El­do­rado gets more mine per­mits, stand­off per­sists

Kathimerini English - - Focus -

Greece granted El­do­rado Gold Cor­po­ra­tion two re­main­ing per­mits yes­ter­day for its Olympias mine, the gov­ern­ment’s lat­est at­tempt to defuse a stand­off with the Cana­dian miner, which has threat­ened to sus­pend in­vest­ment in the coun­try. Af­ter El­do­rado warned on Mon­day that it could halt new in­vest­ment start­ing Septem­ber 22, blam­ing years-long per­mit de­lays and a lack of in­for­ma­tion on an up­com­ing ar­bi­tra­tion, Greece is­sued key mine per­mits on Wed­nes­day and de­tailed ar­bi­tra­tion pro­ceed­ings on Thurs­day. But the Van­cou­ver-based miner con­tin­ues to in­sist that it will only re­con­sider its in­vest­ment plans af­ter re­ceiv­ing a out­stand­ing per­mit for a plant in Sk­ouries and the gov­ern­ment shows a will­ing­ness to en­gage in con­struc­tive talks. “This is an­other pos­i­tive step for­ward. How­ever, we are still wait­ing on the other mat­ters, which we con­tinue to be­lieve can be re­solved through good faith ne­go­ti­a­tions,” El­do­rado chief ex­ec­u­tive Ge­orge Burns said in a state­ment. “We are of the view that El­do­rado’s re­cent de­ci­sion has mo­ti­vated the Euro­pean gov­ern­ment to scru­ti­nize Greek pol­icy re­gard­ing for­eign in­vest­ment, specif­i­cally re­gard­ing the com­pany,” BMO an­a­lyst An­drew Kaip said in a note to clients. “We see this as a pos­i­tive event given that the com­pany has in­vested an ad­di­tional (ap­prox­i­mate) $1 bil­lion in the coun­try since its $2 bil­lion ac­qui­si­tion in 2012.”

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