Eldorado Gold suspends its Greece mining operations
Canadian miner Eldorado Gold Corp on Monday said it was suspending much of its mine construction and development in Greece after a year of confrontations with the Greek government that included permits being revoked and delayed by the state.
Eldorado said it would suspend construction at its Skouries project and warned that it would do the same at its Olympias project if it did not receive a permit by the end of March. It has halted development work its Perama Hill and Sapes projects but could restart at a later date.
It is also considering whether to halt future expansion of its Stratoni mine, which has around three years of life left.
Eldorado said in a statement that it would prefer to create more jobs and carry on with construction and development in Greece.
“However, we have a duty to all our stakeholders and the significant time and process risks created by Greece’s Ministry of Energy and Environment have left us with no choice but to reduce activities and personnel,” Eldorado Chief Executive Officer Paul Wright said.
Eldorado has created around 2,000 direct jobs in Greece, it said. It did not say how many jobs would be affected by its reduction in activities.
Eldorado’s Greek assets make up about 30 percent to 40 percent of the Vancouver-based miner’s net asset value, according to analysts’ estimates. Its stock is down 40 percent in the last 12 months, largely due to its problems in Greece.
It has invested more than $300 million in the Skouries project.
Latest Posts
- Europe revives mining to reduce dependence on the import of key raw materials, supply from Serbia as competitive choice
- Europe, Mining key minerals without destroying nature
- Greenland, Eclipse Metals signs research MoU to help create economic benefit
- Europe, Cornwall set for lithium mining boom
- EU outlines new Critical Raw Minerals Act
Popular Post
- Europe revives mining to reduce dependence on the import of key raw materials, supply from Serbia as competitive choice
- Calcium Carbonate Industry, Reshaping the Market Growth, Serbian supplier to match European industrial demand
- What Are The Major Natural Resources Of Macedonia?
- Anglo Asian Mining PLC said the government of Azerbaijan granted it access to the Zangilan district
- Montenegro ore processing and export
- Finland’s government plans to introduce a new tax on minerals extracted by the mining industry
- GBC Oil takes over TransAtlantic Albania oil assets
- Canada Avala and Danube gold mining companies merge and join forces in exploration in Serbia
- Mawson Gold has received key planning and regulatory decisions
- Kyrgyzstan Kumtor gold output accounted for 9.7% of country’s GDP in 2017