Canada’s Eldorado Gold (TSX:ELD)(NYSE:EGO) has won a key battle in its ongoing row with Greece after an arbitration panel ruled in favour of the company’s plans to build a plant for treating Olympias and Skouries projects concentrates.
The panel’s verdict rejects the Greek government's motion that the technical study for the Madem Lakkos metallurgy plant was in breach of any agreements between the parts, Eldorado said.
The Vancouver-based firm stopped in November all development and investment in its Skouries gold project located in the country’s northern region of Halkidiki, as talks with authorities seemed stalled.
The miner also initiated legal actions against the government in order to enforce and protect its rights in Greece. The measures include three lawsuits against the Ministry of Energy and Environment for failing to issue routine installation permits, which Eldorado said caused unjustifiable delays to the development of Skouries.
In September, the gold miner had threatened to halt new investments in three of its key Greek projects — Olympias, Skouries and the Stratoni — unless the government granted it permits and showed a willingness to engage in talks.
As a result, Eldorado was almost immediately granted several of the pending permits, with Greek authorities saying they were open to engage in talks with the company. The miner then postponed its decision to leave the country, but warned it reserved the right to place its assets on care and maintenance and to take prompt legal action to protect both the company and its assets should negotiations proved unsuccessful.
More to come…
The post Arbitration panel backs Eldorado in row with Greece over processing plant appeared first on MINING.com.
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