Eldorado Gold (NYSE:EGO) says it will keep paying worker salaries at its Greek mines despite a severe curtailment of financial institutions.

Greece has closed its banks and markets. Tomorrow a 1.6 billion euro (US$1.8 billion) falls due.

Bloomberg asked Eldorado Gold how it will manage operations in the current climate:

“At the moment the capital controls imposed by the Greek government are not having any material impact on our ability to make or receive payments to and from third parties,” Eduardo Moura, Eldorado’s vice-president and general manager for Greece, said in an e-mail.

El Dorado has three mines in Greece: Perama Hill, Skouries and Olympias. The largest mine, Skouries, has a estimated annual production of 140,000 oz of gold and 30,000 tonnes of copper.

This month Eldorado dropped 16% to $4.03.


Michael Allan McCrae,  June 29, 2015