Eldorado jumps after work resumes at Greek project
Eldorado Gold Corp. (TSX/NYSE:ELD) jumped more than 3% on Tuesday after announcing Greece's top administrative court had revoked a provisional order issued on June 29 which suspended the surface clearing activities of Hellas Gold, a 95%-owned subsidiary of Eldorado, in Halkidiki, Greece.
By mid-afternoon the Vancouver-based miner was trading up 3.3% at $10.29 on the Toronto big board, after reaching a high of $10.48 shortly after the open. The mining sector was generally weak on the day with the TSX S&P Global Mining index down more than 1%.
CEO Paul Wright said in a statement "with planned investments of approximately US$1.0 billion over the next five years we expect to more than double our current labor force in Greece, not to mention the numerous indirect jobs that will be created and other spin-off benefits."
The $7.3 billion company with operations in Turkey, China, Brazil, Greece and Romania is still showing losses for 2012 – it is down 26% year to date. The company is targeting 1.7 million ounces of annual production within five years.