Two years of labour peace at the Cassandra Mines

Despite the current economic circumstances, Hellas Gold ensures stability in wages and provides additional public holidays

After negotiations, the company Hellas Gold SA and two business associations [a) Association of Technicians and Employees of the companies Aktor SA- Hellas Gold “Agia Varvara” and b) Professional Association of Miners in the Underground Cassandra Mines in Halkidiki] agreed upon labour peace for the biennium 2016-2017..

The agreement which was signed on 01.02.2016 provides for the stabilization of the existing wages at the level of 31.12.2015, which is the expiration date of the first corporate collective agreement, as well as the maintenance of automatic salary increases due to maturation. There are also provisions for marriage, special circumstances and seniority benefits. In addition to this the following days were introduced as additional public holidays: January 1, January 6, Clean Monday, Holy Friday, December 4 and December 26, beside the official public holidays. Finally it was agreed that those who are entitled to full retirement due to old age can receive 100% of the authorized compensation in case of termination.

It should be noted that the minimum gross monthly wage for unskilled workers working  above ground amounts to €999, while for those working below ground it amounts to 1,215€.

It is worth adding that although the company had to suspend its work in the Skouries region due to delays in the issuance of “routine” licenses, it actively reinforces the efforts for peace within its labour force with its stance.

The CEO of the company Mr. Michalis Theodorakopoulos said: “The signing of the Corporate Agreement is a particularly important step for the company’s relationships with its employees and is the result of mutual trust and constant cooperation with the business associations in a particularly difficult economic environment where most companies are forced to perform pay cuts”. Mr. Theodorakopoulos also said that there are efforts being made for the prompt and effective resolution of any occurring issues.


SOURCE: Hellas Gold

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CEO: Eldorado Gold aims to resolve mining issues with Greek Government

The chief executive of Eldorado Gold (TSX: ELD; NYSE: EGO) said the company wants to build a better relationship with the government of Greece to resolve issues over plans to mine gold in the country, rather than just relying on the courts.

The country’s leftist government last month said it was revoking a permit for technical studies for a $1 billion project, alleging that Eldorado violated contractual terms over technical studies. Eldorado’s Greek subsidiary, Hellas Gold S.A., suspended operations during a legal challenge. The suspension affected the Stratoni Mine as well as the Skouries and Olympias projects.

“I am quietly optimistic that we will get there with the government. But if we don’t, then we’re going to have to take alternative action,” said Paul Wright, chief executive officer of Eldorado, during an appearance at the Denver Gold Forum Tuesday.

If the differences cannot be resolved, the company cannot continue investing in the country, he suggested.

“Our expectation is we will again prevail, as we have done now on 13 separate occasions in rulings by the Council of State,” Wright said. “However, our challenge in Greece is to get to a much better place as it relates to the relationship with a government of the country that is truly collaborative and recognizes the value of this investment to the country. We look forward to further engagement when the new government is formed in the next couple of days.”

The party of Alexis Tsipras, who was prime minister, was re-elected over the weekend.

The company is developing the Skouries and Olympicas projects. Eldorado has spent $450 million on the projects since 2012 and has over 2,000 direct employees. Eldorado estimates that it would pay $1 billion in direct taxes to the Greek government in the next 20 years.

Eldorado is seeking injunctive relief, which the court deferred until after the election. A decision could come as early as this week, Wright said. Meanwhile, a court hearing on the main issue – the government’s decision to recall Eldorado’s permit — is set for Oct. 2.

Wright was asked if Eldorado would resume work right away if it prevails in the court system.

“Our approach to this will be to put people back to work if we are legally entitled to,” Wright answered. “But I just want to emphasize for us, it’s not about the legality. It is about the model of not having a supportive government that just doesn’t work for us.”

He pointed out that the mining issue was the No. 3 topic of debate going into the Greek elections, with many candidates expressing support for mining investment in the country. Allen Sykora of Kitco News;

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Athens, 11 June 2015 – The company Hellas Gold S.A has been awarded yesterday in a splendid ceremony at the Goulandris Museum the “Bronze Award” from the “Corporate Responsibility Institute” (CRI) as a distinction and reward for its involvement in Corporate Social Responsibility during the past two years. Within the framework of the sustainable and lasting development of the region where it operates, prompting strongly all the activities for social contribution and responsibility.


The way of its writing policy determines the company’s actions, which are the support of employment, the working conditions in Cassandra Mines as well as the company’s decisions for the environmental management that were sealed recently with the ISO 14001. Since January 2011 the company had already obtained the license for the health and safety management at work from OHSAS 18001:2007. All relevant indicators show the safe operation of the projects as far as it concerns the environment, the employees and the society.


The Bronze Award of CRI that assesses organizations with extremely strict criteria from the British Association BITC, is the seal of our ongoing efforts to support our society, ensuring the quality of life of our people and keeping the highest standards and best practices in our projects.


Mr. Kostas Georgantzis, Head of Communications and Corporate Responsibility of Hellas Gold said: “ There is no way for us for complacency. We are thrilled to receive this award. It is a very positive progress and an important step towards the goals we have set. Moreover, it is a reason for raising the bar even higher in order to achieve the best of us.”

A few months ago, in March 2015 “ The Corporate Social Responsibility Report of Hellas Gold” was distinguished from the “Global Reporting Initiative” the largest organization providing international standards of corporate responsibility reports, with «Materiality Disclosure». Another distinction received by the company in November 2014 by the Federation of Industries of Northern Greece, it was the praise for its performance in the area of ​​corporate social responsibility as part of the awards “Greek Value “.


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