Mining giant Eldorado Gold announced on Monday that it will suspend its operations in Greece, following what it called three months of unsuccessful negotiations and talks with the relevant energy and environment ministry.
By L. Kalamara
[email protected]
Mining giant Eldorado Gold announced on Monday that it will suspend its operations in Greece, following what it called three months of unsuccessful negotiations and talks with the relevant energy and environment ministry.
The multinational's subsidiary in Greece, Hellas Gold, has long complained that the licensing process for its major unit at the Olympiada site in northern Halkidiki prefecture is being unduly delayed, while it cannot even reach an agreement with the government side on what to refer to arbitration regarding its other high-profile sub-project in the same area - the controversial Skouries investment.
Both the Canadian parent company and its Greek subsidiary have charged that the leftist-rightist coalition government's statements and actions are inconsistent with the course of a major industrial investment, adding that this attitude is costing the company time and money.
The decision means a suspension of operations at the active mines operated by Hellas Gold, its processing units and exploration efforts.