Major gold deposit discovered in Greece

Officials at the Skouries gold mine in northern Greece have announced the identification of a substantial gold deposit estimated at 740,000 tons, with extraction slated to begin in 2025, in a significant discovery for Greece's mining sector.

While it remains uncertain whether the deposit is entirely pure gold, its potential value could be immense. Current estimates place the value of pure gold at approximately $60 million per ton, suggesting that the total worth of the deposit could reach up to $44.4 billion, Caliber.Az reports via foreign media.

Located in Halkidiki, the Skouries mine is considered the "jewel in the crown" of Hellas Gold, a subsidiary of Canadian mining giant Eldorado Gold, which holds rights to the area. According to the Athens-Macedonia News Agency (AMNA), company executives are optimistic, stating they are "on the final stretch" for Skouries. More than $800 million has already been invested in the project.

Currently employing around 1,000 people, the workforce is expected to grow to 1,300 in the coming six to seven months as new staff undergo training for efficient mine operations. In addition to gold, the discovered deposits also contain copper, a vital strategic resource for transitioning to a "greener" economy, as it is essential for various technologies, including digital devices and electric vehicle batteries.

From this investment, the Greek government has already collected 550 million euros ($600 million) in tax revenue from 2012 to 2023, with projections of over 2 billion euros expected as the project fully develops. “Our focus now shifts to project execution, with first production anticipated in the latter half of 2025, followed by a ramp-up as we optimize our facilities,” stated George Burns, President and CEO of Eldorado Gold.

“Once operational, Skouries will significantly enhance Eldorado’s overall gold production and cash cost structure while also diversifying our revenue streams with copper,” he noted. 

The proposed gold mine at Skouries has faced considerable opposition from environmental groups and local communities, who have expressed concerns about potential environmental harm, including deforestation, water contamination, and threats to biodiversity. Many residents and activists worry about the project’s adverse effects on their livelihoods, health, and quality of life. 

Throughout the permitting process, the project encountered delays and legal challenges as environmental advocates and local residents sought to prevent its advancement. Historically, the ancient Greeks were adept miners and metallurgists, extracting gold resources in Halkidiki to create jewelry, coins, and other valuable items. 

The region was particularly renowned for its gold mines located in the Sithonia and Kassandra mountains. Evidence of gold mining in Halkidiki dates back to the Bronze Age, and the area remained a vital gold source during the classical and Hellenistic periods. The ancient Greeks viewed Halkidiki's gold as a divine gift, often associating it with wealth, power, and immortality.

By Naila Huseynova