Eldorado defers decision to halt operations in Greece as talks with Gov’t begin

Canada's Eldorado Gold’s (TSX:ELD)(NYSE:EGO), Greece’s biggest foreign investor, is temporarily postponing its decision to halt operations and investment in the country as it begins talks with the government.

"We are very pleased with the constructive dialogue that is underway with the Ministry of Energy and Environment,” chief executive George Burns said in the statement. “[However] we preserve the right to place our assets on care and maintenance and to take prompt legal action to protect the company and its assets in Greece should our dialogue with the Ministry of Energy and Environment prove unsuccessful.”

The Vancouver-based company warned last week it would halt new investment and operations in Greece from Sept. 22, unless the country granted it permits and showed willingness to engage in constructive talks.

The company, which employs about 2,400 people in the country including permanent staff and contractors, noted at the time that if the shutdown took place all but 300 workers responsible for maintaining mining facilities would be laid off.

Eldorado’s announcement comes just a few hors after hundreds of Greek miner fearing job losses marched through Athens on Thursday, holding signs that said  "YES to mines, NO to unemployment,” according to Greekreporter.com.

More to come…

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