Following the announcement last week that it planned to suspend investments in its Greek gold mining operations, Eldorado Gold said it has entered into “constructive dialogue” with the Greek Ministry of Energy and Environment (MoE) with respect to the development of Hellas Gold’s, Kassandra mine, located in Halkidiki. The Kassandra assets, which include the Skouries and Olympias projects and the Stratoni mine, were permitted under one single Environment Impact Study (EIS) approved in 2011 by the Greek state.
“We are very pleased with the constructive dialogue that is under way with the Ministry of Energy and Environment,” said George Burns, president and CEO of Eldorado. “Furthermore, last week, the ministry issued a number of long overdue routine permits for our Olympias project. As a result of these developments, we have decided to temporarily postpone our decision to place our assets in Halkidiki on care and maintenance.”
On Friday, September 15, MoE approved a technical study for the old Olympias mine closure and the installation permit for a paste plant at Olympias. Eldorado at the time said it was still waiting for the amended electromechanical installation permit for the Skouries flotation plant as well as other matters, including the relocation of antiquities at the Skouries site.
Burns said the company reserves the right to place its assets on care and maintenance and to take prompt legal action to protect the company and its assets in Greece should the dialogue with MoE prove unsuccessful. “We remain confident that the arbitration process initiated last week by the Greek government will be concluded in a timely and efficient manner,” he said.
