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Eldorado scores legal win over disputed Greek goldmine project

Published 2015-08-27, 07:01 a/m
© Reuters. Eldorado scores legal win over disputed Greek goldmine project
ELD
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ATHENS, Aug 27 (Reuters) - A top court in Greece ruled on
Thursday in favor of Canada's Eldorado Gold ELD.TO over its
disputed goldmine project in the north of the country, though
the project was expected to remain on ice for the time being, a
company executive told Reuters.
The decision comes after Prime Minister Alexis Tsipras's
leftist government announced last week that it was halting the
$1 billion gold mine project run by Eldorado, one of the biggest
foreign investments in the country, arguing that the company had
violated contractual terms.
Eldorado halted its operations at the goldmine in Halkidiki
region as a result and put most of its 2,000 employees on
suspension.
Eldorado's country manager for Greece Eduardo Moura said on
Thursday that the court ruled in favor of Eldorado after the
company filed a lawsuit in April against Greek authorities on
issues including a flash-melting technical study.
"The ruling in favor of (Eldorado subsidiary) Hellas Gold is
the result of a lawsuit we filed months ago," Moura said.
"It doesn't allow us to start activities in Halkidiki but it
undermines the argument that the ministry used to revoke our
permits," he added.

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