Eldorado Gold Entered Into Revised Contract with Greece

SEATTLE (Scrap Monster): Canadian miner Eldorado Gold Corporation announced that it has entered into a revised investment contract with the Greek government authorities, covering its operations in the country’s northern region. The contract was signed by its wholly-owned subsidiary, Hellas Gold S.A. and the Hellenic Republic. The agreement is an amendment to the earlier 2004 Transfer Agreement between both the parties.

The new agreement will allow the company to govern the further development, construction and operation of the Skouries, Olympias and Stratoni/Mavres Petres mines and facilities in northern Greece, which are collectively known as Kassandra Mines. Furthermore, it provides investor protection mechanisms including a permitting framework. Also, it provides Greece with enhanced fiscal revenues, environmental benefits, and community development opportunities.

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It allows for completion of construction at Skouries and transition of the project into production and expansion of Olympias to 650,000 tonnes per annum. In addition, it also ratifies further investment in exploration at Mavres Petres-Stratoni and further upgrades to the port facilities at Stratoni.

The agreement awaits ratification by the Greek Parliament. Upon ratification, it will be published in the Greek Government Gazette.