Days after Canadian mining company Eldorado Gold threatened to cancel its $3 billion investment in Greece over what it said were delays in issuing permits, the Greek government announced on Wednesday that it would grant pending permits in the coming days initially for the full operation of the Olympias project.
The Vancouver-based firm, which has already invested 1 billion dollars – the largest investment in Greece since the beginning of the crisis – in gold-extraction and refurbishment projects in Northern Greece and is said to be employing 2,400 workers, said earlier this week that it would suspend operations as of September 22 due to licensing delays and lack of transparency on the part of the Greek government.
Energy Minister Giorgos Stathakis said licensing for the Olympias project would be finalised “in the coming days, today and tomorrow… Three permits will be issued as we announced in August, allowing Olympias to be fully operational”.
Describing the move as “a positive step forward”, Eldorado Gold CEO George Burns said the company is still expecting the other permits and would possibly re-examine its investment options. They also added they would be dedicated to “a supportive government open to discussions”.
*Image source: Eldorado Gold