Investing.com - Financial Markets Worldwide
💙 🔷 Not impressed by Big Tech in Q3? Explore these Blue Chip Bargains insteadExplore for free

UPDATE 1-Eldorado Gold suspends much of its mine construction in Greece

Published 2016-01-11, 05:51 p/m
© Reuters. UPDATE 1-Eldorado Gold suspends much of its mine construction in Greece
ELD
-

(Adds more details on suspensions, background)
Jan 11 (Reuters) - Canadian miner Eldorado Gold Corp
ELD.TO on Monday said it was suspending much of its mine
construction and development in Greece after a year of
confrontations with the Greek government that included permits
being revoked and delayed by the state.
Eldorado said it would suspend construction at its Skouries
project and warned that it would do the same at its Olympias
project if it did not receive a permit by the end of March. It
has halted development work its Perama Hill and Sapes projects
but could restart at a later date.
It is also considering whether to halt future expansion of
its Stratoni mine, which has around three years of life left.
Eldorado said in a statement that it would prefer to create
more jobs and carry on with construction and development in
Greece.
"However, we have a duty to all our stakeholders and the
significant time and process risks created by Greece's Ministry
of Energy and Environment have left us with no choice but to
reduce activities and personnel," Eldorado Chief Executive
Officer Paul Wright said.
Eldorado has created around 2,000 direct jobs in Greece, it
said. It did not say how many jobs would be affected by its
reduction in activities.
Eldorado's Greek assets make up about 30 percent to 40
percent of the Vancouver-based miner's net asset value,
according to analysts' estimates. Its stock is down 40 percent
in the last 12 months, largely due to its problems in Greece.
It has invested more than $300 million in the Skouries
project.
The company will hold a press conference in Athens at 11
a.m. local time (0900 GMT) on Tuesday and a conference call at 8
a.m. EST (1300 GMT).

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.