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Eldorado Gold receives arbitration notice from Greek government

Staff Writer | September 15, 2017
Eldorado Gold Corporation announced that its Greek subsidiary, Hellas Gold, received a formal notice from Greece's Ministry of Finance and Ministry of Environment and Energy initiating Greek domestic arbitration.
Hellas Gold
Mining   Greek domestic arbitration
This arbitration is pursuant to the provisions of the Contract between the Greek State and Hellas Gold and in it the Ministries have named its nominee to the three person arbitral panel.

The arbitration notice alleges that the Technical Study for the Madem Lakkos Metallurgical Plant for treating Olympias and Skouries concentrates in the Stratoni Valley, submitted in December 2014, is deficient and thereby is in violation of the Transfer Contract and the environmental terms of the project.

The Company is highly confident that the subject Technical Study is robust and consistent with the Transfer Contract, the Business Plan and the approved environmental terms of the project.