Larco

The open wound of Larco

For one more year, the fourth in a row, the Larco state mining company will remain idle, but subsidized by the state budget. This is despite the fact that the relevant tender for its sale and the entry of a strategic investor has already been completed since last year and the demand for nickel internationally is strong.

Six suitors likely to bid for Larco assets

Six candidates have expressed their interest in a tender to buy Larco General Mining & Metallurgical Company assets, including the leasing of the mining complex in Larymna.

According to information, the six candidates were: GEK Terna, Tharisa Plc, Mytilineos Group, Solway Investment Group, Trafigura Group Pte, and Commodity and Mining Insight Ireland Limited.

Six parties interested in Larco assets

The Hellenic Republic Asset Development Fund SA (TAIPED) announced on Monday that six interested parties have submitted expressions of interest for the lease of a number of Larco General Mining & Metallurgical Company assets, namely its Larymna smelting plant, the Larymna and Loutsi mines and relevant mining rights, and other assets owned by the Greek state.

Larco mining industry on brink of collapse

The Larco General Mining and Metallurgical Company is one step from closure, after entering receivership status in March to be sold to a private investor or declare bankruptcy.
The problematic state company suffers losses of $8,000 per ton of nickel output, and with a daily output of 15 tons, the company is posting losses of $120,000 every day.

Larco restructuring plan 
clears Parliament

Greek lawmakers approved a restructuring plan for Larco late on Wednesday which Greece called a last attempt to save Europe's biggest nickel producer.
The European Commission said in November it was taking Greece to the European Court of Justice (ECJ) over its failure to recover 135.8 million euros of illegal state aid to Larco, which is struggling under heavy debt.

Greek lawmakers clear rescue plan for nickel producer Larco

Greek lawmakers approved a restructuring plan for Larco late on Wednesday which Greece called a last attempt to save Europe's biggest nickel producer.

The European Commission said in November it was taking Greece to the European Court of Justice (ECJ) over its failure to recover 135.8 million euros ($147.63 million) of illegal state aid to Larco which is struggling under heavy debt.

Government presents plan for restructuring, selling LARCO

The Greek government on Monday presented a plan for the restructuring of LARCO, one of Europe's biggest nickel producers, by placing the mineral and metallurgical industry into a clearance management status which envisages cost and wage reductions, and an immediate launch of a tender for the selling of the factory and mines within 12 months.

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