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UPDATE 1-Eldorado Gold wins appeal over Greek mining ban

Published 2016-01-20, 12:06 p/m
© Reuters. UPDATE 1-Eldorado Gold wins appeal over Greek mining ban
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ATHENS, Jan 20 (Reuters) - Greece's top administrative court
has annulled the government's decision last year to revoke
Eldorado Gold's ELD.TO mining licence, according to court
documents published on Wednesday.
The Canadian mining company had appealed to Greece's top
court to overturn the ban on its plans to develop gold mines in
a forested area of northern Greece, in a case widely seen as a
test of the leftist government's approach to foreign investment.
The majority of the court's judges ruled in favour of
Eldorado in November, but a final ruling was pending.
Eldorado has put in about $700 million since 2012 and
planned to invest another $1 billion to develop two mines at
Skouries and Olympias sites in Halkidiki.
But Greece's government revoked its permit in August, saying
the tests for a so-called flash-melting method the company
planned to use to ensure there would be no environmental damage
did not take place on the spot, but rather outside Greece.
Tensions between the two sides came to a head last week,
when Eldorado said Greece had been delaying the necessary
permits and announced it would suspend construction at the
Skouries project, putting more than 600 jobs at risk.
It warned it would do the same at its Olympias mine, risking
another 500 jobs in northern Greece, if it didn't secure
necessary permits by the end of March.
Greece's energy minister has asked the firm to reverse its
decision and safeguard jobs as a condition for the two parties
to continue talks.

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