Eldorado Gold suspends much of its mine construction in Greece

12 January 2016
73 Views

Canadian miner Eldorado Gold Corp on Monday said it will suspend much of its mine construction and development in Greece after a year of confrontations with the Greek government that included permits being revoked and delayed by the state, according to Reuters news agency.

Eldorado said it will suspend construction at its Skouries project and warned that it would do the same at its Olympias project if it did not receive a permit by the end of March, Reuters said.

It has halted development work its Perama Hill and Sapes projects but could restart at a later date. The company is also considering whether to halt future expansion of its Stratoni mine, which has around three years of life left.

Eldorado said in a statement that it would prefer to create more jobs and carry on with construction and development in Greece.

“However, we have a duty to all our stakeholders and the significant time and process risks created by Greece’s Ministry of Energy and Environment have left us with no choice but to reduce activities and personnel,” Eldorado Chief Executive Officer Paul Wright said.

Eldorado has created around 2,000 direct jobs in Greece, it said. It did not say, however, how many jobs would be affected by its reduction in activities. The company has invested more than 300 million dollars in the Skouries project.

Eldorado will hold a press conference in Athens at 11 a.m. local time on Tuesday and a conference call at 3 p.m.

You may be interested

Nearly 1,500 refugees passed into Greece in August
GREECE
shares151 views
GREECE
shares151 views

Nearly 1,500 refugees passed into Greece in August

makis - Aug 18, 2017

The number of refugees and illegal migrants that have landed in the Greek islands of the northern Aegean Sea have…

Father arrested after prostituting daughter for 5 euros
GREECE
shares127 views
GREECE
shares127 views

Father arrested after prostituting daughter for 5 euros

makis - Aug 18, 2017

A father was detained by police after it was revealed that he had been allegedly prostituting his 14-year-old girl on…

Greece does not recognise communist regime crimes
GREECE
shares116 views
GREECE
shares116 views

Greece does not recognise communist regime crimes

makis - Aug 18, 2017

The Greek government declined to take part in an international conference that denounces crimes committed by communist regimes. The Greek…

Leave a Comment

Your email address will not be published.