Greece no longer in TVX strategy

TORONTO (AP) – TVX Gold Inc no longer considers operations in Greece to be part of its long-term growth strategy, chief executive Sean Harvey told shareholders yesterday at the annual meeting. Noting the Greek government had annulled TVX’s permits to develop the Olympias gold project – the main reason for the company’s $250 million investment in Greece – Harvey said the remaining base-metal operation at Stratoni must remain profitable to survive. Greece’s highest court ruled this year that environmental risks from the Olympias gold project, such as the use of cyanide, outweighed the economic benefit. TVX wrote down $244.5 million in assets in the fourth quarter of 2001 to reflect the rejection of the Olympias project. Stratoni continues to produce lead and zinc. «A poor business environment leaves the future of the operation uncertain,» Harvey said. «Greece is no longer a part of TVX’s long-term growth strategy.»