Greek government bends on Eldorado’s ultimatum

Eldorado Gold (TSX: ELD; NYSE: EGO) has received three permits in quick succession and a formal notice of arbitration after announcing earlier this week that it will suspend all investment in Greece if the government doesn’t start to issue long delayed permits, as well as provide clarity on threats of arbitration against its Greek subsidiary. But George Burns, the company’s new president and CEO, said that while the permits were a “positive step forward,” Eldorado is “still waiting on the other matters, which we continue to believe can be resolved through good faith negotiations.” Eldorado needs an amended electromechanical installation permit for the flotation plant at its Skouries project and there are other issues that remain outstanding, such as the relocation of antiquities at Skouries, he said. In addition, the company still lacks approval for its Perama Hill environmental impact assessment, which has been outstanding for the last three years. In a statement today, Eldorado said it will “be in a position to reassess its investment options” in Greece “upon receipt of the required Skouries permit and the Greek government being willing to engage with us in constructive discussions.” Continue reading at The Northern Miner.