Eldorado Gold Places Skouries on Care and Maintenance

New Eldorado Gold Corp.’s Skouries development project has been moved into care and maintenance. According to the company, while dialogue has continued with Greece’s Ministry of Energy and Environment (MoE) regarding the development of the company’s subsidiary Hellas Gold S.A.’s, Kassandra mine assets in Halkidiki, Northern Greece, the MoE has failed to issue the amended electromechanical installation permit for the Skouries flotation, plant as well as other matters, including the relocation of antiquities at the Skouries site.

The company said it has filed three lawsuits with the Council of State requesting judicial protection against the ministry’s failure to issue routine installation permits, resulting in unjustifiable delays to the development of the Skouries facilities. The company also filed a petition for non-compliance of the ministry with a previous decision granted by the council.

“Although we have made good progress on the Olympias mine, we require the necessary permits and government support prior to investing further in Skouries,” said George Burns, Eldorado’s president and CEO. “As a consequence, we are now taking the necessary legal action to enforce the company’s rights while continuing efforts to resolve outstanding matters through ongoing dialogue.”

The company said it will reassess its investment in the Skouries project upon approval and receipt of the required permits, coupled with a supportive government open to discussions regarding the use and implementation of best available technologies.

Olympias Phase I progress on historical tailings cleanup continues. The rampup to commercial production at Olympias Phase II during the quarter demonstrates the company’s commitment to high environmental standards and long-term partnership with communities, Eldorado said. Early indications from exploration drilling at Stratoni to extend the mine life are positive, Eldorado said.

As featured in Womp 2017 Vol 12 - www.womp-int.com