Mineral exploration has shaped our world. The Kassandra Mines was one of the first industrial facilities in Greece and their history spans 25 centuries. From the 2004 Kassandra Mines mining contract to the completion of the €680 million financing agreement and the approval of the new Environmental Impact Study (EIS), Hellas Gold continues to drive dynamic growth in the area.
On April 27th, following extensive consultation, the Ministry of Environment and Energy issued the Environmental Terms Approval Decision (AEPO) of the new Environmental Impact Study (EIS), which was part of the approved Hellas Gold Investment Plan for the full development of the Kassandra Mines. This decision validates the upgraded environmental design of the mining projects and ensures the execution of responsible mining operations at NE Halkidiki over a 25-year period.
On April 5th, the standard disbursement procedures activated with the €680 million financing agreement that enabled Hellas Gold to resume works for the construction of a new state-of-the-art mine at Skouries, and proceed with the full development of the Kassandra Mines unlocking multiple benefits at a national and international level.
On December 12th, Hellas Gold announced the €680 million financing agreement alongside an investment decision endorsed by the Eldorado Gold Board of Directors. They both enabled resuming construction activities for the new state-of-the-art mining facilities at Skouries and the develipment of the world-class copper and gold deposit.
On February 5th, 2021, Hellas Gold signed the new Investment Agreement with the Hellenic Government, thereby launching full and sustainable development for the Kassandra Mines in NE Halkidiki. It also marked the implementation of one of the largest direct foreign investments in Greece.
With decision 1492 issued in 2013, the Hellenic Council of State validated the absolute legality of the financial, social and environmental parameters of Hellas Gold’s investment plan.
Since February 2012, Hellas Gold operates as a 100% subsidiary of the Canadian Eldorado Gold Corporation, a mining company with over 30 years of experience in exploration, research, development and mining operations across the world. Headquartered in Vancouver, Canada, the corporation manages mining projects in Canada, Greece and Türkiye and is listed on the Toronto and the New York Stock Exchange.
The Ministry of Environment and Climate Change approved the technical studies for the “Skouries Mining Facilities” and the “Olympias Mining Facilities” sub-projects, part of the “Mining-Metal Processing Facilities at the Kassandra Mines” project.
In July 2011, a Joint Ministerial Decision was issued approving the Environmental Terms (Environmental Terms Approval Decision-AEPO) for the Mining-Metal Processing Facilities at the Kassandra Mines, on the basis of full conformance with the terms specified in the National and EU legislation.
In December 2010, following the completion of open consultation proceedings, the Halkidiki Provincial Council issued a unanimous opinion endorsing the investment and approving the Environmental Impact Study (EIS) submitted by Hellas Gold to the Ministry of Environment, Energy and Climate Change.
In September 2009, a positive opinion on the Environmental Impact Pre-Design was issued, endorsed and approved by the ministries of: Environment, Energy and Climate Change, Development, Competitiveness and Shipping, Health and Social Services, Rural Development and Food, Culture and Tourism.
In April 2006, Hellas Gold submitted the required Environmental Impact Pre-Design at the Ministry of the Environment, Urban Planning and Public Works. The Ministry of the Environment, Urban Planning and Public Works forwarded the pre-design to the Ministries of: Development, Culture, Rural Development, Health and Maritime. In January, the company submitted a single investment plan for the concurrent development and exploitation of the deposits at Mavres Petres, Olympias and Skouries. Its technical-economic approach was approved within two months.
In January 2004, the Kassandra Mines licenses and assets were transferred to Hellas Gold S.A., with a law validated by the Hellenic Parliament.
The new Investment Plan for the full development of the Kassandra Mines will bring a plethora of benefits for the national economy, employment, our host community and the environment.
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