Gov’t to seek arbitration over Eldorado investment

Greece will seek arbitration to settle its differences with Canada’s Eldorado over a gold mine investment, the Energy Ministry said on Thursday.

Energy Minister Giorgos Stathakis has requested that the state’s legal advisers prepare for the arbitration process to begin, the ministry said.

Vancouver-based Eldorado is developing a gold mine project in northern Greece but differences have persisted for years with Greek authorities over testing methods applied to comply with environment regulations.

Greece says it wants to make sure that Eldorado’s Greek unit Hellas Gold, which is developing the project, respects its contractual obligations.

“The aim is to safeguard public interest by developing the region’s mineral resources in line with the existing environmental terms and standards,” the ministry said in a statement.

A ministry official told Reuters last week that the three-member arbitration panel would include a government-selected judge, an Eldorado-selected judge and a third selected by the president of Greece’s Supreme Court.

Its decisions would be binding, but could be subject to further appeal.



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EIT RawMaterials: 1st Greek Raw Materials Community Dialogue

EIT Raw Materials brings together more than 100 partners – academic and research institutions, as well as businesses – from more than 20 EU countries. Within the framework of EIT Raw Materials they can work together to find new, innovative solutions to ensure the supply and improve the sector of raw materials through all the stages of the value chain – from extraction to processing, recycling and reusing multiple primary and secondary products.

There are already six (6) active regional centers in Belgium, Finland, France, Italy, Poland and Sweden (Co-location centers), representing regional links between business, research and education.

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EIT Raw Materials has an ambitious vision to transform the challenge of dependence on raw materials into a strategic strength for Europe. Its mission is to boost the competitiveness, development and attractiveness of the European sector of raw materials through radical innovation and entrepreneurship.

The six regional centers in Belgium (in Leuven, Belgium), Finland (in Espoo, Finland), France (in Metz, France), Italy (in Rome, Italy), Poland (in Wroclaw, Poland) and Sweden (in Luleå, Sweden), are called co-location centers and they represent different regional ecosystems that create a link between business, research and education.

The Metallurgical Laboratory of the National Technical University of Athens (NTUA) and EIT RawMaterials(KIC) organized the “EIT RawMaterials: 1st Greek Raw Materials Community Dialogue” on 23-24 November in ElectraMetropolis Hotel.

In an attempt to highlight the needs and problems of the Mineral Resources sector, there was massive participation by all those involved in the industry (state, academia, businesses) at the first open debate on strengthening the position of the sector in the national and European economic landscape.

Issues relating to technological lag, as well as innovation, European, national and regional policy strategy, financing mechanisms and tools at a national and European level and proposals for the development of new tools and mechanisms to strengthen the sector were the main subjects of the presentations and dialogue.

Moreover, there was also a special presentation announcing a Support Centre for the Greek Raw Materials Community (GRAMASC), based in the NTUA, which,due to its dynamic presence,may act as the communication “antechamber” for requests, proposals, etc., addressed to the IET by the Greek community.

The most interesting presentations made during the conference by Greek and foreign scientists will be presented in a forthcoming article.

[SOURCE:, editing by PetrosTzeferis, 25/11/2016]

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Greek Government Grants Eldorado Gold Permit for Olympias Mine

The Greek government has granted Hellas Gold, a subsidiary of Canada’s Eldorado Gold, a license for the Olympias mine in northern Greece.

The company made the announcement on Tuesday, after Greece’s Environment and Energy Ministry gave the mining company the long-awaited permit.

“The project can now continue so that from the first quarter of 2017 the ore that will be produced at the mine will be processed at the Olympias facility,” Hellas Gold said in a statement.

Greece’s government had revoked Eldorado’s permit in August citing environmental concerns, the Council of State, the country’s top administrative court, annulled the government’s decision in January.

The Canadian company has been in acrimonious dispute with Environment and Energy Minister Panos Skourletis, who in January suspended work at its Skouries gold mine, one of the four projects the company has in Greece.

The permit allows Eldorado to set up a processing plant in Olympias, which is crucial for the development of the mine.

The company has allocated 155 million dollars, or about two-thirds of its total development budget for 2016, to develop the Olympias project.

Currently, the company employs 2,000 workers in an area with an unemployment rate above 30 percent.

source:, By Philip Chrysopoulos

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Greek stock market aims to reopen Monday

Greece’s stock market aims to reopen on Monday following a five-week shutdown but is still awaiting a finance ministry decree detailing new trading rules, the Greek securities regulator’s chairman told Reuters on Friday.

The Athens Stock Exchange (ASE)  has been shut since June 29, when the government closed banks and imposed strict limits on withdrawals and foreign transfers to prevent a run on deposits by savers and companies. The bourse’s reopening has been delayed several times this week.

“We’re working on the basis of Monday but we’re waiting for the minister’s decision, which is the legal prerequisite for the reopening,” said Konstantinos Botopoulos, chairman of the Hellenic Capital Market Commission.

Traders and exchange officials had hoped the exchange would be able to reopen this week after the European Central Bank gave Greece the green light to allow normal operations by foreign investors with some limits for local investors.

Under the ECB-approved plan, local investors would be allowed to buy shares with existing cash holdings, but not to withdraw money from their Greek bank accounts to buy shares.

Some market participants had warned that unlimited trading for domestic investors would have posed a serious risk for lenders by accelerating capital outflows.

Technical glitches at local banks, which will be required to enforce the trading restrictions, have further complicated the exchange’s reopening and many securities traders have taken an early summer holiday during the closure.

Traders said on Friday, however, they were optimistic the stock exchange would reopen sometime next week.


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