The verdict, however, doesn't allow the company to resume operations at its gold-copper Skouries mine.
Eldorado Gold Corp Mining News
More demonstrations are expected Monday, as mine workers rally near the Canadian company's mines.
The company warned it would take authorities to court after Greece’s energy ministry halted production at the company’s Skouries gold and copper mine.
The government is suspending activity at Eldorado's Skouries mine, saying the company has violated some terms.
This month Eldorado dropped 16% to $4.03.
It revoked a 2013 ruling blocking the miner's plans to build a key processing plant at is Skouries gold-copper mine in the country's north.
About 4,000 people protested Thursday in Athens against the government decision to revoke Canada's Eldorado Gold Corp.'s licence to develop a gold mine in Skouries.
The company said it has been blocked from completing construction of a processing plant at the site.
But it is going ahead with a thorough review of permits related to a proposed processing plant at the site.
The company's Skouries project is one of the biggest foreign investments in Greece.
The company has been on the news since 2011 due to its developmental projects in Greece under its subsidiaries, Hellas Gold and Thracean Gold Mining.
The company's Perama Hill project still needs approval to begin construction, while its larger Skouries project keeps facing opposition.
Other mining industry employees also did quite well.
Eldorado's vice-president, Nancy Woo, says opponents’ concerns are unfounded, as the gold mine will follow all the essential European Union and Greek environmental rules.
The company, with operations in Turkey, China, Greece, Romania and Brazil, plans to produce close to 705,000 to 760,000 ounces in 2013, up from 656,324 ounces in 2012.
Close to 40 masked intruders stormed into the Skouries project's facilities, causing extensive damage with firebombs and flammable liquid.
Citizens’ groups, backed by the radical leftist party Syriza that is now the second largest group in parliament, have been trying to wreck the project since 2011, when Eldorado was granted its exploration licence.
Despite ongoing opposition, Canada’s Eldorado Gold Inc. is gearing up to start production at its 95%-owned Hellas Gold Mine in Greece, as authorities reportedly have woken up to the potential of the country’s mining industry.
The report includes updates on drilling projcets in Turkey, China and Greece.
Gold miners were caught in an ugly slide in the S&P/TSX Composite Index today, which shed 215 points in reaction to another poor economic report coming out of the US.
Eldorado Gold Corporation (ASX: EAU) has commenced treatment of concentrate from the company’s Efemcukuru mine in Turkey after commissioning a concentrate treatment plant.
European Goldfields Ltd. (EGU) shares were halted on the Toronto Stock Exchange after a report the developer of mines in Greece has been approached about a takeover by Eldorado Gold Corp. (ELD).
Eldorado Gold reported Thursday that proven and probable gold reserves have increased to 18.7 million ounces, as measured and indicated gold resources increased to 22.9 million. However, gold production declined from 164,928 ounces during the first-quarter 2010 to 148,577 ounces during the first-quarter 2011. Nevertheless, gold revenues were up 14% during the first quarter due to higher sales prices this year.
The group says it expects the Chinese mine to ramp-up to full production quickly