Two permits received from Energy Ministry is ‘positive step forward’, says Eldorado Gold

Two permits received from Energy Ministry is ‘positive step forward’, says Eldorado Gold

Eldorado Gold has confirmed it received on Wednesday two permits from the Ministry of Energy and Environment for the Olympias mining site, describing the development as a “positive step forward”.

The ministry issued an operating permit for the Olympias site – which is valid for a period of three years from the date of issue – and the modified electromechanical installation permit for the tailing management facility at Kokkinolakkas.

George Burns, President and CEO for Eldorado Gold commented on the issuing of the two permits, saying“this is a positive step forward; however, we are still waiting on other permits. Open dialogue with the government would be the company’s preference rather than legal recourse and arbitration but we are confident that any potential arbitration will again demonstrate Eldorado’s adherence to all applicable laws and regulations and its commitment to developing its Greek assets safely, responsibly and with utmost care for the environment”.

The outstanding permits, according to Eldorado Gold, concern approval of the technical study for the old Olympias mine closure and the Installation permits for the paste plants at Olympias, the amended electromechanical Installation permit for the Skouries flotation plant, as well as other matters including, but not limited to, the relocation of antiquities at the Skouries site.

“Eldorado is confident that any potential arbitration will again demonstrate the company’s adherence to all applicable laws and regulations,” the mining company has stated, adding that they are also awaiting additional details from the Greek government regarding the pending arbitration process, which the government has publicly indicated that formal notification will be issued on 15 September, 2017.

Eldorado claims they“will then be in a position to re-assess its investment options in Greece”after the company receives all its permits and more clarity around the arbitration process./IBNA