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Eldorado Gold freezes operations at Skouries

Featured Eldorado Gold freezes operations at Skouries

The Eldorado Gold Canadian Group has announced that it is putting the  Skouries goldmining works in Chalkidiki on freeze.

This is not the first time, the company has announced a halt to operations, only to resume. However, the move does put a damper on any investors who would speculate on investing in Greece, at least under this government that seems to be placing obstacles at every turn for ventures. 

As stated in the relevant announcement of the group, "despite the fact that the dialogue with the Ministry of Environment and Energy has continued, this has not proceeded to the issuing an amendment of the installation of electromechanical equipment of the enrichment plant in Skouries,while other issues have not been dealt with, including the relocation of antiquities. "

"The company will reassess its investment in the Skourie's works after approving and receiving all the necessary permits for the Skouries project in combination with the existence of a relationship of cooperation and dialogue with the Greek government on the use and application of the best available practices and technologies," and added that "the company has appealed for legal remedies in order to secure its legal rights in Greece ".

In particular, "these instruments concern three appeals before the Council of State against the Ministry of Environment and Energy," with which the company "seeks judicial protection against the refusal of the Ministry to proceed with the issuance of required routine licenses. Refusal, resulting in undue delays in further development of Skurias activity. "

Also, "the company filed with the Council of State an application against the Ministry of Environment and Energy for non-compliance with an earlier Supreme Court ruling".

So far, sources from the Ministry of the Environment and Energy said that as long as the arbitration process is going on, they will not make any comments.