Eldorado receives permits for Greek gold mines exploitation

According to the Canadian Eldorado Gold Corp, the Greek government granted installation permits for both Skouries and Olympias gold mine projects on September 2, 2019.

Skouries and Olympians mines are located in Chalkidiki, Northern Greece. Construction activities in Skouries were paused in 2017 as a result of permit delays. However, Greece's newly-elected government has granted a permit which enables Eldorado to install electrical and mechanical equipment in the Skouries mine and to construct subsequent facilities.

According to estimates, Skouries mine contains about 115 tons of gold and 767,000 tons of copper. The mine will operate as an open pit and underground mine in the first time period and then only as an underground mine. Based on its reserves, exploitation will last for about 23 years.

Olympias mine is estimated to contain 127 tons of gold, 1970 tons of silver 693,000 tons of lead, and 921,000 tons of zinc.

The company stated that it is cooperating with Greece’s government in order to fully restart construction works in Skouries. According to Eldorado, a stable regulatory framework must be implemented and approval for the future projects must be granted. Moreover, the firm requested the approval to construct a dry-stack tailings facility in the mine.

"We are greatly encouraged with the engagement we’ve had to date with the Greek State and look forward to working constructively with the relevant Ministries. We believe the Skouries project offers significant value for our investors and benefits to the local communities and the Greek economy while adhering to the highest environmental standards,” Eldorado stated.

Currently, Eldorado's investment is considered one of the most crucial in Greece. The company operates 2 mines and has 2 additional evolving projects in the country.