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"We are very pleased with the receipt of these long-awaited permits [in Greece]"

Eldorado Gold has received long-awaited permits for its Skouries gold-copper project and Olympias mine in Greece.
"We are very pleased with the receipt of these long-awaited permits [in Greece]" "We are very pleased with the receipt of these long-awaited permits [in Greece]" "We are very pleased with the receipt of these long-awaited permits [in Greece]" "We are very pleased with the receipt of these long-awaited permits [in Greece]" "We are very pleased with the receipt of these long-awaited permits [in Greece]"

Eldorado is planning to resume some works at Skouries in Greece while it awaits further assurances

Staff reporter

The Skouries project was put on hold in 2017 due to delays in the approvals process but progress was widely anticipated due to Greece's recent change in government.

The company said yesterday it had received the electromechanical installation permits for Skouries and an installation permit for Olympias.

It planned to start some works but said it was working with the Greek government "to achieve the necessary conditions required to restart full construction" at Skouries.

"These include a stable regulatory framework and assurances that provide appropriate foreign direct investor protection and dispute resolution as well as regulatory approval for subsequent permits and technical studies," Eldorado said.

It said receipt of the Skouries permits meant it could apply for the flotation plant building permit, which would be submitted this month.

It has estimated US$5 million capex for asset protection works.

The company said the Olympias permit allowed for the installation of an upgraded electrical substation and construction of support facilities, which would be considered as part of its annual planning process.

"We are very pleased with the receipt of these long-awaited permits, which enable us to protect our existing investment," Eldorado president and CEO George Burns said yesterday.

"We are greatly encouraged with the engagement we've had to date with the Greek state and look forward to working constructively with the relevant ministries."

Skouries has an expected 23-year mine life based on current reserves and the company is looking at dry stack tailings to reduce its environmental footprint and water consumption.

Eldorado shares have risen 209% year-to-date.

They closed up almost 1% yesterday to C$12.36, near a two-year high reached last week, capitalising it at $1.96 billion (US$1.47 billion).