Canada’s Eldorado Gold (TSX:ELD)(NYSE:EGO) has won a key battle in its ongoing row with Greece after an arbitration panel ruled in favour of the company’s plans to build a plant for treating concentrates form the Olympias and Skouries projects, in the country’s north.
The panel’s verdict rejects the Greek government’s motion that the company violated its contractual obligations by submitting a deficient plan for the Madem Lakkos metallurgy plant, Eldorado said.
Authorities had also argued Eldorado breached a 2003 contract by which its subsidiary Hellas Gold acquired the Kassandra assets — Olympias, Skouries and Stratoni — in the country’s Halkidiki region.
The company’s President and CEO, George Burns, hailed the ruling. “We believe this decision provides a foundation to allow us to advance dialogue with the Greek government in order to define a mutually-agreeable and clear path forward for our Kassandra investments,” he said in the statement.
Burns added the company expected the Greek government to fulfil its obligations under the 2003 contract, including issuing the outstanding permits for the Skouries project
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