Greek court hands legal win to Eldorado Gold over halted mine
One of Greece’s top courts has handed a small, but key victory to Canada’s Eldorado Gold (TSX:ELD) (NYSE:EGO), ruling that the argument used by the energy and environment minister to revoke the company’s permits is invalid.
The verdict, however, doesn’t allow the company to resume activities in Halkidiki, northern Greece, Reuters reports.
Last week, the country’s energy and environment minister ordered Eldorado to suspend work at its gold and copper Skouries mine, alleging the firm had violated contractual terms.
As a result, the Vancouver-based miner left about 2,000 employees temporarily out of work, triggering some massive demonstrations.
The mine has been a bone of contention ever since Hellenic Gold was granted approval to mine in the northern peninsula, back in 2011.
Some claim the operation, owned 95% by Eldorado, may hurt tourism and the environment, while others believe it is good news for Greece, as it will generate new jobs and bring hundreds of millions into the struggling economy.