20.7 C
Belgrade
22/05/2024
Mining News

Greece Larco Mining one step from closure

After entering receivership status in March to be sold to a private investor or declare bankruptcy, the Larco General Mining and Metallurgical Company is one step from closure.

The problematic state company suffers losses of $8,000 per ton of nickel output, and with a daily output of 15 tons, the company is posting losses of $120,000 every day.

Supported by

However, it has been paying some of its employees’ salaries normally associated with profit-making multinationals: There have been cases of workers who received handouts if they worked on their leave days, while one person collected handouts both as a director and as a supervisor.

Source: ekathimerini.com

 

 

 

Related posts

Rockfire’s exploration unearths promising results at Molaoi deposit in Greece

David Lazarevic

Reviving the ancient mines: Hellas Gold’s Skouries project financing journey

David Lazarevic

Unlocking Greece’s mineral wealth: Discovery of germanium and gallium deposits signals economic opportunity

David Lazarevic
error: Content is protected !!