Keith Neumeyer: The numbers sound crazy, but I predict $8,000 gold & $130 silver

Keith says the reason the resource markets are lagging is due to institutions not entering the metal market. Until there is a crack in the major markets, we will not see institutional money flow into the mining equities. The market is quite similar to the year 2000 when it was flat and then took off. History is repeating itself. We need some sort of correction and sane-ness to enter the market. He feels the coming bull market will be quite impressive.

He thinks the mining sector over the next decade will become a much more efficient business. Miners will be in a rising metal price environment. He’s not concerned about being wrong in the short term to be right in the long run. When the market turns, it will turn quickly.

The current silver price is almost a joke. We’ve seen lead, zinc, nickel, lithium, and cobalt make significant price rises but gold and silver remain flat. Silver is ignored as a cheap gold substitute, and that is a wrong assumption. Silver is a strategic metal needed in all sorts of applications, and modern society would not function without it. It’s shocking that this hasn’t been noticed by more people as a result production continues to decline.

Platinum metals are not that interesting to Keith as they are small, illiquid markets. They are quite volatile, and platinum jewelry looks much like silver so why not just buy silver. Now that the world is moving toward electric vehicles he thinks the reasons for owning platinum have declined.

 

Palisade Research, from http://www.mining.com

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Mining equipment + Internet of Things

In the 2011 film Limitless, a struggling writer obtains a mysterious pill that enables him to access 100 percent of his brain abilities, helping him to reap monetary benefits by becoming a financial wizard. For the mining industry, that mysterious pill is the Internet of Things.

The introduction

Widely credited to Kevin Aston while working at Proctor & Gamble in 1999, the Internet of Things (loT) refers to a giant network of connected objects or “things.” These connected things, which can vary from a smartphone to a mining truck, utilize embedded technology to transfer data over a network without requiring human-to-human or human-to-computer interaction. In fact, the concept aims to utilize analytics in order to replace the human decision-making process altogether.

The mining industry has turned the innovation dial up in the past few years, implementing newer and more diverse technologies to solve age-old questions. The big potential for loT in the mining industry lies in the equipment it uses.

In recent years, mining companies have begun equipping machinery with unique sensors and software to collect data from everyday activities. This “big data” is now emerging as potential information that can be analyzed and utilized to allow manufacturers the ability to predict and eliminate potential problems. The Internet of Things has the power to take mining equipment and operations to new heights.

Technology research consultant Gartner Inc. expects the number of connected products in the mining industry to rise from 24 million in 2014 to 90 million by 2020. According to the consultant firm, the 25 percent increase in mining connectivity is among the fastest in the industry sectors.

New era for mining

The Internet of Things is expected to ring in a new era for mining operations and equipment. With the way things are going for the commodities sector, it couldn’t be any sooner.

“Ten years ago, these were dumb bits of equipment. If the computer in the office fell over, who cared? Now underground mines are full of optical fiber and bits of equipment that talk to one another,” said Mike Elliot of EY in Australia.

For one, loT will assist in the predictive/preventative maintenance for mining vehicles, which has become increasingly important in recent times. Through the use of sensors, companies will have the ability to monitor everything from fluid temperatures, engine speed, gear position and brake pressure. Information from the sensors will be relayed to a remote monitoring center that will then alert the equipment operator of potential trouble before it happens. The technology will provide data analytics of the truck performance data to prevent unnecessary maintenance events and to reduce the time to repair the truck during unplanned maintenance events.

Similar to the film, loT also has the ability to empower mining equipment in order to function and operate with optimal efficiency.

“Lots of these machines have been sending data for more than 30 years, but we did not have the ability to use it,” says Al Frese, solutions and technology manager for mining sales and support at Caterpillar. “Now we have that and can do it effectively across many different sites.”

US-based Caterpillar Inc. is a major player investing in the Internet of Things. Last year, the company spent $2.14 billion on product-oriented research and development alone.

