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UPDATE 2-Greek judges annul government ban on Eldorado's mining licence

Published 2015-11-02, 01:37 p/m
© Reuters. UPDATE 2-Greek judges annul government ban on Eldorado's mining licence
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(Adds statement by court president in paragraph 4)
ATHENS, Nov 2 (Reuters) - Greece's top administrative court
ruled by majority it would annul a government decision which
revoked Canada's Eldorado Gold ELD.TO mining licence in
northern Greece, court officials said on Monday.
The Vancouver-based gold miner ELD.TO had appealed to
Greece's top court to overturn a ban on its plans to develop a
gold mine 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 court ruled that the reasons cited by the energy
ministry to suspend Eldorado's licence - of failing to carry out
laboratory safety tests in Greece - was not sufficient to revoke
its permit," a court official said on Monday.
Although court officials said the majority of the judges
ruled in favour of overturning the government decision on
Eldorado, a statement from the President of the Court later said
consultations on the matter would continue.
Eldorado has put in more than $600 million since 2012 and
plans to invest another $1 billion in its quest for gold, copper
and zinc in Halkidiki.
But Greece's left-wing government revoked its permit in
August, saying that the tests for a so-called flash-melting
method the company will use to ensure that there will be no
environmental damage did not take place on the spot but outside
Greece.
Eldorado then suspended all its activities at the mine and
made two thirds of its 1,300 workers temporarily redundant but
resumed work after a favourable temporary court ruling last
month.

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