July 4 Greece's top administrative court has
ordered Eldorado Gold Corp to stop cutting trees on its
mining and exploration properties in Northern Greece, the
company said on Wednesday, in news that sent its shares tumbling
almost 7 percent.
El Dorado said the order by the Council of State of Greece
prevents it from cutting trees in the Halkidiki forest region,
where the Vancouver-based company operates the Stratoni
silver-lead mine and is developing the Skouries and Olympias
Other exploration and operational activities at the projects
were not affected by the order, the company said.
A lawsuit filed with the Council of State in May challenged
the legality of Eldorado's purchase of the forest land. The
plaintiff filed a petition last month to stop the company from
The company said it is working with government ministries to
show it has all the permits needed to legally continue cutting
trees in Halkidiki. It expects the order to be revoked once it
files the required documents with the court.
Eldorado is exploring for precious metals around its
Stratoni mine, located some 600 km north of Athens, and is
developing the nearby Skouries project, an open pit copper-gold
Shares of Eldorado closed down 6.86 percent at C$12.35 on
Wednesday on the Toronto Stock Exchange.