Rob Charter, a group president at Caterpillar, has said that the company wants to surround customers with a tech-savvy suite of products and services. It’s about moving beyond simply making machines, he’s noted.

“Originally, when we built product, it was about the product,” Charter said. “What we think about all the time these days—and you’ll see it more and more in people’s thinking—is how do we make a customer successful? And if they’re successful and they rely on us, then we’re successful.”

Unlimited potential

The Internet of Things is expected to take the mining industry into a new helm of operational excellence.

In its 2013 report called Disruptive Technologies: Advances that will Transform Life, Business and the Global Economy, the McKinsey Global Institute stated that the Internet of Things will be largely used by the mining industry in the near future for data collection, monitoring process, decision-making and optimizing workflows.

For the mining industry, the Internet of Things holds unlimited potential as the future could consist of flying drones, automatic drill rigs, trains and driverless trucks. The technology will not only optimize processes, but it will prevent accidents, predict maintenance and even help companies conserve their resources like water and electricity.

NFL coaching legend Vince Lombardi once said: “Perfection is not attainable. But if we chase perfection, we can catch excellence.”

With the mining industry adopting new technologies and taking loT under its wing, the industry could reach new levels in coming years.

 

source: http://www.miningglobal.com, By STAFF WRITER . Sep 14, 2015

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Arbitration has begun

The arbitration between the State and Hellas Gold officially started yesterday, after the arbitration panel was established.  According to sources the position of presiding arbitrator has been taken by Konstantinos Menoudakos, former president of the Council of State and current president of the Hellenic Data Protection Authority. Mr. Menoudakos was appointed to the post of presiding arbitrator by the President of the Hellenic Supreme Court in accordance with the arbitration clause and was accepted by both arbitrators, Mr. Chryssikos and Mr. Lykoudis who had been appointed some time ago by the State and Hellas Gold.  In practical terms the results of the arbitration process are expected to be known shortly, within 90 days at most.

The key topic is the metallurgy plant at Madem Lakkos, which in effect relates to integration of Hellas Gold’s operations in the Halkidiki area.  The arbitration notice states that the technical study for the metallurgy plant in the Madem Lakkos area at Stratoni which will be used to process concentrates from Olympias and Skouries, which was filed in December 2014, is not complete and so breaches the transfer agreement and the project’s environmental Terms and conditions.  For its part the company points out that it fully believes that the technical study is fully documented and in accord with the transfer agreement, the business plan and the approved environmental terms and conditions for the project.

 

source: Newspaper Naftemporiki, 3/11/2017

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This new method for getting gold from e-waste may be just what miners need

A small Canadian company’s new way of extracting gold and other precious metals is showing big promise for the mining industry, and for efforts to deal with the growing problem of electronic waste.

The CEO of Vancouver-based EnviroLeach Technologies says the new approach is also the biggest innovation for conventional gold mining in 150 years.

“The advent of cyanide in the 1870’s was the biggest innovation in all of mining history, and this challenges that,” says Duane Nelson. “Our technology has equal-to or better leach kinetics than cyanide, and a much broader base of available ores and concentrates that it can be used on. So this is potentially a game changer for the mining sector.”

New water-based extraction process aims to become an alternative to acid- and cyanide-based leaching.EnviroLeach’s new plant, a joint venture with electronics giant Jabil Inc., will open in December in Memphis, Tennessee. The 650,000 square foot plant will shred and pulverize discarded circuit boards and other electronic waste. Then, using proprietary technology, Jabil will extract gold and other precious metals from the e-waste to manufacture electronic components for Dell, Hewlett-Packard and other clients.

Because it’s water-based and uses harmless ingredients, Nelson says the process is far more environmentally friendly than extraction by cyanide, hot acid digestion or other conventional methods.

“You can put your hand in it,” says Nelson. “You can effectively drink the stuff,” he says, adding it’s also less expensive because the solution can be used repeatedly.

