ECONOMY

Eldorado sees charge of as much as $1.6 bln from Greece writedown

eldorado-sees-charge-of-as-much-as-1-6-bln-from-greece-writedown

Eldorado Gold Corp, which suspended mine construction and development in Greece after a year of confrontations with the country's government, said it expects to write down the value of its assets in the country by $1.2 billion-$1.6 billion.

The company is awaiting an official decision on a mining permit in northern Greece, which the government revoked on environmental concerns.

A majority of judges of Greece's top administrative court, which Eldorado had appealed to annul the government decision, ruled in favor of Eldorado in November.

[Reuters]