September 3, 2019 / 8:06 PM / 16 days ago

Greece issues permits for Eldorado Gold's Skouries and Olympias mine

(Reuters) - Canadian miner Eldorado Gold Corp on Tuesday said it has received installation permits for its stalled Skouries mine project, and Olympias mines from the Greece’s Ministry of Energy and Environment.

The permit will allow for the installation of mechanical and electrical equipment in the Skouries mine, which has struggled with permit delays for years.

Greece’s new conservative government on Monday said it will soon issue permits for Eldorado Gold’s development in northern Greece.

Eldorado has two operating mines and two development projects in northern Greece, and its planned investment in Greece has been viewed as one of the biggest in the country in years.

Eldorado said it is working with the Greek government to achieve conditions required to restart full construction at Skouries, including a stable regulatory framework and protections for foreign investors as well as approval for subsequent permits and technical studies.

The company said it is also seeking approval to build a dry-stack tailings facility at the project.

Eldorado halted construction in November 2017 at Skouries, which has reserves of 3.7 million ounces of gold and 1.7 billion pounds of copper, citing mainly environmental permit delays.

Separately, the permit for its Olympias mine allows for installation of an upgraded electrical substation and construction of support facilities, it said in a statement.

Reporting by Arundhati Sarkar in Bengaluru; Editing by Shailesh Kuber

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