Applying inorganic electro-chemistry research methods, Nelson says EnviroLeach’s team of 20 scientists “stumbled upon” the new technique. Ore concentrate or pulverized e-waste is mixed with ordinary water containing five ingredients. The solution is then pumped through cells of small, man-made diamond plates and then zapped with electricity. The gold and other precious metals separate and are extracted from the solution, which can be recharged and used again.

This new method for getting gold from e-waste may be just what miners needWith environmentalists pressuring governments to deal with the growing mountains of e-waste around the world, EnviroLeach and Jabil shareholders see huge profits in recycling the 50 million tonnes of e-waste dumped in landfills every year.

But Nelson says the new process can also unlock riches for conventional mining. Unlike cyanide or hot acid digestion, Nelson says the new process doesn’t damage equipment. More importantly, it could be used in locations where cyanide is banned.

“So there are hundreds of mines out there that could benefit from this technology,” he says.

Does cheap, effective and environmentally safe mining sound too good to be true? Nelson has this response for the skeptics.

“You know, cyanide sounded too good to be true in the 1800’s. Personal computers sounded too good to be true,” he says. “It’s innovation, and the mining sector has not been one of the most innovative sectors out there.

“The environment will benefit, the mining sector will benefit, our shareholders will benefit. I think everyone is going to benefit from this.”

source: http://www.mining.com, by Des Kilfoil
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Scientists use gold to improve microlaser technology

By attaching gold nanoparticles to the surface of a microlaser, scientists at the University of Southern California Viterbi School of Engineering demonstrated that it is possible to create frequency combs that take up less space and require 1000 times less power than current industrial comb technology.

Frequency combs are large and highly energy-consuming devices that can create a rainbow of light from a single colour and are generally used to improve cybersecurity, GPS systems and the detection of toxic chemicals.

In order to create systems that could enable residential or portable applications, the USC researchers decided it was important to figure out how to reduce both the size of the device and the power requirements for wavelength generation. They found their answer in gold specks 1/100,000 the size of a human hair.

By attaching gold nanorods to the surface of a single microlaser, the research team led by Andrea Armani, a professor in the Mork Family Department of Chemical Engineering and Materials Science, was able to run lab tests which showed that frequency combs can function with only milliwatts of input power, which decreases the system’s footprint and takes the technology from the lab to real-world applications.

The way it works is that the interaction of the light from the microlaser with the gold particles results in many additional wavelengths being generated, a process that is further improved by a polymer coating on the nanoparticles.

“The role of the gold nanorods is to increase the intensity of the light circulating in the device,” co-lead author Vinh Diep said in a press release. “The higher-intensity light can then interact with organic molecules on the surface of the gold to generate other wavelengths of light. This combined effect allows for the comb generation to begin at a much lower power than the traditional pulsed-laser approach.”

Diep also explained that by using the gold nanorod coating, they observed a comb that can span over a wavelength range of 300 nanometers. Without the gold nanorods, a comb could not be generated at the same power.

“Demonstrating a large range shows the device’s strong potential for applications in developing a portable chemical spectroscopy system, where the chemical signal only occurs at a specific wavelength, and the accuracy is dependent on the light source,” the group of researchers concluded.

 

source: mining.com,Valentina Ruiz Leotaud

photo by Gerd Altmann, Pixabay.

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Th. Kefalas: All those who want to profit at the expense of the environment should no longer be around

It was only a few days before the Eldorado Hellenic Gold case erupted when the Greek Mining Enterprises Association organised a presentation on the mining industry’s potential as a sector of the economy today. Mining activity is an important sector and currently provides 115,000 jobs in Greece, plans to invest 1.3 billion in infrastructure and assets by 2018 but has also restored 35% of the area used for mining (from 1979 to today), ie 65,000 acres of land. Nonetheless, the industry as a whole seemed to adopt a policy of hiding from publicity or, at least, a communication policy of complaining. It already seems to be coming more to the forefront. And promoting itself, as environmental impact is the main issue and with the Eldorado case it has recently taken initiatives that have been promoted in Greece (Vagoneto in Parnassos, walking trails and the Milos Mining Museum, the circuit for motorcycle racing at the Dionysos Marbles, plans for Lavrio), with the idea of upgrading tourism. And it has also undertaken large-scale landscape restorations after finishing varies quarrying or mining operations. So, because the Eldorado debacle will fade from the public eye at some point, but we will still have mining activity, we contacted Thanassis Kefalas, President of the Greek Mining Enterprises Association, for a broader picture.

