On Tuesday, 3 September, Eldorado Gold Corporation announced that it received electromechanical installation permits for its Skouries project and an installation permit for its Olympias mine from the Greek Ministry of Energy and Environment. In addition, Eldorado’s permit for its Olympias mine allows for installation of an upgraded electrical substation and construction of support facilities.
Eldorado is a Canadian-based gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania, Serbia, and Brazil. The permits given by the Greek government will allow Eldorado to install mechanical and electrical equipment in the Skouries mine, which halted construction in November 2017.
Skouries is a high-grade gold-copper porphyry project which has reserves of 3.7 million ounces of gold and 1.7 billion pounds of copper.
Eldorado explained that it is working with the Greek government to create a stable regulatory framework and assurances that will provide appropriate foreign direct investor protection and dispute resolution. Moreover, Eldorado wants approval for subsequent permits and technical studies.
Eldorado’s planned investment in Greece is one of the largest. The company said it is also seeking approval to build a dry-stack tailings facility at the project. Capital expenditure for asset protection works is estimated to be approximately $ 5 million.
NavInvest Greece provides detailed analysis of economic, financial and business conditions in Greece via due diligence studies, business planning, financial analysis and modelling and merger & acquisition support. For further information on investments and entrepreneurship in Greece, please contact us.
Photo (c) Eldorado Gold
Source: Eldorado Gold, Sep 03, 2019