Eldorado Gold Announces Ratification of Amended Investment Agreement by the Hellenic Republic
VANCOUVER, British Columbia, March 17, 2021 (GLOBE NEWSWIRE) -- Eldorado Gold Corporation (“Eldorado” or “the Company”) is pleased to announce that today the Greek Parliament voted to approve and ratify the amended Investment Agreement (the “Agreement”) that was signed on February 5, 2021 between the Hellenic Republic and Eldorado’s wholly-owned subsidiary, Hellas Gold S.A. The Agreement amends the 2003 Transfer Agreement and provides a modernised legal and financial framework for the further development, construction and operation of the Skouries, Olympias and Stratoni/Mavres Petres mines and facilities in northern Greece (collectively the “Kassandra Mines”).
The amendments in the Agreement take effect once published in the Greek Government Gazette, which is expected shortly.
The Agreement is mutually benefitial to Eldorado and the Hellenic Republic. For Eldorado, it provides investor protection mechanisms including a permitting framework similar to other large-scale foreign investment agreements in Greece. For the Hellenic Republic, it provides enhanced fiscal revenues, environmental benefits, and community development opportunities.
The Agreement includes an optimized Investment Plan for the Kassandra Mines which, subject to the issuance of any needed permits and approvals, will allow for:
- Completion of construction at Skouries and transition of the project into production;
- Expansion of Olympias to 650,000 tonnes per annum;
- Upgrades to the port facilities at Stratoni to allow for bulk shipment of concentrates;
- Further investment in exploration at Mavres Petres-Stratoni; and
- Continued study of on-site gold processing methods.
“We are extremely pleased to have achieved this next milestone as it relates to our Agreement with the Hellenic Republic,” said George Burns, President and CEO. “With the support of the Greek Parliament, we are another step closer to advancing these key projects, which present significant opportunities for Eldorado and the broad range of stakeholders involved in the Kassandra Mines.
“Ratification of this Agreement further signals Greece’s commitment to attracting and working with foreign investors. I am proud that Eldorado is a preferred partner to the Hellenic Republic. We will continue to bring leading safety and environmental practices to the development of Greece’s mineral resources for the benefit of its people.”
About Eldorado Gold
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania, and Brazil. The Company has a highly skilled and dedicated workforce, safe and responsible operations, a portfolio of high-quality assets, and long-term partnerships with local communities. Eldorado's common shares trade on the Toronto Stock Exchange (TSX: ELD) and the New York Stock Exchange (NYSE: EGO).