Eldorado Gold, along with its Greek subsidiaries, Hellas Gold and Thracean Mining, participated in the 10th Delphi Economic Forum, held from April 9 to 12. During the event, five senior executives represented us in key discussions and targeted interviews focused on investments, the economy, and the sustainable development of the mining sector.

George Burns, President & CEO, Eldorado Gold

At the 10th Delphi Economic Forum, discussions focused on global geoeconomic developments and their impact on the mining industry, with special emphasis on Eldorado Gold’s investment in Greece. Eldorado Gold President and CEO, George Burns, highlighted the role of trade tariffs, political uncertainty, and geopolitical tensions in driving up costs and reshaping the global strategy for critical raw materials. He emphasized Greece’s potential as a country with rich but largely untapped mineral resources, citing the Olympias, Skouries, and Perama Hill projects as examples of sustainable development with significant economic and social value.

George Burns underlined the importance of faster permitting procedures, leveraging the EU’s Critical Raw Materials Act, and adopting innovative technologies like artificial intelligence and electrification to improve efficiency and safety in mining operations. He reaffirmed Eldorado Gold’s long-term commitment to Greece, expressing optimism for the country’s ability to attract further investment through public tenders and exploration licensing. Ultimately, he positioned Greece as a future hub for responsible mining and a strategic player in Europe’s evolving raw materials value chain.

Additionally, in his interview with Kathimerini newspaper, George Burns described Greece as strategically significant for Eldorado Gold, noting that the company's total investments already amount to $3 billion, with an additional $2 billion planned for the coming years. He emphasized the company's commitment to sustainable development, with over $100 million already allocated for environmental restoration. He highlighted the need for institutional stability and social acceptance for the progress of such projects, while announcing Eldorado Gold's intention for a new mining unit in Thrace, which is expected to create 700 jobs and contribute approximately 25 million euros annually to Greece's GDP.

Christos Balaskas, President, Hellas Gold

Christos Balaskas focused on geopolitical developments, the impact of trade wars, and investment opportunities in mineral resources. Mr. Balaskas highlighted the strategic value of projects like Skouries as a blueprint for sustainable mining and regional development. Challenges related to permitting and the need for more efficient regulatory processes were addressed, along with the importance of social license to operate and transparency. Technological advancements — including artificial intelligence and electric equipment — were also discussed as key drivers of innovation in the European mining industry.

In his interview with CNN Greece, Mr. Balaskas emphasized the importance of Eldorado Gold's investment in the Kassandra Mines, stressing the need to utilize Greece's mineral wealth and establish a stable institutional framework to attract foreign investments. He noted that Greece can help reduce European dependence on critical raw materials, particularly in metals like gold and copper.

Leonidas Bakouras, General Manager, Thracean Mining

Leonidas Bakouras stated that Greece has a unique opportunity to become one of Europe’s largest gold producers through the development of the Perama Hill gold deposit in Thrace. Eldorado Gold’s investment in the Skouries project already signals strong confidence in the country’s untapped mineral wealth. The investment in Perama Hill is expected to significantly boost regional development, increasing local GDP by 25%, generating €35 million annually for the Greek government, and delivering €5.5 million each year to the municipalities involved. The project is also anticipated to reverse population decline in Thrace.

Environmental studies are currently underway in collaboration with leading Greek universities, with the aim of submitting the new environmental terms by the end of 2025 and securing approval in the first half of 2026.

In his interview with Naftemporiki, Leonidas Bakouras stressed that Greece could become one of the leading gold-producing countries in Europe if the investment in Perama Hill proceeds, the environmental study of which is already underway, aiming for approval by 2026.

Natalie Kedikoglou, General Counsel, Eldorado Gold, Greece

Natalie stated that the Skouries investment is a hallmark of resilience, having withstood global crises, the pandemic, and now a shifting trade landscape. As Greece seeks to diversify beyond tourism, strategic projects like Skouries offer transformative economic impact.
As the country’s first high-volume metal project, Skouries is expected to position Greece among Europe’s top gold producers. Its innovative financing structure—internationally awarded—ensures sustainability, with the project itself securing the loan.
Naalie Kedikoglou stressed that, with over $1 billion in projected annual exports, Skouries is not only a flagship investment for the national economy but also a catalyst for regional development and job creation in Northern Greece. However, she underlined that Greece must modernize its mining code and build supportive institutional frameworks to unlock the full potential of mining.

In her interview with capital.gr, Ms. Kedikoglou discussed the growth prospects of the mining sector in the country, emphasizing the need to shift the production model beyond the monoculture of tourism. She noted that the utilization of mineral wealth is a national priority, and the Skouries project could position Greece as a leading producer of gold and copper in Europe. She also highlighted the need to modernize the mining regulatory framework, pointing out that the country takes over 10 years to license a mining project.
Ms. Kedikoglou emphasized the innovative financing model of the Skouries investment, which includes the participation of Eldorado Gold, Greek banks, the EBRD, and the Recovery Fund, as an example of public-private sector collaboration. Finally, she urged the State to adopt mechanisms that will enhance financing and align with European strategies, such as the Critical Raw Materials Act.

Mathieu Vallart, Sustainability Director, Eldorado Gold, Greece

Mathieu highlighted three key pillars: diversification of local economies, environmental responsibility, and building trust with communities.

He stated that the mining sector contributes nearly €3 billion to Greece’s GDP, with Hellas Gold alone investing €350 million locally while the company emphasizes workforce skill development and sustainability training.

Notable environmental progress includes a 75% reduction in water use at Olympias and the adoption of dry stack tailings technology at Skouries. A proactive approach to transparency includes a public monitoring system tracking all operational metrics, community engagement through consultations and focus groups, and third-party certification. The Skouries project is held to stringent dual certification standards by both the state and lenders, reinforcing its credibility and commitment to sustainable development.

In his interview with the business portal mononews.gr, Mathieu stressed that Hellas Gold systematically invests in a sustainable development model that integrates environmental protection with economic and social progress.

Through its Integrated Sustainability Management System (SIMS), innovation, and transparency, the company promotes responsible practices across all areas of operation. With a focus on the local community of Aristotle Municipality, it implements a $80 million, 25-year social investment program centered on infrastructure, education, healthcare, inclusion, and environmental resilience. Building trust-based relationships with the local community is a cornerstone of the investment's long-term sustainability.