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Eldorado Gold Corp
Symbol ELD
Shares Issued 716,587,134
Close 2016-01-21 C$ 3.08
Market Cap C$ 2,207,088,373
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Globe/wire say Eldorado Gold wins appeal over ban

2016-01-21 07:54 ET - In the News

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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