Eldorado Gold denies rumors of exit, pledges investment

Eldorado Gold vehemently refuted on Tuesday reports that it was considering leaving Greece, stressing that it intends to invest up to 1 billion euros in the next five years.

Eduardo Moura, Eldorado’s vice president and general manager for Greece, told a press conference in Thessaloniki that there is “no sign” the parent company intends to leave and not realize the gold mining investment in Halkidiki, northern Greece, due to fear of local reaction.

He went on to cite data vindicating Hellas Gold’s decision to fulfill its plans, as in the last 12 months the company has invested over 100 million euros in the mines at Halkidiki and Thrace and is planning to spend another 1 billion euros on its projects in the next five years.

Moura added that within just one year the company has trebled its number of employees and has submitted a letter of guarantee for 50 million euros for environmental restoration, while the investment has increased its cash flow in northern Greece by 800,000 euros.