Canadian gold miner provides an update on exploration activities completed to date in 2017.
Eldorado Gold Mining News
Miner said it would the project back into "care and maintenance" and re-assess its investment in it upon approval and receipt of required permits.
Company said it preserved the right to shut down operations in the country and to take legal actions to protect itself and its assets should the dialogue with the ministry of energy and environment fails.
While the company can now proceed with development of Olympias, is still awaiting permits for its Skouries project, the main bone of contention with Greek authorities.
Greek government alleges a technical study for the company’s Madem Lakkos metallurgical plant is deficient and thereby violates environmental terms.
The miners from the Eldorado Gold mine in the Halkidiki region were protesting looming layoffs as the company said Monday it would suspend all operations in Greece.
Citing delays in permits from the Greek government, the company said no additional investment would be made into the Olympias and Skouries projects or the Stratoni mine, which it acquired in 2012.
Government said it expects to settle its differences with the Canadian miner, which is developing the Skouries and Olympias projects in northern Greece, where it also operates the Stratoni mine.
Contractor employee was struck by a branch from a falling tree, resulting in fatal injuries.
Authorities seek to settle differences with the Canadian miner over Skouries, one of the gold projects the firm is currently developing in northern Greece.
Deal gives Eldorado full ownership of the Lamaque project near Val-d'Or, Quebec, which is expected to produce 123,000 ounces of gold at all-in sustaining costs of US$634 per ounce over 10 years.
It now expects to produce at least 180,000-210,000 ounces of gold this year at Kışladağ, which brings Eldorado's full-year guidance down from 365,000-400,000 ounces to 315,000-365,000 ounces.
Energy minister George Stathakis said the move aims to ensure the company respects its contractual obligations.
Move is part of an ongoing effort to strengthen its position in the home country, particularly around the gold-rich Eastern Abitibi region, in Quebec.
The Canadian miner also said it has obtained better terms for concentrate sales from the project, which are likely to add 15,000 ounces of payable gold production a year.
As 2017 gold price rally begins to look shaky, top listed gold producers are being punished disproportionately.
Heavy losses across the board – Barrick down 4.6% in massive volumes and second tier Canadian miners hardest hit.
Shares in most gold miners fell Monday as the precious metal price dropped more than 1% in early trading and was steadily heading to its largest single-session loss of the month.
Company has decided to reconfigure the plan for its Turkey-based Kışladağ mine, which is its flagship operation.
Wright, who joined Eldorado in 1996 and has held several management positions prior to becoming its president and CEO in 1999, will be the company's new chairman.
Company has finished selling its stakes in the White Mountain and Tanjianshan mines, as well as in the Eastern Dragon development project to an affiliate of China’s Yintai Resources.
Decision is expected to put an end to years of confrontation between the Canadian miner and the Greek government.
While gold is giving back some of its largest gains following Trump's win in the US Presidential election, miners of the precious metals continue to climb.
The move marks the Vancouver-based miner exit from China.
RCT’s Smart Technology helped Eldorado Gold’s White Mountain achieve its safety and productivity goals.