energy infrastructure.
By Paul Ploumis
Published October 12, 2026
Key Points
- EU status: Skouries has been designated a Strategic Project under the Critical Raw Materials Act.
- Location: Halkidiki Peninsula in northern Greece.
- Primary strategic metal: Copper.
- Mine life: Approximately 20 years under the 2022 feasibility study.
- Expected annual copper output: 67 million pounds, or roughly 30,400 metric tonnes.
- Expected annual gold output: Approximately 140,000 ounces.
- Current status: First copper-gold concentrate was produced September 8; commercial production is targeted for Q4 2026.
SEATTLE (Scrap Monster): Eldorado Gold’s Skouries copper-gold mine in Greece has received Strategic Project designation under the European Union’s Critical Raw Materials Act, strengthening the project’s formal role in Europe’s effort to secure domestic supplies of strategic raw materials.
The European Commission announced the designation on October 9 as part of its second round of projects selected under the CRMA.
Copper is classified as a strategic raw material under the legislation because of its importance to electricity networks, renewable-energy infrastructure, advanced manufacturing, transportation and other industrial applications.
ScrapMonster Exclusive: Skouries Is Different From Many EU Strategic Projects Because It Is Already Producing
The timing of the designation is significant. Many Strategic Projects receive CRMA status while still navigating development, financing and permitting. Skouries has already produced its first copper-gold concentrate and is moving through plant commissioning toward commercial production.
That means the designation is less about deciding whether Skouries gets built and more about formally integrating the mine into Europe’s long-term critical-material supply strategy. Eldorado produced first concentrate on September 8, about one month before the European Commission granted Strategic Project status.
The copper volume is meaningful in physical terms. Eldorado expects Skouries to produce an average of 67 million pounds of copper annually over its initial mine life. That converts to roughly 30,400 metric tonnes of copper per year, alongside approximately 140,000 ounces of gold.
CRMA status can still provide practical benefits. Strategic Projects can receive shorter permitting timelines, access to a national single point of contact, assistance with financing and support in developing offtake agreements.
But the designation should not be confused with an EU production guarantee or direct funding award. It identifies Skouries as strategically important and makes certain support mechanisms available; it does not by itself guarantee financing, production levels or future profitability.
Skouries Joins EU’s Second Wave of Strategic Projects
The European Commission selected 46 new Strategic Projects across 16 EU member states on October 9.
The latest round expands the list of projects recognized under the Critical Raw Materials Act and brings the total number of designated Strategic Projects inside and outside the EU to 106.
The Commission evaluates prospective Strategic Projects on criteria including their contribution to supply security, technical feasibility, sustainability and wider European benefits.
Projects can cover extraction, processing, recycling or substitution of strategic raw materials.
Why EU Strategic Project Status Matters
The Critical Raw Materials Act is intended to expand and diversify European capacity across strategic-material supply chains.
For projects located in the European Union, Strategic Project status can provide several advantages.
| CRMA Support | What It Means |
|---|---|
| Faster permitting | Extraction projects are subject to a targeted permitting timeframe of up to 27 months. |
| Single point of contact | National authorities coordinate the permitting process through a designated contact point. |
| Financing support | Project promoters can seek guidance from a CRMA financing subgroup involving public and private financial institutions. |
| Offtake support | The framework includes mechanisms intended to help Strategic Projects connect with potential buyers. |
| Public-interest recognition | Strategic Projects are formally recognized for their contribution to EU raw-material supply security. |
EU Wants More Domestic Critical-Material Capacity
The CRMA establishes 2030 benchmarks designed to increase European capacity across strategic raw-material supply chains.
- Extraction: EU capacity equivalent to at least 10% of annual consumption.
- Processing: At least 40% of annual consumption.
- Recycling: At least 25% of annual consumption.
The broader objective is to reduce excessive dependence on concentrated external suppliers while expanding European mining, processing and recycling capacity.
The second Strategic Project selection included projects across Belgium, Bulgaria, Estonia, Finland, France, Germany, Greece, Italy, Lithuania, the Netherlands, Poland, Portugal, Romania, Slovakia, Spain and Sweden.
Skouries Moves From Construction Into Production Ramp-Up
Skouries produced its first copper-gold concentrate on September 8, marking its transition from construction into commissioning and operational ramp-up.
The processing plant has started key systems including crushing, grinding, flotation and tailings thickening.
Eldorado previously reported an ore stockpile exceeding 4.6 million tonnes above reserve grade, sufficient to support more than seven months of processing and concentrate production during ramp-up.
The project subsequently completed its permanent connection to Greece’s national electricity grid in September, providing the power infrastructure required for long-term operations.
Commercial production remains targeted for the fourth quarter of 2026.
Skouries Expected to Produce Copper and Gold for 20 Years
Based on Eldorado’s 2022 feasibility study, Skouries has an initial operating life of approximately 20 years.
| Skouries Operating Metric | Expected Level |
|---|---|
| Initial mine life | 20 years |
| Average annual copper production | 67 million lb |
| Approximate copper equivalent in metric tonnes | 30,400 tonnes/year |
| Average annual gold production | 140,000 oz |
| Commercial production target | Q4 2026 |
The project combines conventional open-pit and underground mining methods.
Project Capital Estimate Stands at $1.315 Billion
Eldorado’s current Phase 2 capital-cost estimate for Skouries stands at approximately US$1.315 billion.
The company has also identified approximately US$260 million of accelerated operational capital through commercial production.
Skouries is part of Eldorado’s broader Kassandra Mines complex in Greece, which also includes the Olympias mine and associated infrastructure.
The wider Kassandra development represents several billion dollars of long-term investment in northern Greece.
Skouries Concentrate Already Has Buyers
Eldorado has entered into concentrate sales agreements with several buyers covering all expected 2026 production and part of the mine’s expected 2027 output.
The company has also been working to complete agreements covering additional production through 2029.
Eldorado has said commercial terms for those concentrate sales are stronger than assumptions contained in the 2022 feasibility study, reflecting favorable conditions in the copper-gold concentrate market.
Copper Gives Skouries Its Strategic EU Role
Although Skouries will produce both copper and gold, copper is the commodity that places the project directly within the CRMA framework.
Copper demand is closely tied to electrical grids, renewable power systems, electric vehicles, industrial equipment, data infrastructure and construction.
The EU’s policy challenge is not simply securing more copper globally but increasing the resilience of supply chains available to European industry.
Domestic mine supply can form one part of that strategy alongside expanded recycling, processing capacity, trade partnerships and material substitution.
What to Watch Next
Commercial production: The next major operational milestone is reaching commercial production, currently expected during the fourth quarter of 2026.
Ramp-up: Processing throughput, recovery rates and concentrate production will show how quickly Skouries moves toward steady-state operations.
Offtake agreements: Additional sales contracts covering production through 2029 will provide further visibility into the mine’s commercial positioning.
Copper output: Once ramped up, the mine’s contribution of roughly 30,400 tonnes of copper per year will provide a measurable test of how individual CRMA projects translate into additional European supply.
EU project implementation: Skouries will also provide an early real-world example of how Strategic Project status functions when granted to an asset that is already entering production.
ScrapMonster Market Read: Skouries is strategically interesting because the EU is not placing its label on a distant development concept. The mine has already produced concentrate, has an established ore stockpile, is connected to the Greek grid and is approaching commercial production. That makes Skouries one of the clearer near-term examples of how Europe’s critical-material policy can translate into physical copper supply rather than simply future project capacity.
Sources: Eldorado Gold Corporation; European Commission.
