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Greece
Olympias Mine

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 Location:
3 km NW from Olimpiada, Greece
  Regional Office:
23A Vas.Sofias Ave. (and N.Vamba 2)
Athens
Greece
10674
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Fax+30 214 6870095
EmailEmail
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  • Overview
  • Owners
  • Geology
  • Mining
  • Processing
  • Production
  • Reserves
  • Costs & Financials
  • Fleet
  • Personnel
  • Filings & News
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Overview

StageProduction
Mine TypeUnderground
Commodities
  • Gold
  • Silver
  • Lead
  • Zinc
Mining Method
  • Drift & Fill
  • Cemented backfill
  • Dry waste backfill
  • Paste backfill
Production Start...
Mine Life19 years (as of Jan 1, 2022)
In 2023, planned activities at the Olympias Project is to improve underground mine development, complete the second phase of the Kokkinolakas tailings management facility construction, and optimize blasting through bulk emulsion explosives. Additionally, surface fan installation will be carried out to improve ventilation and increase efficiency.

Owners

Source: p. 7,8,30
CompanyInterestOwnership
Eldorado Gold Corp. 100 % Indirect
Olimpias mine is owned by Hellas Gold which is a wholly owned subsidiary of Eldorado Gold Corp.

Contractors

Subscription required - Subscription is required.

Deposit Type

  • Carbonate replacement
  • Stratabound

Summary:

Olympias is a gold-rich polymetallic sulphide replacement-style deposit formed within strongly deformed metamorphic rocks of the Paleozoic Kerdylia Formation of the Serbo-Macedonian Massif. The orebodies are hosted by marble interlayered within a sequence of biotite-gneiss, amphibolite and orthogneiss. The deposit consists of multiple stratabound orebodies that overall plunge shallowly to the southeast for over 1.8 km, subparallel to the orientation of fold hinges and a locally developed intersection lineation.

Olympias is an example of a polymetallic carbonate replacement deposit, however it is somewhat unusual due to the high Au content of the deposit (cf. Siron et al. 2019). Key characteristics of this class of deposit include carbonate host rocks, massive sulphide mineralization, spatial and temporalrelationship with magmatism and zoned metal distribution (Megaw, 1998). Geochronological and paragenetic relationships described by Siron et al. (2016, 2018) confirm that Olympias was coeval with late Oligocene (~ 25-22 Ma) magmatism in the region although the source intrusion has not been identified. Nonetheless, carbon and oxygen isotopic data support a magmatic fluid source (Siron et al. 2019), and the zonation towards Mn-rich alteration in the upper levels of the deposit (North Zone) are consistent with shallow, distal portions of a magmatically derived carbonate replacement system.

The Olympias deposit massive sulphide lenses are grouped into three ........

Mining Methods

  • Drift & Fill
  • Cemented backfill
  • Dry waste backfill
  • Paste backfill

Summary:

The Olympias mine is a 100% underground (“UG”) mining operation extracting ore from East, West, Flats, and Remnants zones. In 2023, mining will concentrate on the West, East and the beginning of the Flats zones with a small proportion from the Remnants area. Mining rate for ROM ore is expected to increase from 395 ktpa in 2021 to 490 ktpa in 2022. There is a planned production ramp up over time reaching close to 600 ktpa by 2025 and culminating to final rate of 650 ktpa by 2028. In order to achieve the planned higher production, the Company is taking steps to improve equipment availability / utilization and worker productivity. There are also further capital requirements to allow the process plant to treat 650 ktpa. In 2022, Olympias mine undertook the following improvement initiatives: transitioned staff from Stratoni site to fill operational vacancies at Olympias, installed a dispatch system for mine mobile fleet to improve effective utilization, implemented a third production shift on Sunday, increased total shift operating time, increased pull length per blasted round, implemented remote blasting from surface which increased productive time per shift, started transitioning to ventilation on demand to optimize airflow and power usage, and installed a new main pumping station on level -284. Mining at Olympias is undertaken using drift and fill (“DAF”) mining method. DAF mining utilizes the overhand mining method. Stopes are accessed on the foot wall side from the main ram ........

Crushing and Grinding
Source: Subscription required

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Processing

Flow Sheet: Subscription required

Summary:

- subscription is required.

^ Guidance / Forecast.

Production:

CommodityUnits2023202220212020201920182017
Gold koz  ......  Subscription required ^  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required4718
Silver koz  ......  Subscription required ^  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required
Lead t  ......  Subscription required ^  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required
Zinc t  ......  Subscription required ^  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required
All production numbers are expressed as payable metal. ^ Guidance / Forecast.
Subscription required - Subscription is required.

Operational Metrics:

Metrics202320222021202020192018
Ore tonnes mined  ......  Subscription required
Annual ore mining rate  ......  Subscription required  ......  Subscription required  ......  Subscription required430 kt360 kt
Annual processing capacity  ......  Subscription required  ......  Subscription required  ......  Subscription required460 kt430 kt
Tonnes milled  ......  Subscription required  ......  Subscription required  ......  Subscription required444,299 t317,577 t322,659 t
^ Guidance / Forecast.
Subscription required - Subscription is required.

