Ar­bi­tra­tion over El­do­rado mine plans starts this month

Kathimerini English - - Focus -

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 yes­ter­day. 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. El­do­rado is de­vel­op­ing the Sk­ouries and Olympias projects in north­ern Greece, where it also op­er­ates the Stra­toni mine. Sk­ouries has been a flash point with au­thor­i­ties, with dif­fer­ences per­sist­ing for years over test­ing meth­ods ap­plied to com­ply with en­vi­ron­men­tal reg­u­la­tions. “The min­istry be­lieves that re­sort­ing to ar­bi­tra­tion with [El­do­rado unit] Hel­las Gold is the best so­lu­tion to sort out all [out­stand­ing] is­sues,” the state­ment added. The ar­bi­tra­tion process is ex­pected to fin­ish by the end of the year, a min­istry spokesman told Reuters. Greece has said it wants to en­sure that Hel­las Gold re­spects its con­trac­tual obli­ga­tions. Li­cens­ing for Olympias is in the fi­nal stage, while per­mits for Sk­ouries are pend­ing, the min­istry said. Ger­many’s Deutsche Telekom, has lost mar­ket share to smaller ri­vals in re­cent years. A slug­gish econ­omy af­ter a seven-year debt cri­sis and three in­ter­na­tional bailouts has also dented op­er­a­tions. But hefty spend­ing in new high-speed VDSL broad­band ser­vices and a fast-grow­ing pay-TV busi­ness have helped the group win back fixed-line cus­tomers. OTE said it would con­tinue to in­vest in new tech­nol­ogy as Greece shows early signs of eco­nomic re­cov­ery. Earn­ings be­fore in­ter­est, tax, de­pre­ci­a­tion and amor­ti­za­tion (EBITDA) came in at 313.9 mil­lion eu­ros in the three months to June, up from 310.9 mil­lion eu­ros a year ear­lier. EBITDA from Greek mo­bile op­er­a­tions rose 3 per­cent to 99.9 mil­lion eu­ros, accounting for about 32 per­cent of the group’s to­tal core profit. OTE had about 7.7 mil­lion cus­tomers in its home mo­bile busi-

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