Crucial next two weeks for gold mining project in Chalkidiki

The next one or two weeks will be crucial for the future of a gold mining investment project in Chalkidiki, Athanasios Kefalas, president of the Greek Mining Enterprises Association said
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Addressing an event organized by the Association, Kefalas said that Eldorado has an 1.0 billion euro investment pending and as a result it has lost 2.5 billion dollars from its capitalization in the last 2-3 months, while a new management of the company is expected to take new action. The Greek state has resorted to arbitration against the company for the investment project in Chalkidiki.

Kefalas acknowledged there were difficulties in the project and reminded that the Greek state began gold mining operations in the area in the 1980s before seeking private investors to continue the project. He added that the Greek state has never stated it was opposed to the investment and noted that modern technology allowed the co-existense of mining operations with other activities such as tourism. He underlined that the investment project was licensed and that there were 16 decisions in favour by the State Council.