Eldorado Gold Corp Might Withdraw From Greece

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The Canadian-based goldmine operator Eldorado Gold Corp did not rule out the likelihood to withdraw from Greece, attributing the reactions to the exploitation of the goldmines in Halkidiki peninsula and Thrace in northern Greece to petty political interests and local pressure groups.

   "The question is whether we will formulate a clear and methodical investment environment as a country. If this happens the company will stay," Hellenic Gold CEO Petros Stratoudakis, an Eldorado Gold subsidiary, said in a press conference in Athens this week.
   "The country and the government wants investments. However, I have reservations on whether investments of such a size can be handled," Stratoudakis added.

He clarified that he does not mean that the local reactions are instigated by specific political parties noting that those reacting come from all political parties.

   "It will be important if reactions were accompanied by a proposal," he said.

The company representatives presented financial and environmental figures pertaining to the investments in Halkidiki and Thrace, pointing out that the company's investments in Greece will exceed 1 billion US dollars in the next five years leading to an annual increase of 1 billion US dollars in exports from the mining of gold, copper, lead, silver and zinc. The state revenues from direct taxes in the next 20 years are estimated to 1.6 billion euros while the job positions, directly or indirectly linked to the investments, will be roughly 5,000. (AMNA)