Canadian Mining Journal


Eldorado pulls plug on Greek project; stock tanks

The stock plunges 19% on the suspension news

Eldorado Gold (TSX: ELD; NYSE: EGO) is suspending construction at its Skouries gold-copper project due to a continued lack of government support, and cautions it will halt its Olympias underground mine, if the Ministry of Energy and Environment doesn’t change its tune.

“The fundamental issue is – for reasons I don’t really understand fully – we’re not where we need to be with this government,” Paul Wright, president and CEO, said on a conference call.

Although Skouries received an approval on its environmental impact study in 2011, Eldorado has been struggling since 2012 to receive its other permits to advance construction. In March 2015, the ministry blocked Eldorado from completing the processing plant at Skouries, and in August, revoked the technical studies for both Skouries and Olympias, causing Eldorado to temporarily suspend both projects in the Halkidiki Peninsula and lay off workers.

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