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UPDATE 1-Eldorado Gold gets permit for Olympias mine in Greece

Published 2016-03-22, 10:28 a/m
© Reuters. UPDATE 1-Eldorado Gold gets permit for Olympias mine in Greece
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ATHENS, March 22 (Reuters) - Canadian miner Eldorado Gold's
ELD.TO Greek unit Hellas Gold has been granted a license by
Greece's environment ministry for its Olympias mine, it said on
Tuesday, removing a hurdle to develop its project in the north
of the country.
The Vancouver-based miner had been in a dispute with the
Greek government over plans to develop gold mines in a forested
area in northern Greece, with the leftist government voicing
environmental concerns over the project.
The government revoked Eldorado's permit in August over
environmental tests on the project but Greece's top
administrative court annulled the government's decision in
January.
Tensions came to a head that month, when Eldorado said
Athens was delaying the necessary permits and halted
construction of its Skouries mine in Halkidiki. It warned it
would do the same at its Olympias mine if it did not secure
necessary permits by the end of March.
The permit granted on Tuesday allows Eldorado to set up a
processing plant in Olympias, which is crucial for the
development of the mine.
"The project can now continue so that from the first quarter
of 2017 the ore that will be produced at the mine will be
processed at the Olympias facility," Hellas Gold said in a
statement.
Hellas Gold is still awaiting another licence for the
Skouries mine, which will determine whether construction work
will restart at the site. Eldorado halted the Skouries project
in January, laying off some 500 workers.
It has invested about $700 million to develop the Skouries
and Olympias mines since 2012 and plans to invest another $1
billion in the projects.

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