Greece kicks off arbitration process over Eldorado Gold’s project

Eldorado Gold (TSX:ELD)(NYSE:EGO) will face Greek officials in an arbitration court this month as the country's government sees the move as the preferred way to settle its differences with the Canadian miner.

Licensing for Olympias is in the final stage, while permits for Skouries — the most contentious one — are pending.

The country’s Energy Minister George Stathakis met representatives from Eldorado's local unit Hellas Gold in Athens on Wednesday to discuss the process and issues related to the miner’s projects in northern Greece, the ministry said in a statement (in Greek).

The Vancouver-based company, which already operates Stratoni mine in the country’s north, has been trying to develop the Skouries and Olympias projects for years, but local opposition and an ongoing back-and-forth with authorities have delayed its progress.

The biggest differences between the company and Greek authorities revolve around testing methods applied to comply with environmental regulations at Skouries whose final permits are still pending.

Licensing for the company’s Olympias project is in the final stage and Eldorado had said it expects to begin production at the gold, silver, zinc and lead mine before year-end.

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