Eldorado Gold suspends activities at Skouries site

In order to complete the construction and development of its mining projects in Halkidiki, northern Greece , Hellas Gold , a Greek subsidiary of Eldorado, requires the approval of various routine permits and licenses from a number of government agencies, predominantly under the direction of the Ministry of Energy and Environment.

Hellas Gold received approval for its Environmental Impact Study in 2011, yet since 2012, the Ministry and other agencies have not entirely fulfilled their permitting and licensing obligations primarily as a result of the lobbying efforts by anti-development interest groups. In addition, during 2015, the Ministry revoked or suspended certain permits of Hellas Gold, which has had a negative impact on the Company’s schedule and budget to develop its assets.

Hellas Gold has been forced to seek remedy in the courts of law in order to address these permitting delays and various court decisions have been made in the Company’s favour, and others remain outstanding. A building permit, that would allow Hellas Gold to complete the construction of the Skouries processing plant, has been delayed for over three years.

source: Eldorado Gold