Eldorado Gold is moving on the second phase of its business development in the Greek market through its subsidiary Hellas Gold. According to the CEO of Eldorado Gold Mr. Paul Wright, “in the framework of the announcement of the financial results of the Canadian multinational for the second quarter of 2015, the company will continue to the next stage of its development in Skouries and Olympias under its contracts and in collaboration with 2,000 employees in the country”. In particular during the second quarter of 2015 the activities of Eldorado Gold in Greece focused, among others, in exploring deposits in the Halkidiki area in the porphyry zone in the region of Skouries/Tsikara/Fisoka.
Meanwhile the Greek subsidiary Hellas Gold decided to proceed directly with 60 recruits, as well as increases in productivity bonuses because of the implementation of the seven-day operation program in the production process. 600 additional recruits are expected to be implemented by promoting the building permit of the enrichment factory and the logging permit in Skouries, Halkidiki. According to the CEO of the company. Mr. Michael Theodorakopoulos, “the mining company has ensured stability in recent years in payrolls, dealings and turnover and significant momentum in commissions, trade and construction. New jobs are added to the existing capacity of 2,000 workers currently employed in “Cassandra Mines” in NE Chalkidiki. It is worth noting that the job applications submitted to the company have reached the number of 11,000.“
According to the parent company Eldorado Gold there is significant progress in Skouries in regards to the implementation of the expansion project, the construction of factories that serve the exploitation and processing of minerals has been completed, and the installation of factory equipment has begun. The development of the next phase has been determined in Olympias from which the calculated revenue is 618 million dollars before taxes from the first five years of the second production phase (except 2016). In Stratoni the overall ore production in the second quarter of 2015 was lower on an annual basis. The capacity of the plant was affected by the decline in the production of mines and the miners’ strike in support of the company’s projects in the area of Skouries.
Overall in the second quarter of 2015, Eldorado Gold produced a total of 181,160 ounces of gold (including production by the site of Olympias), compared to 200,551 in the corresponding quarter of 2014 with the adjusted net profit standing at 17 million dollars over 35.9 million dollars. in 2014. In the second quarter of 2015 the company’s revenues amounted to 214.2 million dollars. Revenues from gold sales amounted to 204.2 million dollars. On the part of the Canadian multinational estimates for 2015 refer to gold production of 690,000 ounces.
NAFTEMPORIKI, 08/01/2015, by Letta Kalamara