By L. Kalamara
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Eldorado Gold has cut back this year’s funding for its troubled Hellas Gold subsidiary, as the latter continues to face recurring bureaucratic and legal obstacles and what the Canadian multinational decries as opposition by the current Greek government to latter’s mining operations.
The Vancouver-based mining giant has slashed funding for its northern Greece operations, and essentially aims to support its concession at the Olympiada site and to maintain its worksite at the opposition-plagued Skouries gold concession. A court date for a ruling on its mining activities at Stratoni is set for Feb. 6.
Specifically for 2019, Eldorado Gold has allocated 60 million USD, down from 85 million in 2018 and 90 million in 2017.
Even with an uncertain future, Eldorado’s presence in Greece continues to constitute the biggest industrial FDI in the thrice bailed out country.
The development comes as Eldorado Gold recently backed out of a 500-million-USD investment in neighboring Turkey, and specifically one focusing on the Kisladag deposit.
