Loading ...Canada’s Eldorado Gold (TSX:ELD)(NYSE:EGO) long-dragged issues in Greece, where the miner has been trying to advance two major gold projects for years, are about to grow as the company is asking the government for €750 million (about $877m) in compensation for damages.
The Vancouver-based firm said its application for payment is a non-judicial request, which does not initiate legal proceedings. However, it makes a clear statement about the financial impacts for the company arising from delays in the issuance of permits for the Skouries project, including damages for out of pocket costs and loss of profits.
“The application represents a good-faith attempt to resolve the matter with the Greek State,” President and CEO George Burns said in a statement. “We hope that this matter can be resolved in an amicable manner without needing to go down the route of arbitration.”
cont. http://www.mining.com/eldorado-asks-greece-877-million-compensation-permit-delays/