ECONOMY

Lease process starts for Kilkis gold mine

The Environment, Energy and Climate Change Ministry announced on Thursday that the Kilkis gold mine in northern Greece was up for lease for a period of three years, expecting to get at least 1 million euros per annum.

The mine, which covers 91 sq.km, has gold, bronze and other metal reserves with an estimated value of 1.5 billion euros, while the reserves growth is expected to amount to 7 billion euros. The more metal prices increase, the more the lease will cost for the prospective contractor.

This is the first time that a minimum lease rate has been provided for, and it will increase annually.

Kilkis is one of many mines whose utilization is expected to earn state coffers some 38 billion euros over 30 years. The northern regions of Macedonia and Thrace hold confirmed gold reserves of 420 tons.