Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

BRIEF-Eldorado Gold to suspend all its mining and development activities in Halkidiki

Published 2015-08-20, 06:59 p/m
© Reuters.  BRIEF-Eldorado Gold to suspend all its mining and development activities in Halkidiki
ELD
-

Aug 20 (Reuters) - Eldorado Gold Corp ELD.TO :
* Provides Greece update
* Confirms unit to to suspend all its mining and development activities in Halkidiki, northern Greece, commencing week of August 24
* Suspension is direct result of revocation by Greece's ministry of energy of technical studies of its projects in Halkidiki
* Hellas Gold taking legal action against decision of Ministry of Energy, including filing of injunction request before Council of State
* Says at this point, Eldorado is unable to provide guidance with respect to timing of any potential court decision
* To continue to perform essential environmental protection works at its three sites in Halkidiki - Stratoni, Skouries, and Olympias
* Hellas Gold would be left with no option but to terminate employees if the permits were not reinstated"
* Estimates 5,000 direct and indirect jobs have been created in Greece as a result of its mineral investment in the country
* Cannot and will not continue to allocate expenditures to projects in Greece while the Ministry of Energy is openly hostile to co's activities
* Hellas Gold will be forced to suspend majority of its employees in Greece for up to 3 months on terms accordance with Greek labor legislation
* Currently, Hellas Gold and its contractors employ 2,000 persons directly in Halkidiki"
* Source text for Eikon ID:nPn5TwTcX
* Further company coverage ELD.TO

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.