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Eldorado Gold suspending investments in Greek mines

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Canadian mining company Eldorado Gold, one of Greeces largest foreign investors, plans to suspend investment at its mines in Greece following what it says are government delays in the issuing of permits and licenses.


Eldorado, which runs Greek subsidiary Hellas Gold, was operating mines in northern Greece that have faced opposition from parts of local communities on environmental grounds, with protests often turning violent.


Eldorado said in an announcement Monday it would continue maintenance and environmental safeguards but would make no further investment in three mines in the Halkidiki area of northern Greece and two projects in the northeastern province of Thrace.


"Despite repeated attempts by Eldorado and its Greek subsidiary, Hellas Gold, to engage constructively with the Greek government, the Ministry of Energy and Environment ... and other government agencies, delays continue in issuing routine permits and licences for the construction and development of the Skouries and Olympias projects in Halkidiki, northern Greece," the company said. "These permitting delays have negatively impacted Eldorados project schedules and costs, ultimately hindering the Companys ability to effectively advance development and operation of these assets."

The company, which employs more than 2,000 people in Greece, said the "suspension and termination of contractors and employees" would be done according to Greek law.

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