Eldorado's new Skouries mine deemed 'strategic' under EU's critical materials legislation
TSX- and NYSE-listed Eldorado Gold's Skouries copper/gold mine, in Greece, has been designated as a strategic project under the EU's Critical Raw Materials Act (CRMA).
The designation recognises the importance of the project in supporting the EU's efforts to strengthen domestic supply chains for critical raw materials and enhance long-term supply security.
Copper is listed as a strategic raw material under the CRMA and is a critical metal for electrification, renewable-energy infrastructure, advanced manufacturing, and Europe’s broader energy transition.
“As one of the largest new copper/gold mines in Europe, Skouries is positioned to support the secure and responsible supply of critical raw materials that are essential to economic growth, industrial competitiveness and the energy transition.
"This recognition highlights the strategic significance of the project and the important role it can play in strengthening Europe’s long-term supply chain resilience," says Eldorado CEO and president Christian Milau.
Eldorado recently started operating the Skouries mine, having produced its first gold and copper concentrate in September. The mine is poised to operate for 20 years, producing 140 000 oz of gold and 67-million pounds of copper every year.
Through CRMA, the EU aims to source 10% of its 17 designated strategic raw materials from within the EU, have 40% of strategic raw materials processed within the EU and have 25% of its strategic raw materials stem from recycling. The region's strategic raw materials include lithium, cobalt, manganese, graphite, rare earths, copper and tungsten.
The Skouries recognition as a strategic project under the CRMA means it can benefit from the EU's accelerated administrative support and easier access to financing.
