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L. Bakouras: We Say Yes to Dialogue, Yes to the Development Potential of Thrace

L. Bakouras: We Say Yes to Dialogue, Yes to the Development Potential of Thrace 984 821 Thracean Mining

Interview with Otanews.gr

“We strongly support dialogue and transparency because the citizens of Thrace must be informed about the details of our investment plan and our commitment to sustainable development,” explains Leonidas Bakouras, General Manager of Thracean Mining, in an interview regarding the development opportunities that the company’s investment plan could bring to the region of Thrace.

It is well known that Eldorado Gold and Thracean Mining aim to develop the deposit in Perama, Evros. Do you believe that local residents currently have access to all the necessary information to form a well-rounded view of the project?
What is widely known is our intent to implement our investment plan. In order to do so, a key prerequisite is the submission of a new Environmental Impact Assessment (EIA), which is currently being prepared, with its components assigned to universities across the country. This study will be submitted to the competent ministry and, following a decision by the authorities, it will be placed under public consultation, allowing everyone to express their views and enabling institutions to issue their opinions.

At present—precisely because the EIS is still being developed—it is premature for society to form a definitive judgment on the project, as the complete information about our updated design is not yet available. The data currently circulating is based on studies from 15 years ago. Any decision made without a proper presentation of the updated and comprehensive project design would not only undermine the image of Thrace as an investment destination but would also jeopardize its development potential.

How can the local community express its views?
The local community must absolutely have a voice and an opinion. We are attentive to citizens’ concerns. However, everyone should be aware that all questions will be addressed in the Environmental Impact Assessment. Once it is completed, there will be a detailed and thorough public discussion, and all questions will be answered.

Our project design is based on modern scientific developments in mining and aligns with the legal framework for environmental, biodiversity, and public health protection. The EIS rigorously examines all direct and indirect environmental impacts related to gold mining and metallurgy.

Is it not our duty to comply with the law? The law clearly states that any company holding a mining concession—such as the one at Perama—must prove beyond doubt that the project is environmentally and socially safe. That proof is provided through the EIS, which we are obliged to submit as soon as it is finalized. It would be unfair and counterproductive to judge or reject a study that is still in progress and has not even been publicly presented.

However, a previous Environmental Impact Assessment had been submitted in the past and was not approved.
First, it must be noted that the previous EIA was prepared approximately 15 years ago. Do you realize how much has changed since then? Both European and national legislation have imposed stricter environmental, climate, and risk management standards, especially in relation to climate change, biodiversity protection, and environmental safeguards.

Science and technology have also advanced rapidly, bringing new tools that significantly enhance environmental protection and safety, while minimizing or eliminating past risks.

The mining sector, in fact, is one of the first to adopt cutting-edge developments, and Eldorado Gold has demonstrated its ability to develop technologically advanced mining operations—not far from Thrace.

Just look at the Kassandra Mines in Halkidiki—they are a living example of the benefits a mining project can bring to a region and its economy, without compromising other local activities. A simple visit is enough to convince anyone of the value this operation has added to the area’s development prospects.

Do the projects in Halkidiki and Perama share common characteristics?
First and foremost, both projects carry the credibility and backing of Eldorado Gold. In addition, both are strategic mining projects that significantly elevate Greece’s position among European gold-producing nations.

Of course, the Skouries project in Halkidiki is at a far more advanced stage—production is expected to begin within months—and it offers a glimpse into the future of Perama. The safety protocols applied there will be replicated in Perama. For example, the Environmental Monitoring System in Skouries is one of the most advanced in Europe.

Most importantly, the project has provided strong economic momentum for the broader region, without negatively impacting pre-existing industries such as livestock farming, agriculture, tourism, forestry, or fishing.

If all this is true, why does skepticism persist toward the proposed Perama project in Thrace?

With full respect for the concerns of every individual, I question how reasonable it is to judge a project before it has even been formally presented. Rather than relying on informed argumentation, we often see outdated perceptions, fear-driven narratives, and emotional appeals that condemn the future of an entire region based on obsolete and inaccurate data.

My colleagues and I base our work on the technical expertise and proven experience of Eldorado Gold, as well as on the scientific integrity and objectivity of Greece’s academic institutions.

For us, informing the public is of the utmost importance. But when we say “informing,” we mean it in the fullest sense: everyone will have access to the complete body of information regarding our investment plan. You will see this clearly during the official presentation of our proposal.

As our ancient ancestors said: “Judge no one before you have heard both sides of the argument”.

