old and base metals producer Eldorado Gold’s Greek subsidiary Hellas Gold has filed an application for payment with the Hellenic Republic, requesting about €750-million for damages suffered by the company, arising from delays in the issuance of permits for the Skouries project, in northern Greece.
The damages include out-of-pocket costs and loss of profits incurred. The application is a non-judicial request for payment and does not initiate legal proceedings.
Eldorado president and CEO George Burns stated on Tuesday that the application represented a good-faith attempt to resolve the matter with the Greek State. “We hope that this matter can be resolved in an amicable manner without needing to go down the route of arbitration.” Continue Reading →