Why Eldorado Gold is pulling out of Greece
The Canadian miner is to place projects on care and maintenance as uncertainty drags down share price
Athens — Canada’s Eldorado Gold said on Monday that it would suspend investment at its Greek mines and development projects, blaming regulatory hurdles for halting one of the biggest investments in Greece since the country’s debt crisis. Citing delays in permits from the Greek government, Eldorado said no additional investment would be made into the Olympias and Skouries projects and the Stratoni mine, which has been operational, in Greece. It will place all its projects on care and maintenance from September 22. The Skouries mine on the Halkidiki peninsula in northern Greece, a landscape of pristine beaches and lush forests, has long been a flashpoint with the authorities and a test of Greece’s resolve to push ahead with foreign investments. Differences have lasted for years over testing methods applied to comply with environmental regulations and the project has provoked violent protests by locals who fear it will destroy the environment and Halkidiki’s tourist riches. In announci...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.