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Reuters reported that Eldorado Gold Corp.’s (TSX:ELD,NYSE:EGO) Greek unit has been granted a license for its Olympias mine. The company has been having trouble moving forward at that mine, as well as the Skouries mine, and the license removes a key hurdle.
Reuters reported that Eldorado Gold Corp.’s (TSX:ELD,NYSE:EGO) Greek unit has been granted a license for its Olympias mine. The company has been having trouble moving forward at that mine, as well as the Skouries mine, and the license removes a key hurdle.
As quoted in the market news:
The Vancouver-based miner had been in a dispute with the Greek government over plans to develop gold mines in a forested area in northern Greece, with the leftist government voicing environmental concerns over the project.
The government revoked Eldorado’s permit in August over environmental tests on the project but Greece’s top administrative court annulled the government’s decision in January.
Tensions came to a head that month, when Eldorado said Athens was delaying the necessary permits and halted construction of its Skouries mine in Halkidiki. It warned it would do the same at its Olympias mine if it did not secure necessary permits by the end of March.
The permit granted on Tuesday allows Eldorado to set up a processing plant in Olympias, which is crucial for the development of the mine.
“The project can now continue so that from the first quarter of 2017 the ore that will be produced at the mine will be processed at the Olympias facility,” Hellas Gold said in a statement.