Eldorado Gold Corp.’s plans to build a new gold and copper mine in Europe got a shot in the arm on Wednesday, after it received a favourable arbitration ruling in Greece.
But questions remain over the timing of when the junior gold company might get the project into production and how it will fund the operation.
Last September, Eldorado’s ambitions to develop the Skouries high-grade gold and copper project was cast in doubt after the Greek government objected to its treatment plan for metal concentrates, as outlined in a prior technical report.
The country’s ministry of environment and energy, and its ministry of finance, alleged the Vancouver-based company was in contract violation, kicking off an arbitration process.
In November, Vancouver-based Eldorado put development plans for Skouries on hold. In a news release on Wednesday, Eldorado said a Greek arbitration panel had ruled in its favour, upholding the validity of the 2014 technical report.
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