Canadian miner Eldorado Gold (TSX:ELD) (NYSE:EGO) will resume work at its Skouries mine, one of four Greek major operations where the firm is involved, following an approval of its updated technical study by the Ministry of Energy and Environment.
The Vancouver-based miner had been awaiting a licence for project in Halkidiki, a forested area in northern Greece, for over a year. But more than a year of confrontations with the government and some locals, which included demonstrations, as well as permits being revoked and delayed multiple times, droved Eldorado to halt development in January.
The company’s president and chief executive, Paul Wright, welcomed the news. “I believe there now exists a greatly improved shared understanding, appreciation and alignment between the company and the ministry in regards to the substantial benefits to be gained by the Greek society and economy through the collaborative responsible development of mineral resources in Greece,” he said in a statement.
Eldorado is not the first miner to struggle in Greece. In the 1990s, the Skouries and Olympias projects belonged to TVX Gold Inc., which failed to develop them because of local opposition.
The gold miner had said it believed it could do better, in part because of its experience in developing mines in both neighbouring Turkey and China.
Currently the company employs 2,000 workers in an area with an unemployment rate above 30%.
More to come…
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