Eldorado Gold Corporation

Hellas Gold and its parent Eldorado Gold Corporation on Wednesday announced they had reached an agreement with the European Bank for Reconstruction and Development (EBRD) to provide financial support worth $60 million for the development of the Skouries gold and copper mine project. 

Eldorado Gold Corporation and its wholly owned subsidiary Hellas Gold announced on Wednesday they had completed the 680-million-euro financing for the development of the Skouries project in northern Greece.

The funding agreement is structured to provide 80% of the funding required to complete the project, with the remaining 20% to be funded by Eldorado Gold.

The government signed on Friday a revised contract with Eldorado Gold Corporation, covering its mining operations in northern Greece, where it has faced repeated stalling over licensing delays and environmental concerns.

Eldorado has been in talks with the Greek government on a revised investment plan that would secure higher royalties from mining development and new jobs.

Greece aims to resolve a long-standing standoff with Canada's Eldorado Gold Corporation over its development plans in the coming weeks, the Energy Ministry said on Tuesday.

Canada's Eldorado Gold, which earlier this month said it would suspend operations in Greece unless it received all of its pending licenses, issued an announcement on Thursday saying it has entered "constructive dialogue" with the Greek government and will be postponing its decision.

“Eldorado Gold Corporation” issued a press release describing its next steps on the issue of the company’s investment in Greece.

Eldorado Gold Enters Constructive Dialogue with Greek Government

A 46-year-old logger died Monday morning after he was crushed by a falling branch while felling trees in the Skouries forest in Halkidiki, northern Greece. His colleagues rushed him to a health center in the nearby town of Paleochori, where he was pronounced dead.

Greece's decision to start an arbitration process with Eldorado Gold Corporation over a gold mine development could undermine the Canadian company's 2.8-billion-dollar investment project and cost hundred of jobs.

Greece plans to start an arbitration process in August to settle its differences with Canada's Eldorado Gold Corporation over a gold mine development, the Greek Energy Ministry said on Thursday.

Energy Minister Giorgos Stathakis met Eldorado's management in Athens on Wednesday and the two sides discussed the issue, the ministry said in a statement.

GR Engineering Services has won a $7 million contract in Greece to provide engineering, procurement and construction management (EPCM) services to Hellas Gold, a subsidiary of the Eldorado Gold Corporation.