Canadian gold mining company Eldorado Gold announced Thursday that it would temporarily postpone its plan to suspend work on its Greek gold mines, while awaiting the results of the dialogue with the Greek state regarding a dispute over operating licenses.
Hellas Gold, Eldorado's subsidiary, will continue operating its gold mines in Halkidiki peninsula in northern Greece, Greek national news agency AMNA reported.
The Canadian company withdrew the warning it had made earlier this September that it would cease all activities from Sept. 22, citing long delays in getting the necessary operating licenses.
"We are very pleased with the constructive dialogue that is underway with the ministry of energy and environment. Last week, the ministry issued a number of long overdue routine permits for our Olympias project," said George Burns, president and chief executive officer of Eldorado, according to a company press release.
Eldorado's announcement came as about 1,000 workers marched in central Athens to protest against the delays in the licensing process which put jobs at stake.
In addition to the issuance of some licenses, last week, the arbitration process began between the Greek state and the company regarding the still-pending permits for a facility at Skouries, one of the project's sites.
The government referred to the State Council, Greece's supreme administrative court, to resolve the issue, explaining that the process was foreseen by the concession agreement.
In a statement issued a few days ago, Greek environment and energy minister Giorgos Stathakis argued that the licenses the gold mining investors requested had not been granted because contractual obligations had not been met.
The Greek official cited concern over the "environmental and ecological footprint that would affect the health of residents and the economic activities of the wider region".
The arbitration process between the Greek state and the company is expected to last up to six months, according to ministry sources.
Hellas Gold, Eldorado's subsidiary, will continue operating its gold mines in Halkidiki peninsula in northern Greece, Greek national news agency AMNA reported.
The Canadian company withdrew the warning it had made earlier this September that it would cease all activities from Sept. 22, citing long delays in getting the necessary operating licenses.
"We are very pleased with the constructive dialogue that is underway with the ministry of energy and environment. Last week, the ministry issued a number of long overdue routine permits for our Olympias project," said George Burns, president and chief executive officer of Eldorado, according to a company press release.
Eldorado's announcement came as about 1,000 workers marched in central Athens to protest against the delays in the licensing process which put jobs at stake.
In addition to the issuance of some licenses, last week, the arbitration process began between the Greek state and the company regarding the still-pending permits for a facility at Skouries, one of the project's sites.
The government referred to the State Council, Greece's supreme administrative court, to resolve the issue, explaining that the process was foreseen by the concession agreement.
In a statement issued a few days ago, Greek environment and energy minister Giorgos Stathakis argued that the licenses the gold mining investors requested had not been granted because contractual obligations had not been met.
The Greek official cited concern over the "environmental and ecological footprint that would affect the health of residents and the economic activities of the wider region".
The arbitration process between the Greek state and the company is expected to last up to six months, according to ministry sources.
Latest comments