By L. Kalamara
Canadian multinational Eldorado Gold, the parent company of Hellas Gold, is reportedly ready to again seek legal recourse in Greek courts in its effort to overcome administrative and bureaucratic hurdles in operating its Skouries gold mine in northern Greece.
In announcing its financial results for the second quarter of 2018, Vancouver-based Eldorado Gold issued a statement on Thursday saying it “…continues to engage the Greek government in discussions concerning the outstanding permits required to advance the Skouries project. However, the Company (Eldorado Gold) is unable to provide guidance as to when the permits may be issued. The Company is evaluating its legal options in this regard.”
The statement continues: “…The Company remains committed to developing its Kassandra assets, including Skouries, in accordance with its contractual and other legal obligations, which Greek court rulings have consistently supported. Eldorado’s compliance with its legal obligations was also confirmed by the recent positive arbitration decision in April 2018, which found that the Company was not in breach of the provisions of its Transfer Contract with the Greek State.
“Skouries remains a compelling project, providing additional long-term growth, but requires collaborative government dialogue and a clear line of sight to free cash flow in order for us to allocate further capital for development.”
