Minister: Arbitration would be best to resolve pending issues related to Skouries investment

4 August 2017
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Greece’s relevant economy and environment minister on Thursday said recourse to arbitration would be the best solution to resolve all pending issues related to the Hellas Gold investment in northern Greece.
Minister Giorgos Stathakis made the statement before reporters after a meeting with the company’s management.
Hellas Gold is a majority-owned subsidiary of El Dorado Gold, a Canadian mining multinational. The former owns the Skouries gold mining concession in the northern Greece prefecture of Halkikidi, one of the biggest foreign direct investments in the still bailout-dependent country.

Conversely, the Skouries project has been at opposed “tooth-and-nail” for years by a portion of the local residents, environmentalists throughout the country and by anti-capitalist groups, with ruling SYRIZA promising to kick out Hellas Gold when it was still in the opposition.
Stathakis’ ministry has already sought recourse to arbitration, with its representation assumed by the State’s Legal Council.

According to the government side, pending licenses for the affiliated project at the Olympiada site, also in Halkidiki, are nearing completion. Licenses for Skouries, the main site, remain pending.

On its part, Hellas Gold is planning to begin operations of its enrichment plant at the Olympiada site in September.

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