Reserves at September 30, 2022:
Mineral resource cut-off grade is $ 125/t NSR.

Mineral reserve cut-off grade is $ 195.00/t NSR.

CategoryTonnage CommodityGradeContained Metal
Proven & Probable 8,243 kt Gold 6.93 g/t 1,836 koz
Proven & Probable 8,243 kt Silver 132 g/t 35,094 koz
Proven & Probable 8,243 kt Lead 4.5 % 369 kt
Proven & Probable 8,243 kt Zinc 5.3 % 439 kt
Measured & Indicated 12,937 kt Gold 8 g/t 3,329 koz
Measured & Indicated 12,937 kt Silver 148 g/t 61,651 koz
Measured & Indicated 12,937 kt Lead 5 % 645 kt
Measured & Indicated 12,937 kt Zinc 6.4 % 831 kt
Inferred 2,186 kt Gold 7.97 g/t 560 koz
Inferred 2,186 kt Silver 190 g/t 13,368 koz
Inferred 2,186 kt Lead 6.5 % 142 kt
Inferred 2,186 kt Zinc 7.3 % 158 kt

Commodity Production Costs:

CommodityUnits202320222021202020192018
Cash costs (sold) Gold USD  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required 764 / oz†  
Total cash costs (sold) Gold USD  ......  Subscription required
All-in sustaining costs (sold) Gold USD  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required 1,297 / oz†  
^ Guidance / Forecast.
† Net of By-Product.
Subscription required - Subscription is required.

Operating Costs:

Units2020201920182017
UG mining costs ($/t milled) USD 98.6  114.61  94.1  63.1  
Processing costs ($/t milled) USD  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required
G&A ($/t milled) USD  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required
Total operating costs ($/t milled) USD  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required
Subscription required - Subscription is required.

Financials:

Units202320222021202020192018
Capital expenditures (planned) M USD  ......  Subscription required
Growth Capital M USD  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required
Sustaining costs M USD  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required 12.2  
Revenue M USD  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required 68.6  
Earnings M USD  ......  Subscription required  ......  Subscription required  ......  Subscription required  ......  Subscription required -15.3  
Subscription required - Subscription is required

Water Supply
Source: Subscription required

- subscription is required.

Heavy Mobile Equipment as of December 31, 2019:
HME TypeSizeQuantityStatus
Bolter ....................... Subscription required Existing
....................... Subscription required ....................... Subscription required Proposed
....................... Subscription required ....................... Subscription required Proposed
Drill jumbo (two boom) ....................... Subscription required Existing
....................... Subscription required ....................... Subscription required Proposed
Load-Haul-Dump (LHD) 14 t ....................... Subscription required Existing
....................... Subscription required ....................... Subscription required ....................... Subscription required Proposed
Load-Haul-Dump (LHD) ....................... Subscription required Existing
Shotcreter ....................... Subscription required Existing
Trans Mixer ....................... Subscription required Existing
Truck (haul) 40 t ....................... Subscription required Existing
....................... Subscription required ....................... Subscription required ....................... Subscription required Proposed
Subscription required - Subscription is required.

Mine Management:

Job TitleNameProfileRef. Date
....................... Subscription required ....................... Subscription required Subscription required May 6, 2023
....................... Subscription required ....................... Subscription required Subscription required May 6, 2023
....................... Subscription required ....................... Subscription required Subscription required May 8, 2023
....................... Subscription required ....................... Subscription required Subscription required May 6, 2023
....................... Subscription required ....................... Subscription required Subscription required May 8, 2023
....................... Subscription required ....................... Subscription required Subscription required May 6, 2023
Subscription required - Subscription is required.

Staff:

EmployeesContractorsTotal WorkforceYear
Subscription required Subscription required Subscription required 2022
Subscription required Subscription required Subscription required 2021
Subscription required Subscription required Subscription required 2020
Subscription required Subscription required Subscription required 2019
Subscription required Subscription required Subscription required 2018
Subscription required Subscription required Subscription required 2017
Subscription required Subscription required Subscription required 2016

Corporate Filings & Presentations:

DocumentYear
Press Release 2023
Press Release 2023
Annual Information Form 2022
Form 40-F 2022
Management Discussion & Analysis 2022
Sustainability Report 2022
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2021
................................... Subscription required 2020
................................... Subscription required 2020
................................... Subscription required 2019
................................... Subscription required 2019
Corporate Presentation 2018
Form 40-F 2018
Press Release 2018
Form 40-F 2017
Press Release 2017
Corporate Presentation 2016
Form 40-F 2016
Other 2015
Technical Report 2011
Subscription required - Subscription is required.

Subscription required - Subscription is required.

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