The so far course, but also the potential investment of Eldorado Gold in Greece have been basic subjects of the company’s Board of Directors agenda in the context of announcing the financial results of the first quarter of 2015. The CEO of Eldorado Gold, Paul Wright, stressed that “we will support our investment in Greece and our operations have already progressed in the area of Halkidiki. With liquidity reaching 870 million dollars in the first quarter of 2015 we represent one of the most powerful industries and continue our growth”.
According to the results report of the first quarter, Eldorado Gold is one of the largest investors in Greece, having invested, through its subsidiary company Hellas Gold, in the works at Skouries and Olympiada 450 million dollars. The company directly occupies more than 2200 people and what is being paid in 2014 for taxes and to suppliers, amounts up to at least 50 million dollars and 160 million dollars respectively. Furthermore, the freight traffic that originates from the activities of Eldorado Gold corresponds to 30% of the total freight traffic in the port of Thessaloniki. The company highlights that it is committed to the development of the area where it is active on, in cooperation with the local society and the government. Its activity is lawful and as it does in other countries that is active, so it does in Greece, following the Greek and European rules.
In regards to the progress of the project, during the first quarter of the year, the implementation of forerunner construction works in the area of Skouries were continued, for which the company invested more than 20 million dollars.
In the holding of the Olympiad, during the first quarter of the year, 4743 ounces of gold have been produced due to the processing of 157040 tons of ores with the invested amount reaching 11.5 million euros. In the Stratonios facility, the production of concentrates was continued, according to the report of the company, but in lesser quantities.
In total during the first quarter, Eldorado Gold produced 189414 ounces of gold (including the production via the processing of the Olympiad’s stagnation), with the adjusted net profitability standing at 19.5 million dollars. The income from the selling of gold with a mean value of 1232 dollars per ounce stood at 224 million dollars, while the liquidity stood at about 870 million dollars.
Concerning the matter of the legal rivalry that emerged between Hellas Gold and the Ministry of Reconstruction of Production, Environment and Energy (MRPEE) regarding the attachments for the approval of the technical studies for the metallurgy of copper, gold and the enrichment plant in the area of Mantem Lakkou, it should be noted that the parent company has been informed accordingly. In this context, from the side of the Greek subsidiary company, it is stressed that it will make all the necessary efforts in order to ensure its interests, while securing above all public interest, protection of the environment and the smooth continuation of its operations.