If today, in September 2017, you start a discussion about mining activity in Greece and its environmental footprint, you cannot overlook the fact that we are talking about this after the Eldorado Hellenic Gold case erupted. Do you believe that Greek public opinion will be able to approach the issue seriously in the near future?

The issue of Hellenic Gold is indeed the most important current subject for the mining industry. However, the ball is in the court of the two competent authorities, ie the company itself and the Greek State. For us it is worrying if an investment which, and I stress, has so far been environmentally licensed, is not implemented.  

By “for us”, you mean the Greek Mining Enterprises Association which, I assume, has Hellenic Gold as one of its members.

Yes, indeed, it is a member. We believe that no stone should be left unturned so that the investment can complete the licencing process and start.  

So we should consider that that is why the GMEA offered its services to restore contact between the two sides…

That is exactly the reason we offered our services. And that’s why we think that someone with accumulated knowledge – and our members have this technical experience – can help to bridge the gap, and can also contribute to a more active dialogue.

And you think this dialogue has broken down?

I would like to note that the company have asked for and accepted the need for this, and the relevant minister has announced that he is open to a dialogue and received representatives from the company a few weeks ago. I will stick to the external signs as I am not aware of the details. I hope that a final solution will be found as it is not in anyone’s interests for there to be no solution. There are workers, benefits for the national economy and we must also take into account the signs sent to foreign investors.

You mean that this case reflects on us as a country, and will continue to reflect on us?

I mean that the issue is by now significant both inside and outside Greece and is an investment that is being watched by everyone.

Does this episode drag you, as a sector, down?

In the sense that it creates an environment for discussion that is not positive, yes. But as a sector, we remain committed to what we think we can bring to the Greek economy.

And that is?

To stay with our current footprint, which is 3.4% of GDP. To be able to make the investments we have planned.

For example, I would mention that, on the basis of statistics gathered by the Foundation for Economic and Industrial Research (up to 2013 unfortunately, we know that statistics in Greece are usually very late…), mining companies invest around 200 million Euros a year. Consistently. Even during the crisis.

So you are saying that this investment plays a stabilising role?

The number I gave you relates, consistently, to the period 2009-2013. I would say it is indeed stabilising. We are here, as a sector, and we continue to be so. You know, Mr. Papayannidis, by its nature the mining industry takes a long-term view. By its nature it makes conservative choices.

What do you mean by “conservative choices”?

That if we have not made a very good business plan and if we have not researched the technology and the extraction method we will use, and so on, thoroughly, we will not have an easy start. There is a saying “two measurements, and one cut!”. You measure the cloth twice, and only then do you take out your scissors. Because if you start to cut the cloth, it is not easy to go back.

And the infamous 5th Chamber of the Council of State? Do you feel any progress is taking place? Any “Learning curve”…?

Can I tell you something? I would not call it “infamous”. The 5th Chamber, if we look at it calmly, brought about something good too. It shook Greek society and the business community, and made it clear that the environment is not for free, it’s not without a cost. I am not ecstatic about the role it played, but looking forwards a bit, I would say that we have been seeing something like a pendulum: from an approach that considered the environment as free, we went to the most difficult approach. It’s time to find a balance!

Slowly: is the pendulum swinging back?

Yes, definitely! There have been decisions like that – and I don’t just mean the Hellenic Gold decisions. I have seen others as well – other decisions that set things out correctly, that sort the wheat from the chaff.

Which means?

It means that all those who want to profit at the expense of the environment or at the expense of the law, should no longer be around.

Could you be clearer here?

They should cease to exist. Either because they comply or because they stop operating.

And local societies’ views of things, how is that going?

