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Eldorado Gold to reconsider pulling out of Greece.

Last month, Eldorado Gold announced that it would be pulling all investment from its significant operations in Greece, due to major delays in mining per...

Dale Benton
|Sep 22|magazine5 min read

Last month, Eldorado Gold announced that it would be pulling all investment from its significant operations in Greece, due to major delays in mining permits and a fractured relationship with the Government.

Now, the company has announced that it has entered into “constructive dialogue” with the government, following the granting of a number of permits in light of the news.

George Burns, President and Chief Executive Officer of Eldorado, commented: "We are very pleased with the constructive dialogue that is underway with the Ministry of Energy and Environment.  Furthermore, last week the Ministry issued a number of long overdue routine permits for our Olympias project.  As a result of these developments we have decided to temporarily postpone our decision to place our assets in Halkidiki on care and maintenance."

Mr. Burns concluded: "We preserve the right to place our assets on care and maintenance and to take prompt legal action to protect the Company and its assets in Greece should our dialogue with the Ministry of Energy and Environment prove unsuccessful.  At the same time, we remain confident that the arbitration process initiated last week by the Greek government will be concluded in a timely and efficient manner, for the benefit of all stakeholders."

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The initial announcement to cease all investment came in light of recent failed attempts to “engage constructively” with the Greek government, the Ministry of Energy and Environment, and other government agencies, delays continue in issuing routine permits and licences for the construction of two of its flagship projects in Greece.

In a statement, the company noted that the permitting delays have “negatively impacted Eldorado’s project schedules and costs,” and has prevented the company from developing the Skouries and Olympias projects in Halkidiki, northern Greece.