Greece has a unique opportunity to become a regional hub for processing domestic and Balkan lateritic deposits (iron‑nickel laterites and cobalt) using circular hydrometallurgy. This possibility was highlighted during a recent collaboration between officials from the Ministry of Environment and Energy (ΥΠΕΝ), representatives of LARCO, the Special Management authority, and academic experts. Among other topics, the participants discussed the possibility of registering a program to leach Greek and Balkan laterites via circular hydrometallurgy under the European CRM Act strategic projects framework. A strategic element of this initiative is the former LARCO plant in Larymna, provided the necessary political will is secured.
New role for the devalued LARCO — proposals on the table
The pyrometallurgical plant of LARCO in Larymna has effectively completed its operational cycle. However, converting the same site to circular hydrometallurgical processing could enable the exploitation of low‑grade lateritic deposits (grades below the ~0.9–1.0% nickel threshold typically required by the reductive smelting pyrometallurgical technique currently used).
Industry specialists argue that producing nickel and cobalt using circular hydrometallurgy can be economically competitive, requires far less energy, and is more environmentally friendly than conventional pyrometallurgy.
According to reliable sources, if a new tender is launched with appropriate investment specifications, one company has proposed using the LARCO facility for metallurgical processing of scrap materials. Another company has proposed establishing at LARCO “a European, competitive and economically resilient technology hub for the production of nickel, cobalt and other Critical/Strategic Raw Materials (CRMs) that are essential for the EU’s security of supply in energy, defence and industry.”
That proposal envisions installing a hydrometallurgical plant designed on Net‑Zero‑Energy principles with minimal environmental footprint (very low CO2 emissions) to process Greek lateritic deposits. The estimated investment cost is approximately €700 million. The suggested location is the site of LARCO’s old pyrometallurgical facility in Larymna, with a targeted combined production capacity of about 20,000 tonnes per year of nickel and cobalt.
A recycling/recovery unit for lithium, nickel and cobalt could operate synergistically with the primary production line to expand overall throughput. The same industrial complex could also include recycling/recovery units for other metal residues (for example zinc and copper), creating in Larymna a CRM production hub of strategic importance with a primarily export orientation.
The prospect of hydrometallurgy
Mining sector experts note that Greece contains roughly 90% of the nickel laterite deposits within the European Union, so the outlook for hydrometallurgy remains strong. Circular hydrometallurgy in particular is presented as the new paradigm for exploiting Greek laterites and beyond.
Circular hydrometallurgy aims to minimize consumption of chemical reagents and drastically reduce water and energy use. If this technology is implemented, exploitable reserves in Greece would increase significantly and the lifespan of mining and processing operations would extend for many more years. This is because hydrometallurgical methods can bring into production numerous scattered, low‑grade lateritic deposits across Greece that are otherwise uneconomical for pyrometallurgical processing.
Furthermore, the same processing facilities could treat many Balkan lateritic deposits — which also remain largely unexploited because of low grades — found in Albania, Serbia, Kosovo, Bosnia and North Macedonia.
LARCO’s resources and strategic infrastructure
LARCO reportedly holds lateritic resources of about 100 million tonnes with average grades of approximately 0.93% nickel and 0.08% cobalt. The mining reserves formerly belonging to LARCO are unique in Europe in that they provide the potential to produce nickel and cobalt within the EU.
Extensive laboratory and pilot tests conducted by the former LARCO and by Greek and foreign university research groups have shown that these deposits can be processed by hydrometallurgical methods with promising results.
The presence of a port at Larymna is a key logistical advantage for transporting feedstock and materials required by the production process, and is an important factor for the economic viability of any investment. The former LARCO site also includes a legally and technically permitted area for disposal of hazardous residues (the Liavda site), with room for extension to meet the needs of a new plant for an estimated 25 years.
The “blue gold” of the 21st century: why nickel and cobalt matter
Ferronickel (iron‑nickel) is used in stainless steel production and in the manufacture of a wide range of products. Cobalt is a critical mineral with major importance for sophisticated technological products: it is used in computers, mobile phones, aerospace and defence industries, and in high‑performance alloys. Cobalt has been dubbed the “blue gold” of the 21st century.
The chemical composition of Greece’s iron‑nickel lateritic occurrences indicates that cobalt is concentrated mainly in zones rich in iron, nickel and manganese — notably in the deposits of Evia (Agios Ioannis) and Kastoria. High cobalt contents have also been recorded in Grevena, Vermio, and Lokris.
Notes on sourcing: the above summary follows information reported in the original Greek article, which references discussions among ΥΠΕΝ officials, LARCO, the Special Management authority and academics, statements from mining sector experts, and “reliable information” regarding company proposals and investment estimates.