Can I say that we see progress in some areas, and areas where there is a core of resistance which is not always based on the actual facts. It will sound strange to you, but bauxite works were never the subject of any resistance from the local society.  

Local societies and coexistence? Never?

Criticism, yes. Choices, of course, but not resistance.

Red mud in Itea?

That was from Aluminium of Greece’s operations, in the past. But now the company has developed new methods, backfilling materials, with appropriate technology. But there were no reactions like those we have been experiencing in other regions recently. The local societies of Boeotia and Fokida see bauxite and its derivatives (alumina, aluminium) as being part of their historical tradition over the last 60 years and they look at the continuing mining activity in the area in the same way. Milos, again, went through a period of intense controversy (with gold then), but today you will hear the mayor of Milos (in international and Greek conferences) presenting the island’s economy as a model of balanced development. I heard him say “We did not go through a crisis”.

Do you want another 2 or 3 examples? There is now a climate of confrontation in Chalkidiki.

Hmm, more than just confrontation!

But for decades tourism developed and coexisted with mines. Ormylia, Gerakini, in Cassandra, where Hellenic Gold is now. These coexisted!

And, for you, when did the equilibrium break down?

When, for a variety of reasons, the old Cassandra mines looked like they might not survive. There have been, if you remember, years that they basically ceased working. And instead of going smoothly, from the time of Madem Lakkos and the new Olympias, to mining the deeper layers, there was a break. If this mining tradition had not been interrupted, things would have gone on smoothly. I am not being critical of the management, but this is a macro observation. When the industrial tradition stops in an area and people build houses next to the factories, these factories will find it difficult to start up again.

Nowadays, the coexistence of mining and tourism is a given. And the possibility of exploiting mining land as a window in its evolution, this has also been proven. Allow me some pictures: a hotel in a mine in China, land restored by PPC from the lignite mines, or the Imerys’ vine yards on Milos.

 

[SOURCE:: ΟΙΚΟΝΟΜΙΚI ΕPΙTHEORISI, by Adonis Papayiannidis, 1/10/2017]

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Who is Imerys which is investing in Greek mineral wealth?

“Our company is not widely known because its products are not immediately visible,” said Gilles Michel, the chairman and chief executive of the French multinational group, at a press conference yesterday. For the first time since the French Group acquired S & B in 2014, the 61-year-old manager from Marseilles “laid his cards on the table” about the French giant’s activity and footprint in Greece.

As he said, shortly after the acquisition of S & B was completed he was faced with the imposition of capital controls and the threat of Greece leaving the Eurozone. However, “All this is behind us, I think that Greece is on the path to growth,” he noted.

“We continued investing in Greece in the past two years. Our investments in Greece were made in an extremely difficult time for the country, and our decision was a clear vote of confidence. We never lost our confidence in the Greek economy and the ability of Greeks to overcome the crisis and return to economic stability and sustainable growth.” he said.

But who is Imerys?

Last year, the group had a turnover of 4.1 billion euros and a net profit of 582.1 million euros. It is a world leader in specialised mineral products, the “hard core” of its activity is treating mineral resources (clay, bentonite, diatomite, kaolin etc), implementing industrial formulas (eg ceramic bodies) and producing synthetic minerals (eg synthetic graphite).

Imerys is a world leader in ceramics for bathrooms, additives such as graphite and carbon, wollastonite and talc used in paints, fused minerals (used for abrasives), talc used in the field of aesthetics and perlite and diatomite used in filtering. In France, Imerys is the No. 1 company for clay tiles.

Turning to the energy solutions industry and specialised products, the French group creates mineral solutions used in papermaking (carbonates), in high temperature industries (monolithic refractories) and in oil and gas extraction (ceramic bearings).

The French giant has developed talc products for polymer applications, especially for the automotive industry, graphite and carbon used in rechargeable lithium-ion batteries for mobile electronics, while its perlite and diatomite based filtering solutions allow wine producers to optimise critical stages in their production. It has also developed a new ceramic product to produce finer and lighter bathroom ceramics.

