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Gold Unit Construction To Begin In 2012

The construction of a process and production unit of gold will launch next year in Chalkidiki, was told. The financing of Cassandra Mines is secured after a deal with Qatar Holdings, while the investors of European Goldfields and Hellas Gold aim to begin the exploitation of gold and precious metals in northern Greece in 2012. 

In this context, European Goldfields, which holds 95% of Cassandra Mines, has launched an international tender to appoint a contractor to build a process unit in Skouries, one the project’s three mines. 

The interest of domestic and foreign construction groups is significant, with the construction section of Ellaktor group, which holds 5% of the project, having first right refusal.

The contractor is planned to begin works in early 2012. 

The time plan in Olympiada Mine is on track, and the gold production is expected to begin in 2012. 

The project in Stratoni Mine has advanced, as in Q3’11, Hellas Gold produced 10,999 tonnes of concentrated zinc and 13,939 tonnes of concentrated lead, which includes silver, according to the company. 

The operation in Stratoni raised $16 million revenue, with gross profits of $4.8 million, according to the published financial results of the Canadian group. However, Hellas Gold reported net losses before taxes of €2.6 million.

According to the latest revised forecasts by European Goldfields, the total reserves in Skouries and Olympiada are estimated at 23.8 million ounces of gold. 

The value of the investment amounts to €8-12 billion for the entire 30-year period of operation and construction of the project, while 1,500 and 5,000 people would be employed primarily and secondarily respectively.
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