Eldorado Gold Gorp has announced that it will suspend investment in mining projects in Greece due to governmental delays in issuing permits and licenses.
In a statement released by Eldorado Gold Corporation this morning, the delays have “negatively impacted Eldorado’s project schedules and costs, ultimately hindering the Company’s ability to effectively advance development and operation of these assets.”
Eldorado has stated that it will continue a maintenance program, as well as necessary environmental safeguarding, while it awaits a response from the Greek government.
President and CEO of Eldorado Gold, George Burns, commented:
“It is extremely unfortunate to find ourselves at this impasse when we should be advancing an important commercial project in partnership with Greece and adding another 1,200 jobs to our current workforce of approximately 2,400 people in Greece. Eldorado’s investment in Greece is about building a world-class operation that can exist as a long-term partner to Greece and has the ability to promote advanced skills and training for its people and deliver well-paying jobs to sustain families and local businesses. Of equal importance, as a commercial partner, this business can provide much-needed tax and export revenue for generations.”
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