Skouries Project

COPPER-GOLD MINING PROJECT

A world-class asset,
a landmark investment

The Skouries project is part of the Kassandra Mines, located at the Halkidiki peninsula in northern Greece. This copper-gold porphyry deposit will be mined using a combination of conventional open pit and underground mining technologies, alongside the best-in-class sustainable practices. Based on the 2021 Feasibility Study, the initial life of the mine is approximately 20 years, and it is expected to produce on average 140,000 ounces of gold and 67 million pounds of copper per year.

Once operational, it will place Greece among the top three gold-producing countries in Europe. Greece will also become a significant producer of copper contributing to the transition of the EU to a circular economy.

Key Facts

LOCATION

NE Halkidiki

TYPE/PROCESSING METHOD

Open pit & underground

EXPECTED MINE LIFE

20 years

DEPOSIT TYPE

Copper-gold porphyry

Copper

Av. annual copper production

67 million pounds

Gold

Av. annual gold production

140,000 ounces

SKOURIES: A VIDEO OVERVIEW

Short presentation of the Skouries project

Social and economic benefits

The Project is designed in line with responsible mining principles and it is expected that it will create economic and social value at a local and national level.

Its construction will involve a plethora of operations and the supply of significant quantities of materials and services which will boost local hiring, procurement and employment. Specifically, the project will involve new investments of $1.3 billion with 1,000 positions required during construction.

The construction works at Skouries started in the summer of 2023 and will continue for approximately 2 years until the facility’s first production anticipated in the third quarter of 2025.

Leading-edge technologies that promote safety and sustainability

The mine will incorporate advanced digital technologies throughout its operations, with leading practices in technology, exploration and mining, safety and environmental protection. These will include Remote Mining Technology (RMT) which optimizes mining safety and production.

The mine has been designed to reflect our new investment plan, further upgrade sustainability and reduce the total footprint of the project through investments and innovation.

HIGH-STANDARD ENVIRONMENTAL PLANNING

Best-in-class practices and technologies

Skouries is a world-class project designed and engineered on sustainable mining principles. The development of the project involves integrating many Best-In-Class Technologies that ensure long-term positive impacts for all, such as the comprehensive Waste & Water Management System, Backfilling, Concurrent Rehabilitation and Environmental Monitoring.

Integrated Waste & Water Management System

Construction of a new dry-stack tailings facility

Construction of a new water treatment unit with a high rate of responsiveness to extreme weather events and the potential to supply clean water for irrigation to the local community.

Dry stacking

During mining operations, mines generate waste materials. These tailings consist of water and waste rock, left over after the extraction of minerals. Traditionally, these tailings were stored in a liquid form at large facilities, known as tailings ponds. The new dry-stack technologies remove excess water from the tailings, leaving a sandy material which is then stacked and compressed. This method leads to a reduction in the size of required storage facilities.

At Skouries, only one downstream embankment will need to be constructed, rather than two which would have been required by conventional wet tailings management. This means that the entire valley across the Lotsanikos basin will remain undisturbed.

Benefits of dry-stack tailings

Geotechnical stability

Up to 90% of the water is removed from the tailings using filtration. These solids are then conveyed and compacted within the storage facility to form a geotechnically stable solid, improving safety and stability and mitigating geotechnical risks.

Recycled water

Dry stack technology helps water to be recycled and reused in the production cycle, which minimizes the consumption of fresh water.

Smaller area occupied for tailings

Use of only one downstream embankment rather than two originally planned, resulting in an area of 486,000 square meters at the Lotsanikos basin remaining undisturbed.

Benefits of dry-stack tailings

Water management systems

Reduced consumption through filtration and recycling.
Application of the pre-drainage method to lower groundwater level.
Channels for the diversion of surface water.
Treatment of contact water at special plants and reusing it for daily operations.

Other sustainable practices and technologies

Recycling and repurposing tailings (backfilling)

The majority of open pit excavated materials are repurposed for constructing Dry-Stack Tailings Facilities, water treatment ponds and other structures. Any excess materials will be repurposed for the gradual rehabilitation of tailings sites. Tailings will also be repurposed as underground and open pit mining backfill materials to restore the previous landscape.

Concurrent environmental rehabilitation

The rehabilitation of conventional wet tailings sites is normally possible after the end of a mine’s life cycle. Dry stacking, however, enables progressive reclamation of the site in parallel with mining activities. The site is therefore fully restored and brought back to the local community closer to the completion of the mining operations.

Environmental Monitoring Program

Hellas Gold has engineered and already uses one of the most comprehensive environmental monitoring programs in Europe. The Environmental Monitoring Program tracks air, soil and water quality, noise, seismicity and ecology across 500 data points to provide real-time, continuous and accurate assessment of ongoing environmental performance.

EIA & ESIA

Impact Assessments and supplementary files

The new Kassandra Mines Investment Plan, based on the upgraded Investment Agreement which the company signed with the Greek Government in February 2021, is set out in detail in the following studies and the accompanying files. As part of the environmental permitting process for the new Kassandra Mines design, a Regulatory Environmental Impact Assessment (EIA) was prepared in line with the provisions of Greek law. An additional Environmental and Social Impact Assessment (ESIA) was also prepared in the context of financing from financial institutions. Lastly, the supplementary files describe how the Company operates at all levels, identifying practices and policies that will maximise its positive footprint.

Environmental Impact Assessment WEBPAGE Environmental & Social Impact Assessment WEBPAGE

SKOURIES

Virtual tour of our copper-gold asset