BUSINESS

Arbitration panel rules in favor of Eldorado Gold, company announces

TAGS: Business, Environment, Justice

Eldorado Gold has said that an arbitration panel has ruled in the Canadian company’s favor in its dispute with the Greek government regarding the mining unit at Madem Lakkos.

The arbitration had been initiated by the Greek government last year.

The panel turned down allegations that a technical study was deficient and in violation of a transfer contract and the environmental terms of the project, the company said.

“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,” Eldorado chief executive George Burns said in a statement.

“We look to the Greek state to fulfil its obligations under the transfer contract including issuing the outstanding permits for the Skouries project. The full, efficient and responsible development of the Kassandra assets will benefit the Greek state and its citizens, the local communities, our shareholders and our teams of Greek employees,” he said.

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