[caption id="attachment_1003719955" align="aligncenter" width="466"] Eldorado is idling the Stratoni processing and export facility as well as all of its other projects in Greece. (Credit: Eldorado Gold)
VANCOUVER – Eldorado Gold Corp
. says it is “suspending investment” at its mines, development projects and exploration properties in Greece. The company has experienced unresolved permitting delays that resulted in project postponements and cost overruns.
With the exception of care and maintenance and necessary environmental spending, the Eldorado board decided to suspend activity in the country. The decision affects the Olympias, Skouries and Stratoni projects in Halkidiki, the Perama Hill and Sapes projects in Thrace, and all exploration activity.
George Burns, Eldorado president and CEO, commented, "It is extremely unfortunate to find ourselves at this impasse when we should be advancing an important commercial project in partnership with Greece and adding another 1,200 jobs to our current workforce of approximately 2,400 people in Greece. Eldorado's investment in Greece is about building a world-class operation that can exist as a long term partner to Greece and has the ability to promote advanced skills and training for its people and deliver well-paying jobs to sustain families and local businesses. Of equal importance, as a commercial partner, this business can provide much needed tax and export revenue for generations."
More information about the affected projects is available at www.EldoradoGold.com.