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Eldorado says reviewing Greek decision on Skouries gold mine

Published 2016-05-06, 03:56 p/m
© Reuters. Eldorado says reviewing Greek decision on Skouries gold mine
ELD
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TORONTO, May 6 (Reuters) - Eldorado Gold Corp ELD.TO has
received a decision from Greece on a technical study for the
Canadian miner's stalled Skouries gold project there, it said on
Friday, but the company declined to disclose the details until
the document had been translated and reviewed.
Eldorado is awaiting a license for the mine in Halkidiki, a
forested area in northern Greece, to determine whether to
re-start construction. After years of confrontation with the
government over environmental concerns, Vancouver-based Eldorado
halted development in January, saying the government had been
delaying necessary permits.
An official with the Greek energy ministry said in an
interview on Friday that it had approved an amended technical
study for Skouries to ensure that workers are safe from
asbestos.
An RBC Capital Markets note on Friday cited a Bloomberg
report that said Eldorado had won approval from the Ministry of
Environment and Energy, but noted the article did not indicate
if additional approvals were required.
"While we expect Eldorado's shares to react positively to
the reports, we note that the company has not provided a formal
press release at this time and we believe caution is warranted
given previous starts and stops in Greece," RBC analyst Don
Rollins wrote.
Eldorado shares rose nearly 6.5 percent to C$5.31 on the
Toronto Stock Exchange late Friday afternoon.

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