Eldorado signs revised Greece deal

ATHENS • Eldorado Gold Corp. on Friday signed a revised contract with Greece covering its mining operations in the north of the country, 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.

Shares in the company gained more than 10 per cent on the Toronto Stock Exchange on the amended agreement that includes a working investment plan for the miner’s Skouries, Olympias and Stratoni/ Mavres Petres mines and facilities in northern Greece, collectively the Kassandra Mines.

The contract will now allow for completion of construction at Skouries and transition of the project into production, expansion of Olympias to 650,000 tonnes per annum, further investment in exploration at Mavres Petres-Stratoni, among others, Eldorado said.