Eldorado Restarts Construction of Greek Gold Mine

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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Eldorado Gold Corporation (NYSE:EGO) (Vancouver, British Columbia) is set to restart work at its Skouries goldproject in Halkidiki in northern Greece, which was shut down due to conflict with Greek authorities in January.

The company's Greek subsidiary, Hellas Gold, has received approval for an updated technical study for the project from Greece's Ministry of Energy and Environment. Construction of the project ground to a halt earlier this year after a year of ongoing battles between Eldorado and the Greek government related to delays in receiving permits and the revoking of other licences. For additional information, see January 14, 2016, article - Eldorado Halts Gold Mining Project in Greece.

Paul Wright, president and chief executive officer of Eldorado, commented: "We are all very pleased with the receipt of this approval and greatly encouraged by the ongoing interaction between Hellas Gold and the Ministry and its technical services. This constructive engagement has contributed to other recent approvals including the Skouries Building Permit (February 2016), and the Olympias Installation Permit (March 2016). 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. We look forward to working together with the Ministry to advance the Skouries and Olympias Projects for the benefit of all stakeholders."

Eldorado has already invested more than $300 million in the Skouries mine, which has a projected output of 150,000 ounces per year (Oz/yr) of gold and 30,000 tonnes per year (T/yr) of copper. The mine will have an expected lifespan of 27 years, and the company claimed it could be worth more than $500 million per year to Greece in export revenues from next year. The mine employs 2,000 workers, with another 1,000 jobs promised by 2020.

In related news, Eldorado announced last week that it was exiting China after 11 years, selling its stakes in two mines and one development project to Yintai Resources Co Ltd for $600 million.

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