Hellas Gold

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. 

Commenting last week on the nondisclosure of the name of the private school where six students tied up a classmate with fishing line and the frenzy concerning personal data in Greece, I wrote that "soon, the news will say, 'Somewhere, some people tied someone up with fishing line.'"

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.

Hellas Gold recorded its best quarterly production in a year-and-a-half at Halkidiki in central Macedonia in the January-March 2020 period, according to provisional figures released by parent company Eldorado Gold last week.
The Canadian group's subsidiary in Greece produced 15,181 ounces of gold at the Olympiada gold mines, up 53 percent from about 9,900 a year earlier.

Eldorado Gold is seeking to make substantial changes to the contracts for the mines in Halkidiki, while searching for a strategic investor that will help share the cost of an investment plan that is proving too expensive for the Canadian company to undertake on its own.

A three-member criminal appeals court on Friday acquitted all 21 people accused of taking part in an arson attack on the offices and vehicles of Hellas Gold, at the Skouries mine in February 2013.

The Canadian company Eldorado Gold, whose sister company Hellas Gold runs mines in northern Greece, has sought 750 million euros in damages from the Greek state.

The company sought the sum for losses it claims to have sustained due to delays in the state's issuing of licenses for its plant at Skouries as well as lost profits.

Eldorado Gold will be planning its next moves after its vindication on Wednesday by an arbitration panel in its dispute with the Greek state over the mining unit at Madem Lakkos in the Halkidiki region of northern Greece. 

Christos Balaskas, former general manager of the Attiki Natural Gas Distribution Company, will replace VP and general manager of Hellas Gold, Eduardo Moura, the company announced on Monday.

Moura will return to the Vancouver office of parent company Eldorado Gold once the handover is completed.

Following the launch of a "constructive dialogue" with the government, Canadian mining company Eldorado Gold said on Thursday that it would not suspend its operations in northern Greece as it had threatened earlier this month.