Canada-headquartered Eldorado Gold is forecasting a big jump in its production over the next five years, with the addition of the Skouries mine, in Greece, providing significant near-term growth.

Gold production will increase to between 675 000 oz/y and 735 000 oz/y by 2027, from the 475 00 oz/y to 525 000 oz/y forecast for 2023.

Eldorado restarted the Skouries project in December 2022, and is targeting first production in 2025.

“The addition of Skouries to our five-year production outlook provides significant near-term growth and positions the company to deliver strong operational and financial performance.

“Additionally, Skouries is expected to produce on average 67-million pounds of copper per year, contributing to the supply chain of critical minerals in a socially and environmentally responsible way, and reducing our overall cash cost profile with the addition of material by-product credits,” said Eldorado president and CEO George Burns.

The company has earmarked growth capital of $394-million to $437-million, including $240-million to $260-million towards the advancement of the Skouries project, in 2023.