Canadian Mining Journal


Eldorado sees more ‘constructive relationship’ in Greece

VANCOUVER — Eldorado Gold (TSX: ELD; NYSE: EGO) has been at loggerheads with the Greek government over permit issues, and its sociopolitical troubles were a major contributor to a headlining US$1.5-billion impairment the company booked in 2015.

In January, Eldorado indicated it would curtail its investment in Greece until various “routine permits” and license approvals were received. The courts have tended to rule in favour of the company, but the Ministry of Energy has reportedly frustrated the permit process – especially in regards to development of the Skouries gold-copper porphyry deposit on the Halkidiki Peninsula.

The company has been having problems with the Ministry since around 2012, and stated that Greek regulators have failed to “entirely fulfill their permitting and licensing obligations” due to the “lobbying efforts of anti-development interest groups.”

There may be positive news on the horizon, however, as Eldorado recently received an installation permit for mill refurbishment and underground development at its Olympias gold-silver-lead-zinc mine. The company estimates it will spend around US$155 million on the expansion this year assuming everything goes according to plan.

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