Economy

Gov't to grant permits for Eldorado Gold's Olympias project this week

Gov't to grant permits for Eldorado Gold's Olympias project this week”

Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO). Concerns over the environmental impact of the company's operations have resulted in the government dragging its feet with some permits and other approvals for the expansion of its existing Olympias mine and the Skouries development project. "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". Seventy-eight percent of Eldorado's capital spending is dedicated to these two mines and they represent some of the company's lowest-cost operations.

Greece will grant Canada's Eldorado Gold outstanding permits for its Olympias project this week, its Energy Minister George Stathakis said on Wednesday.

"We do that all the time when we see that Canadian companies operating overseas are not treated fairly in light of the rights and the regulations in that country and I will remake that case to my counterpart over the phone", Champagne said.



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