European Goldfields

The new year is set to be a milestone for Canadian group Eldorado Gold and its Greek subsidiary Hellas Gold. According to the program recently presented by the company's management to analysts, the mining operation in Skouries, Halkidiki - also Eldorado's largest - is on course to be put into operation gradually over the next year.

Eldorado Gold's assets in Greece are key to its strategic development plans, the CEO of the Canadian company, George Burns, said on Monday, underlining that the copper deposits at Skouries are so significant that the company will become one of the largest copper producers in the European Union.

Hellas Gold and its parent Eldorado Gold Corporation on Wednesday announced they had reached an agreement with the European Bank for Reconstruction and Development (EBRD) to provide financial support worth $60 million for the development of the Skouries gold and copper mine project. 

Eldorado Gold Corporation and its wholly owned subsidiary Hellas Gold announced on Wednesday they had completed the 680-million-euro financing for the development of the Skouries project in northern Greece.

The funding agreement is structured to provide 80% of the funding required to complete the project, with the remaining 20% to be funded by Eldorado Gold.

Eldorado Gold said on Thursday it would freeze investments in its Skouries gold mine in Greece, taking a tough stand in its battle with the country's government.

Eldorado's investment is one of the biggest in Greece and has long been viewed as a test of the country's resolve to attract foreign capital.

Greece's Energy Minister assured protesting Eldorado Gold workers on Wednesday that it would grant outstanding permits this week to enable the Canadian miner to fully operate one of its Greek projects.

Canada's Eldorado Gold Corp said on Monday it would suspend investment at its mines and development projects in Greece due to a delay in permits from the Greek government.

The company said no additional investment will be made into the Olympias and Skouries projects and the Stratoni mine in Greece, and will place them on care and maintenance from Sept. 22.

Canadian gold mining company Eldorado Gold announced it would be suspending its operations in Greece, citing the failure of the Greek government to fulfil its contractual obligations.

Greece plans to start an arbitration process this month to settle its differences with Canada's Eldorado Gold Corp over its gold mine development plans in northern Greece, its energy minister said on Thursday.

The Greek subsidiary of Canada's Eldorado Gold, Hellas Gold, is set to put its investment in mining projects in Halkidiki on ice following the government's decision to refer its dispute with the company to arbitration.

Hellas Gold announced on Wednesday that it has suspended the inauguration of the facilities at the Olympias mine in northern Greece 'until further notice.'