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Earlier this week, Eldorado Gold Corp. (TSX:ELD,NYSE:EGO) announced plans to halt activity at most of its mining operations in Greece. According to Reuters, the Greek government has now asked the company to reverse that decision.
Earlier this week, Eldorado Gold Corp. (TSX:ELD,NYSE:EGO) announced plans to halt activity at most of its mining operations in Greece.
According to Reuters, the Greek government has now asked the company to reverse that decision — Greece would like Eldorado to “safeguard jobs as a condition for the two parties to continue talks on the country’s biggest foreign investment.”
As quoted in the market news:
The Vancouver-based miner has been in a dispute with the Greek government after Energy Minister Panos Skourletis in August revoked the company’s permit to further develop its Skouries mine in a forested area of northern Greece on environmental concerns.
The case is widely seen as a test of the leftist government’s approach to foreign investment.
On Monday Eldorado said it would suspend construction at the Skouries project, putting more than 600 jobs at risk. It also warned it would do the same at its Olympias mine, risking another 500 jobs in northern Greece, if it didn’t secure necessary permits by the end of March.
Skourletis met Eldorado CEO Paul Wright on Wednesday.
“I told him that a condition for any talks from now own is the company taking back its decision,” the minister said after the meeting.
“We can’t discuss while being blackmailed,” he said.