Investments in Greece

Imerys in Greece is export-oriented and contributes over 120 million in currency exchanges to the national economy. It has also created about 1,000 direct and indirect jobs. The company in Greece has a turnover of 150 million euros, exports 80% of its products, invests € 18 million annually and has a technology centre and three quality control laboratories. It manufactures four kinds of industrial minerals and ores (bentonite, perlite, calcium carbonates and bauxite), has 21 surface and underground mines, six processing plants and cooperates with six loading ports.

In 2014, Imerys acquired S & B, which has a presence in 22 countries. This led to the Kyriakopoulos family having a 5% share in the share capital of the French company.

S & B was a major global player in the field of industrial minerals with a presence in 22 countries worldwide and a unique portfolio of mineral resources.

As Michel said today, Imerys Greece (formerly S & B Greece) is the world’s largest producer of pre-treated perlite and the world’s largest exporter of bentonite “exploiting the excellent quality mineral resources and the processing plants in Milos.” Almost all the company’s products are exported.

The French giant has a strong presence in Northern Greece and is the largest employer in Fokida and Milos.

With the acquisition of Kerneos (finalised last July), Imerys owns ELMIN Bauxites, a company which is active in the extraction and trading of bauxite and has a large number of privately owned and leased concessions in central Greece. Kerneos is the largest bauxite producer in Europe, exporting almost 45% of its production to Europe, Africa and America, “supporting Greek industry and domestic aluminium metallurgy”.

In 2016 Kerneos, which is valued at € 880 million, announced revenue of € 417 million and an operating profit (ebitda) of € 99 million.

Also, the French giant has shares in Industrial Minerals of Greece SA, in Kavala, a major producer of calcium carbonate, which exports almost 70% of its production.

Imerys has nurseries in Milos which produce 25,000 plants annually, and in Fokida which produce 30,000 plants including local, endemic and rare species.

 

[SOURCE: http://www.capital.gr/, by Dimitris Delevengos, 5/10/2017]

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Eldorado Gold Enters Constructive Dialogue with Greek Government

VANCOUVER, Sept. 21, 2017 /CNW/ – Eldorado Gold Corporation (“Eldorado”, “the Company” or “we”) today announced that it has entered into constructive dialogue with Greece’sMinistry of Energy and Environment (“MoE”) in respect to the development of the Company’s subsidiary, Hellas Gold S.A.’s, Kassandra Mine assets in Halkidiki, Northern Greece.  The Kassandra assets, which include the Skouries and Olympias projects and the Stratoni mine, were permitted under one single Environment Impact Study (“EIS”) approved in 2011 by the Greek State.

George Burns, President and Chief Executive Officer of Eldorado, commented: “We are very pleased with the constructive dialogue that is underway with the Ministry of Energy and Environment.  Furthermore, last week the Ministry issued a number of long overdue routine permits for our Olympias project.  As a result of these developments we have decided to temporarily postpone our decision to place our assets in Halkidiki on care and maintenance.”

Mr. Burns concluded: “We preserve the right to place our assets on care and maintenance and to take prompt legal action to protect the Company and its assets in Greece should our dialogue with the Ministry of Energy and Environment prove unsuccessful.  At the same time, we remain confident that the arbitration process initiated last week by the Greek government will be concluded in a timely and efficient manner, for the benefit of all stakeholders.”

 

source:eldoradogold.com

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Greece kicks off arbitration process over Eldorado Gold’s projects

Greece has sent Canada’s Eldorado Gold (TSX:ELD)(NYSE:EGO) a long-awaited arbitration noticeregarding the company’s plant for treating concentrates from the Olympias and Skouries project, in the country’s in the Stratoni Valley.

The announcement comes of the heels of a violent protest staged by workers Wednesday over potential job losses coming from Eldorado’s recent decision to shut down all operations unless long-delayed licenses are issued in time.

The notification alleges a technical study for the company’s Madem Lakkos metallurgical plant submitted in 2014 is deficient and thereby violates environmental terms for the project.

