The Globe and Mail reports in its Thursday, Jan. 21, edition that Greece's top administrative court
has annulled the government's
decision made last year to revoke Eldorado
Gold's mining licence,
according to court documents
published on Wednesday.
A Reuters dispatch to The Globe reports that the Canadian mining company
had appealed to Greece's top
court to overturn the ban on its
plans to develop gold mines in a
forested area of northern Greece,
in a case widely seen as a test of
the leftist government's approach
to foreign investment.
The majority of the court's
judges ruled in favour of Eldorado
in November, but a final ruling
was pending.
Eldorado has put in about
$700-million (U.S.) since 2012
and planned to invest another
$1-billion (U.S.) to develop two mines
at Skouries and Olympias sites in
Halkidiki.
However, Greece's government
revoked its permit in August, saying
the tests for a so-called flash-melting
method the company
planned to use to ensure there
would be no environmental damage
did not take place on the
spot, but rather outside Greece.
Last week Eldorado said it would suspend construction at the Skouries project, putting more than 600 jobs at risk.
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