Eldorado Gold says two permits received from ministry is ‘positive step forward’

Eldorado Gold confirmed on Wednesday it received on Wednesday two permits from the ministry of energy and environment for the Olympias mining site, noting it is a “positive step forward”.

The ministry issued an operating permit for the Olympias site and the modified electromechanical installation permit for the tailings management facility at Kokkinolakkas. The Olympias operating Permit is valid for a period of three years from the date of issue.

“This is a positive step forward; however, we are still waiting on other permits. 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,” said George Burns, President and CEO for Eldorado Gold.

Eldorado said that the outstanding permits concern approval of the technical study for the old Olympias mine closure and the Installation permits for the paste plants at Olympias, the amended electromechanical Installation permit for the Skouries flotation plant, as well as other matters including, but not limited to, the relocation of antiquities at the Skouries site.

The company said it is also awaiting additional details from the Greek government regarding the pending arbitration process, which the government has publicly indicated that formal notification will be issued on 15 September, 2017. “Eldorado is confident that any potential arbitration will again demonstrate the company’s adherence to all applicable laws and regulations,” it said.

Eldorado said after the company receives all its permits and more clarity around the arbitration process it “will then be in a position to re-assess its investment options in Greece”.