The European Commission (EC) has designated the Skouries copper-gold mine in northern Greece, operated by Eldorado Gold Corporation, as a strategic project under the Critical Raw Materials Act (CRMA).
"The designation of Skouries as a strategic project underscores its importance not only to Greece, but also to Europe as a whole," said Eldorado president and CEO Christian Milau.
"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."
The $2 billion Skouries project has recently begun operations. Over its 20-year mine life, it is expected to produce 140 000 ounces of gold and 67 million pounds of copper annually.
Thanks to the EC’s decision, the mine can benefit from the EU's accelerated administrative support and easier access to financing. CRMA is set to provide EU with 10% of its 17 designated strategic raw materials from within the bloc, have 40% of strategic raw materials processed within the EU and have 25% of its strategic raw materials stem from recycling.
Strategic projects are selected based on their potential contribution to European supply security, technical feasibility, sustainability standards, and broader benefits to the European Union, Eldorado said in a statement.
Theodor Lisovoy, Managing Editor, Rough&Polished