Once the Environmental Impact Assessment (EIA)—currently being prepared by the university institutions we have partnered with—is finalized, it will become evident that we are genuine advocates of open dialogue, not merely passive announcers of our positions. We are committed to listening to all perspectives, especially those coming from scientific and technical bodies in Thrace, in order to form a well-rounded, evidence-based conclusion that serves the interests of society as a whole.

In fact, a sincere, evidence-based dialogue is one of the most meaningful ways to demonstrate our respect for the local community and the people of Thrace.

Through this dialogue, it will become clear to all that our investment plan represents a real development opportunity for the region and its residents—especially for young people who wish to remain in their homeland and build a secure future in Thrace, without compromising environmental integrity.

Participation of “Thracean Mining” in the ET Forum Development Conference

Participation of “Thracean Mining” in the ET Forum Development Conference 1200 900 Thracean Mining

“Metalleia Thraki” participated in the development conference ET Forum, organized by the newspaper Eleftheros Typos in Alexandroupoli (11/06/2025). The company’s General Manager, Mr. Leonidas Bakouras, participated as a speaker in the panel discussion titled:
“Economy, Entrepreneurship, and Financial Instruments – Showcasing a New, Innovative, and Sustainable Model of Development for the Region of Eastern Macedonia and Thrace (EMT), through the Primary Sector, Tourism, Culture, and Development Infrastructure.”

Also participating in the panel were Mr. Nikos Papathanasis, Deputy Minister of National Economy and Finance; Mr. Georgios Broufas, Vice Rector of Innovation at Democritus University of Thrace (DUTH); and Mr. Georgios Koumparakis, Chief Commercial Officer of the Mesogeios Group.

Responding to questions posed by the panel moderator, Mr. Giannis Tsaprounis, Mr. Bakouras emphasized the urgent need for genuine regional development in Greece—particularly in border regions such as Thrace. Citing relevant studies, he pointed out that Northern Greece sits atop a mineral wealth valued at €71 billion.

Referring to the current activities of “Thracean Mining,” Mr. Bakouras noted that the Environmental Impact Study (EIS) for the Perama project is currently in preparation, stating:

“More than 40 university professors are working on it through collaborations we have established with academic institutions and universities throughout Greece.”

Regarding these academic partnerships, he added:

“Our goal is for the Perama project to be backed by the scientific credibility and technical integrity of the academic community—above all, by the sensitivity they bring when working for the advancement of both Thrace and Greece as a whole.”

Financial Data from the Kassandra Mines

“Thracean Mining” operates as a subsidiary of Eldorado Gold, a Canadian company that has already invested over €3 billion in the Kassandra Mines located in Halkidiki.

Sharing key figures from the operation, Mr. Bakouras stated:

  • “Eldorado Gold currently employs 2,500 workers in Halkidiki, a number expected to increase to 3,000 with full development of the Kassandre Mines by 2026.
  • To date, the company has paid over €500 million in taxes and more than €1.5 billion to local suppliers.
  • The Municipality of Aristotelis has received approximately €18 million in mining royalties over the past four years.”

He also referred to a published study by IOBE (Foundation for Economic and Industrial Research), which clearly indicates that over the next 20 years (2024–2044), the Kassandre Mines will significantly contribute to public revenue, the regional GDP of Central Macedonia, and the local economy of the broader Halkidiki area.

According to Mr. Bakouras, similar figures could apply to Thrace in a few years, provided that the Perama mine becomes operational. Naturally, a prerequisite for this is the submission and approval of the Environmental Impact Assessment, which will serve as “the mirror of the project—detailing all environmental and economic aspects.”

The company aims to complete the Environmental Impact Assessment within the designated timeline, so that it may form the basis for a structured dialogue with the local community, conducted through public consultation and founded on accurate, up-to-date data—not figures from 2001 or 2011.

Mr. Bakouras expressed optimism about the quality of the study, citing Eldorado Gold’s unwavering adherence to environmental laws and regulations, as well as the exceptional scientific competence of the university professionals involved.

Our participation in the 10th Delphi Economic Forum

Our participation in the 10th Delphi Economic Forum 903 456 Thracean Mining

Eldorado Gold, along with its Greek subsidiaries, Hellas Gold and Thrace Minerals, participated in the 10th Delphi Economic Forum, held from April 9 to 12. During the event, 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.

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 is expected to significantly boost regional development, substantially increasing the local GDP, generating considerable annual revenues for the Greek State as well as for all involved municipalities, while also contributing to the reversal of population decline in the Thrace region.

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.

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.