Greek Gold Mine Strangled by Red Tape

A gold mine in Greece with potential to boost the economy is being held up by needless red tape, says Glory Resources (ASX:GLY), the Australian company behind it, CNBC reported.

As quoted in the market news:

Glory Resources invested in a mine in Thrace in northern Greece back in 2011 and is still fighting to get the required environmental and mining licenses to drill. Mining for gold produces on average between 2-3 grams of gold per tonne. Bontempo believes the Sapes mine could produce approximately 20 grams per tonne.

Having already spent $25 million, Bontempo says “they are seeking to invest a further $150m on development and exploration and hope to initially create over $1billion in value for all stakeholders” based on current surveys of the gold underground.

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