The CEO of Hellas Gold – subsidiary of EL Dorado Gold-, operating at the mines of Northeastern Chalkidiki in Greece, Mr. Michalis Theodorakopoulos gave an interview to the radio station of Thessaloniki “Focus 103.6” and journalist Dimitris Venieris on the occasion of his candidature in the elections of the Federation of Industries of Northern Greece.

Inevitably at some point the conversation led to the investment of Hellas Gold in Northeastern Halkidiki. Mr. Theodorakopoulos talked about some very interesting issues in the interview, such as the demand for labour in the mines, which has reached 7,000 applications, his satisfaction that the Minister Productive Reconstruction Mr. Lafazanis included in his requirements – apart from the protection of the environment and public interest – the investor’s profit, and the obvious fact that the strength of the private sector favours the public sector, and many more…

But when he started talking with figures the truth emerged, as numbers answer to those who claim that the company does not pay taxes and the state does not benefit from the presence of El Dorado in Greece:

  • From the average of 45,000 Euros corresponding to the cost of each worker for the company, half go to the State in the form of taxes and contributions.
  • Every year 30 million Euros goes to the State as insurance contributions.
  • Every year 30% of the turnover is returned to the State in taxes, regardless of whether the company has profits or losses. Today the turnover amounts to 100 million Euros and the full development of the project is projected to reach 800 million Euros. We are talking about 240 million Euros per year going to the state!!!
  • 300-400 million Euros per year are planned to be invested for the next 2-3 years.
  • According to the most optimistic predictions the first gold will be mined in 2022 and it will continue for another 23 years. We are talking about a 30 year investment.
  • According to the investment plan 20 million Euros per month are expected to be invested and because of the bureaucratic setbacks this amount has been reduced to 9 million Euros.

Another point stressed by Mr. Theodorakopoulos is that  El Dorado essentially made its appearance in 2012 to invest in an idea of ​​Greek engineers since 2005, concerning the exploitation of the national mineral wealth.

Regarding the controversial issue of the environment, the CEO of Hellas Gold reiterated that the Environmental Impact Study that has gone through appeals to the Council of State follows the European legislation which is much stricter than that of North America.