What Hellas Gold does

Hellas Gold S.A. is a Greek mining company and wholly-owned subsidiary of Eldorado Gold Corporation (TSX: ELD, NYSE: EGO) that operates the integrated Kassandra Mines complex in NE Halkidiki, Greece. Founded in 2004 following the parliamentary transfer of mining rights, the company produces mineral concentrates containing gold, copper, silver, lead, and zinc from the Olympias underground mine (operating since 2017) and, beginning in 2026, the Skouries copper-gold project, which was at approximately 94% construction completion as of March 2026. Supporting infrastructure includes the Kokkinolakkas dry-stacking tailings facility (10.65 million cubic meters capacity) and the Stratoni port handling roughly 75,000 tonnes of concentrate exports annually, with additional export capacity through the Thessaloniki port.

The company's technology stack combines conventional underground and surface extraction with proprietary systems: dry-stacking tailings dewatering achieving up to 90% water removal via filter presses, a 4G/LTE private mobile network deployed at 300m depth enabling remote blasting and demand-based ventilation, a paste-backfill (Lithogomi) process that recycles tailings into underground stope fill, and an integrated surface control room for real-time operational monitoring. A 700-station environmental monitoring network covering 15 parameters (water, air, soil, noise, seismicity, biodiversity) operates 24/7 with public data access. The asset base covers reported reserves of 160 tonnes of gold, over 1 million tonnes of copper, 2,000 tonnes of silver, and 1.5 million tonnes of lead/zinc, with a 25-year operational horizon underwritten by a 2021 Investment Agreement with the Greek State and a 2023 Environmental Terms Approval.

Hellas Gold monetizes its output through B2B enterprise sales of mineral concentrates to international commodity traders, smelters, and industrial customers, priced on international commodity market benchmarks. Concentrates are exported to European markets via the company-owned Stratoni port and to Southeast Asia, Africa, and Latin America through Thessaloniki port. Revenue scale is anchored by an IOΒΕ study projecting €480M in annual exports (representing 55% of Greece's mineral exports and 2.1% of industrial exports) and €550M in average annual GDP contribution through 2044. Cumulative state revenues of €500M+ and export value of $1.8B were generated during 2012-2025, with €2.3B invested in domestic suppliers over the same period. The company's economic footprint is substantial for a Greek industrial entity, with a total $1.9 billion investment commitment over the 25-year horizon, including €120M earmarked for environmental works and €80M for local community development.

Name

Hellas Gold

Legal name

Hellas Gold S.A.

Website

https://hellas-gold.com

Company type

Private

Founded year

2004

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Hellas Gold is a Greek mining subsidiary of Eldorado Gold that produces gold, copper, silver, lead, and zinc concentrates from the Kassandra Mines in NE Halkidiki. It sells to international smelters and commodity traders via the Stratoni and Thessaloniki ports, with the Skouries copper-gold project entering production in 2026.

Ownership category

akta.pro rank

Product category

Gold and Base Metals Mining

NAICS

Gold Ore and Silver Ore Mining (212220), Copper, Nickel, Lead, and Zinc Mining (212230)

SIC

Gold And Silver Ores (1040), Metal Mining (1000)

akta.pro primary industry

Gold Mining (IMAKAEAA)

akta.pro secondary industries

Silver Mining (IMAKAEAB), Precious Metals Ore Processing & Beneficiation (IMAKAEAD), Tailings & Waste Management (Thickened Tailings, Dry Stack, Paste, TSF Operations) (IMAKALAH)

Keywords

• Gold mining operations
• Mineral concentrate production
• Copper mining extraction
• Underground mining services
• Mining tailings management

Headquarters

HQ city

Athens

HQ country

Greece

HQ region

Europe

Offices6 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Infrastructure, Personnel, Operations, Supply Chain, Technology or R&D, Others

Revenue model

1. Mineral Concentrate Sales: Mining company producing and selling mineral concentrates including gold, copper, silver, lead, and zinc. Products are sold to international commodity traders and smelters at market prices. Concentrates exported via company port facilities (Stratoni) and Thessaloniki port.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels10 records

Core offering

Hellas Gold is a mining company that develops and produces mineral concentrates of gold, silver, lead, zinc, and copper from the Kassandra Mines complex in Halkidiki, Greece. It extracts, processes, and exports these concentrates via its owned Stratoni port and the Thessaloniki port to international commodity traders, smelters, and industrial customers across Europe, Southeast Asia, Africa, and Latin America. The company operates the Olympias mine in production, is constructing the Skouries copper-gold project for 2026 startup, and supports operations with the Kokkinolakkas dry stacking tailings facility.

Product overview

Hellas Gold operates the Kassandra Mines as an integrated mining complex comprising four main production assets: the Skouries copper-gold project (in construction, entering production 2026), the Olympias gold-silver-lead-zinc mine (operating since 2017), the Kokkinolakkas dry stacking tailings facility, and the Stratoni port and storage facilities. Supporting services include the Environmental Monitoring Program with 700+ monitoring stations and Parallel Rehabilitation with an on-site nursery. The company is a subsidiary of Eldorado Gold and extracts gold, copper, silver, lead, and zinc from deposits totaling 160 tonnes of gold, over 1 million tonnes of copper, 2,000 tonnes of silver, and 1.5 million tonnes of lead and zinc.

