Eldorado digs in for the long haul in Greece !
Globe says Eldorado digs in for the long haul in Greece
2016-11-30 07:14 ET - In the News
The Globe and Mail reports in its Wednesday edition that the development of Eldorado Gold's mining projects in Greece have been exercises in misery. The Globe's Eric Reguly writes that in 2012, the Skouries mining site in Greece was besieged by protesters who said the mine would be an environmental disaster.
A year later, the site was firebombed. In mid-2015, the new, far-left Syriza government revoked the permits that Eldorado needed to put Skouries into production and the project was suspended. Today, after striking peace agreements with the Syriza government, Eldorado is sinking more than $1-billion (U.S.) into three projects in Greece, dominated by Skouries, that will drive the company's growth in the next decade.
Propelled by the Greek mines, Eldorado expects to produce more than 800,000 ounces of gold in 2020, up 110 per cent from forecast production in 2017.
Chief executive officer Paul Wright says: "We've been through a very tiring, energy-sapping period in our history. But now the majority of the permitting process is behind us. The government, we now believe, recognizes the necessity for job creation and growth in Greece, and these projects help achieve that goal."