Eldorado Gold suspends much of its mine construction in Greece

12 January 2016
108 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

Syros: Greek tradition & western influence come to a harmonious marriage
GREECE
shares115 views
GREECE
shares115 views

Syros: Greek tradition & western influence come to a harmonious marriage

Panos - Oct 20, 2017

Ermoúpoli (meaning “the city of Hermes”) is the island’s capital town and has been the first important trade and industrial…

Environment may have partially led to the fall of Queen Cleopatra, research suggests
WORLD
shares114 views
WORLD
shares114 views

Environment may have partially led to the fall of Queen Cleopatra, research suggests

Panos - Oct 20, 2017

Environmental records and historic documents suggest a volcanic eruption could have aided the Romans in victory According to a report…

Greek astronomer in Germany discovers spindle-like galaxies
GREECE
shares98 views
GREECE
shares98 views

Greek astronomer in Germany discovers spindle-like galaxies

Panos - Oct 20, 2017

Athanasia Tatsi is another Greek scientist at the forefront of global scientific research this time in the field of Astronomy.…

Leave a Comment

Your email address will not be published.