Officials at the Skouries gold mine in northern Greece announced the discovery of a proven gold deposit estimated at 740,000 tons, with extraction slated to begin in 2025. While the purity of the gold remains unconfirmed, the potential value of the discovery could be astronomical, with rough estimates suggesting a worth of $60 million per ton, potentially reaching $44.4 billion.
Located in Halkidiki, the Skouries mine is considered the “jewel in the crown” of Hellas Gold, a subsidiary of Canadian mining giant Eldorado Gold. Company executives expressed optimism about the project, indicating they are nearing the final stages of development.
To date, over $800 million has been invested in the Skouries project, which currently employs around 1,000 people—a number expected to rise to 1,300 within the next six to seven months as new staff are trained for effective operations.
In addition to gold, the discovered deposits also include copper, a strategic raw material vital for the transition to a greener economy. Copper is essential for various technologies, including those used in electric vehicles and digital devices.
The Greek government has benefited significantly from this investment, collecting €550 million ($600 million) in tax revenue between 2012 and 2023, with expectations of over €2 billion as the project fully develops.
George Burns, President and CEO of Eldorado Gold, highlighted that once production begins, Skouries will significantly enhance the company’s overall gold production and diversify its revenue stream through copper sales.
Despite the promising prospects, the Skouries project has faced strong opposition from environmental groups and local communities. Concerns regarding environmental degradation, deforestation, water pollution, and impacts on local biodiversity have led to protests and legal challenges that have delayed the project.
Historically, Halkidiki is renowned for its rich gold resources, with evidence of mining activities dating back to the Bronze Age. Ancient Greeks were skilled miners, extracting gold for jewelry and currency and the region’s gold was considered a divine gift associated with wealth and power.