Differentiator

Problem solved

Functional benefit

Brands

• Kassandra Mines (Μεταλλεία Κασσάνδρας): The operational mining complex operated by Hellas Gold in NE Halkidiki, including Skouries copper-gold project, Olympias gold-silver-lead-zinc mine, Kokkinolakkas Tailings Management Facility, and Stratoni port facilities.

Products and services

• Skouries Project (Copper-Gold Mine) World-class porphyry copper-gold mining project combining surface and underground extraction methods. Expected annual production of 67 million pounds (30,000 tonnes) of copper and 140,000 ounces of gold with approximately 20-year mine life. Sold as mineral concentrates to international commodity traders and smelters.
• Olympias Mining Facilities (Gold-Silver-Lead-Zinc Mine) Underground mine producing gold, silver, lead, and zinc concentrates. 2024 production was 69,500 ounces of gold at 8.53 g/t grade, 1.2 million ounces of silver, 11,700 tonnes of lead, and 12,100 tonnes of zinc. Estimated mine life of 15 years. Concentrates sold to international smelters and commodity traders.
• Stratoni Mining Facilities and Port Port and storage facilities connecting Hellas Gold to European markets, handling approximately 75,000 tonnes of concentrate exports annually. The Stratoni mine (Mavres Petres) is currently under care and maintenance since the end of 2021. Serves as the primary export channel for Olympias concentrates.
• Kokkinolakkas Tailings Management Facility State-of-the-art dry stacking tailings storage facility with capacity of 10.65 million cubic meters. Uses advanced dewatering technology with a 4-layer impermeable lining system meeting XYTEA specifications and 24/7 monitoring. Serves the tailings management needs of the Kassandra Mines operations.

Quantifiable outcome

• 94% construction completion for Skouries project as of March 2026
• +4 more outcomes

Named customers2 records

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature7 records

Partnerships

One partnership is on record.

• Eldorado GoldcoreOthersParent company based in Vancouver, Canada with 30+ years of international mining experience. Eldorado Gold owns 100% of Hellas Gold and provides strategic direction, capital resources, technical expertise, and operational oversight for the Kassandra Mines. Eldorado Gold is listed on TSX (ELD) and NYSE (EGO).

Scale indicators35 records

Recent moves11 records

Expansion highlights5 records

Broad incumbents

• Endeavour Mining plc: Mid-tier senior gold producer with multi-asset West African operations and a comparable mid-cap profile to Hellas Gold. Relevant peer for unit economics and capital allocation at intermediate precious-metals producers.
• Kinross Gold Corporation: Mid-tier diversified gold producer with operations across the Americas and West Africa. Comparable to Hellas Gold in intermediate gold-copper concentrate output, multi-decade mine planning, and exposure to a single operating geography per asset.
• Agnico Eagle Mines Limited: Senior gold producer with multi-decade, multi-jurisdiction assets and underground/open-pit operations. Comparable in producing gold and silver concentrates from long-life reserves and in targeting critical-metals demand drivers.
• Polyus PJSC: World's fourth-largest gold mining company by output and a broad incumbent in precious-metals mining. Comparable in producing gold from large-scale multi-decade reserve bases and selling into international bullion markets, though materially larger and concentrated in Russia.

Direct peers

• PolyMet Mining Corp. Intermediate precious- and base-metals producer with copper, nickel, and precious-metals concentrates. Comparable in producing multi-metal concentrates subject to smelter treatment charges and refining fees.
• Perseus Mining Limited: Intermediate gold producer operating three mines across West Africa and Australia. Similar intermediate-scale gold-concentrate production, single-jurisdiction asset economics, and export-logistics dependence to Hellas Gold.
• Sandfire Resources Limited: Mid-tier copper-gold producer with underground and open-pit operations in Australia and Botswana. Closely comparable in producing copper-gold concentrates at intermediate scale, including recent transitions from construction to production that mirror Skouries' profile.
• Eldorado Gold Corporation: Parent company of Hellas Gold and a directly comparable intermediate gold producer operating multiple gold/copper mines across Canada, Greece, and Turkey. Eldorado's portfolio economics, permitting approach, and concentrate sales model mirror Hellas Gold's Kassandra Mines structure.
• Hochschild Mining PLC: Intermediate precious-metals producer focused on gold and silver from underground mines in the Americas. Comparable underground-mining profile, mid-cap scale, and concentrate sales model to Hellas Gold's Olympias operation.

Regional players

• EuroSun Mining Inc. Exploration and development-stage gold-copper company focused on the Rovina Valley project in Romania. Regionally and geologically comparable to Hellas Gold's porphyry-style Skouries copper-gold deposit, though at an earlier development stage.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

Compliance6 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Hellas Gold