The arbitration is a formal process that is binding on both sides, and will deal with various differences between Eldorado and Greek authorities.

“Despite the Greek government’s refusal to engage with Eldorado, we believe that this matter could still be resolved through good faith negotiations. We again invite the Ministry to engage with us for such purpose,” President and chief executive George Burns said in the statement.

He added the firm, Greece’s biggest foreign investor,  is ready to defend its rights and employ all legal means at it disposal.

The arbitration notice was one of the pending issues the Greek government had said it would take care of this month. It comes less than 24 hours after the miners protest in Athens and the Environment Minister Giorgos Stathakis’ decision to grant the firm two key permits — the Olympias Operating Permit and the modified Electromechanical Installation Permit for the tailings management facility at Kokkinolakkas.

Burns has said he’s confident the arbitration process will do nothing but demonstrate Eldorado’s adherence “to all applicable laws and regulations and its commitment to developing its Greek assets safely, responsibly and with utmost care for the environment.”

Arbitration notice comes only three days after the miner threatened to suspend its investments in the country over delays in the issuing of permits.

The Vancouver-based miner, which has one mine and three projects in Greece, has been trying to develop the Skouries and Olympias projects in the north of the country for years, but local opposition and differences with Greek authorities, especially over compliance with environmental regulations, have delayed progress.

Not including Stratoni’s $2 billion acquisition, the gold miner has invested about $1 billion in the European country since 2012, and such figure would double if the it could fully develop its other assets in Halkidiki, northern Greece, the company said Monday.

Several in the community oppose mining in the forested country’s north because they believe the activity would hurt the regional tourism industry, destroy the area’s rich vegetation and pose a contamination risk to the groundwater.

Eldorado counters that together with generating new jobs and bringing hundreds of millions into Greece’s struggling economy, it has taken all necessary measures to protect the surroundings. Further, the miner says it’s still carrying out environmental clean-up work even of its predecessors.

Uncertainty about the company’s projects in the European country has weighed heavily on its share price, which is down 48% in the past year, touching a 14-year low of $2.24 on Aug. 4. In the last 24 hours, however, the stock has gained about 17% in both, the Toronto and New York exchanges.

Greece delivers arbitration notice to Eldorado, shares jump

Skouries portal. (Source: Eldorado Gold.)

source: mining.com,  by Cecilia Jamasmie

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Eldorado Gold Announces Greece Update

VANCOUVER, Sept. 13, 2017 /CNW/ – Eldorado Gold Corporation (“Eldorado” or the “Company”) confirms that it has today received the Olympias Operating Permit and the modified Electromechanical Installation Permit for the tailings management facility at Kokkinolakkas from the Ministry of Energy and Environment.  The Olympias Operating Permit is valid for a period of three years from the date of issue.

At this time, remaining outstanding is:

  • approval of the Technical Study for the old Olympias Mine closure and the Installation permits for the paste plants at Olympias; and
  • the amended Electromechanical Installation permit for the Skouries flotation plant,

as well as other matters including, but not limited to, the relocation of antiquities at the Skouries site.

The Company is also awaiting additional detail from the Greek Government regarding the pending arbitration process, which the government has publicly indicated that formal notification will be issued on 15 September, 2017.  Eldorado is confident that any potential arbitration will again demonstrate the Company’s adherence to all applicable laws and regulations.

Upon approval and receipt of all the required permits, clarity around the arbitration process and a supportive government open to discussions surrounding the use and implementation of best available technologies, the Company will then be in a position to re-assess its investment options in Greece.

George Burns, President and CEO for Eldorado Gold said: “This is a positive step forward; however, we are still waiting on other permits. Open dialogue with the Government would be the Company’s preference rather than legal recourse and arbitration but we are confident that any potential arbitration will again demonstrate Eldorado’s adherence to all applicable laws and regulations and its commitment to developing its Greek assets safely, responsibly and with utmost care for the environment.”

 

source: eldoradogold.com

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