Eldorado Gold receives installation permits for Skouries and Olympias

4 September 2019 (Last Updated September 4th, 2019 12:28)

Gold mining and exploration company Eldorado Gold has received electromechanical installation permits for its Skouries project and Olympias mine.

Gold mining and exploration company Eldorado Gold has received electromechanical installation permits for its Skouries project and Olympias mine.

The approval was received from the Greek Ministry of Energy and Environment.

With the permits in place, the company will now be able to install mechanical and electrical equipment at the flotation plant in the Skouries mine.

The acknowledgement of these permits allows the company to apply for the flotation plant building permit to be submitted this month.

At Skouries, Eldorado plans to carry out construction activities, which were halted in 2017, including building the mill enclosure once permitted. Capex for these works is estimated to be around $5m.

Under the permit given to the Olympias mine, the company will install an upgraded electrical substation and construct support facilities, as part of its annual planning programme.

Eldorado is currently working with the Greek Government to achieve the necessary conditions required for the restart of full construction at the Skouries project.

The ministry and the company are partnering on a mutually acceptable path to build safe and modern operations in Greece. The collaboration will also work towards the approval to implement dry stack tailings at Skouries.

Skouries is a partially constructed high-grade gold-copper porphyry project, which is currently under maintenance.

Eldorado Gold president and CEO George Burns said: “We are very pleased with the receipt of these long-awaited permits, which enable us to protect our existing investment.

“We believe the Skouries project offers significant value for our investors and benefits to the local communities and the Greek economy, while adhering to the highest environmental standards.”

In May 2017, Eldorado Gold signed a definitive agreement to buy the remaining shares of Integra Gold in a deal valued at C$590m ($430m).