The Lamaque underground gold mine in Val d’Or, Quebec, is expected to produce up to 135,000 ounces of the precious metal a year in 2020 and 2021.
GREECE Mining News
PPC wants to conclude the sale by May and has been in touch with investors from the United States, Russia and China.
For 2019, the Canadian miner expects to produce between 390,000 and 420,000 ounces of gold.
PPC, which is 51% state-owned, and the energy ministry are handling the divestment and the European Commission is overseeing the process.
Eldorado's shares jumped 12% in pre-market trading in New York on Thursday on the news.
The company is on track to kick off commercial production at its Lamaque project in Val d’Or, Quebec, during the first quarter of the year.
Larco, which is 55% owned by the Greek state, owes about 280 million euros in unpaid electricity bills to state-controlled power utility Public Power Corp.
The project would make Kışladağ a nine-year, 270,000-ounce-per-annum gold mine.
Greek utility Public Power Corp. (PPC), which is 51 percent state-owned, is selling three coal-fired plants and one still to be built.
The non-judicial request relates to damages suffered by the company as a result of a longer-than-expected wait for its Skouries project's permits.
The Vancouver-based miner said that the expected growth would be driven by Kisladag, its flagship gold mine in Turkey.
The country’s energy ministry said he aimed to address the company's development plans in the coming weeks and according to a recent arbitration, which favoured Eldorado.
Ruling rejects the Greek State's motion that Eldorado's technical study for a metallurgy plant in the country’s Stratoni Valley, was in breach of any agreements between the parts.
The Skouries gold mine project report updates a 2011 plan with industry-best practices for waste water management and tailings.
The Vancouver-based miner revealed that, including pre-commercial production from the Olympias project in Greece, its gold production was of 285,919 ounces in 2017.
Canadian gold miner provides an update on exploration activities completed to date in 2017.
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.