- Eldorado Gold Corporation’s (ELD) wholly-owned subsidiary, Hellas Gold S.A. has entered into an amended Investment Agreement with the Hellenic Republic
- The agreement is to govern the further development, construction and operation of the Skouries, Olympias and Stratoni/Mavres Petres mines and facilities in northern Greece
- The agreement amends the 2004 transfer agreement between Hellas Gold S.A. and the Hellenic Republic
- The agreement will be formally submitted to the Greek Parliament for ratification
- Eldorado Gold Corporation is up 8.07 per cent to C$15.94 per share
Eldorado Gold Corporation’s (ELD) wholly-owned subsidiary, Hellas Gold S.A. has entered into an amended Investment Agreement with the Hellenic Republic.
The agreement is to govern the further development, construction and operation of the Skouries, Olympias and Stratoni/Mavres Petres mines and facilities in northern Greece.
The agreement amends the 2004 transfer agreement between Hellas Gold S.A. and the Hellenic Republic, and provides a modernized legal and financial framework to allow for the advancement of Eldorado’s investment in the Kassandra Mines.
Eldorado Gold President and CEO George Burns said the agreement marks a major milestone for the the company and Kassandra Mines in Greece.
“This agreement is the culmination of dedicated, determined efforts and reflects a true desire from both parties to deliver a commercial framework that can realize the potential of the Kassandra Mines for all stakeholders. Both Olympias and Skouries have the potential to be tier-one assets that, when combined with the rest of our portfolio, will be transformational for Eldorado.
The agreement is mutually beneficial to Eldorado and the Hellenic Republic. For Eldorado, it provides investor protection mechanisms including a permitting framework similar to other large-scale foreign investment agreements in Greece. For the Hellenic Republic, it provides enhanced fiscal revenues, environmental benefits and community development opportunities.
The agreement includes an optimized Investment Plan for the Kassandra Mines which will allow for completion of construction at Skouries and transition of the project into production, expansion of Olympias to 650,000 tonnes per annum and upgrades to the port facilities at Stratoni to allow for bulk shipment of concentrates.
The agreement will be formally submitted to the Greek Parliament for ratification, with a vote expected to take place in an upcoming parliamentary session. The agreement takes effect once published in the Greek Government Gazette, which follows parliamentary ratification.
Burns said Eldorado now has a modernized investment agreement that will provide a stable, commercial path for Eldorado in Greece.
“Together, we are building a positive legacy for generations to come as we continue to commit to operating responsibly and with care for local communities and the environment.”
Eldorado Gold Corporation is up 8.07 per cent to C$15.94 per share.
