Greek court allows Eldorado Gold to proceed with project

Tue Jul 24, 2012 9:30am EDT
 
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ATHENS (Reuters) - A Greek court has allowed Eldorado Gold Corp (ELD.TO: Quote) to proceed with a gold mining project in the north of the country revoking an order that temporarily stopped work at the site, the Canadian miner said on Tuesday.

"We are very pleased with the decision of the Council of State and will re-initiate our surface clearing activities in Halkidiki as soon as practically possible," Eldorado chief executive Paul Wright said in a statement.

Earlier this month, the Council of the State, Greece's highest administrative court, issued a provisional order suspending tree-cutting at Eldorado's mining project in Halkidiki, northern Greece.

The court revoked the suspension order on Tuesday, the company said.

"The judges found that this investment is of particular benefit to the Greek economy," an official at the Council said.

The ruling, however, is temporary until the Council holds a full hearing on the case at a later point, according to the court official and another official close to the proceedings.

Eldorado operates the Stratoni mixed sulfide project in northern Greece and is developing three other gold projects in the region.

The Vancouver-based company employs some 680 people, including contractors, in Greece and expects to invest some $1 billion in the debt-plagued nation over the next five years. (Reporting by Harry Papachristou in Athens and Julie Gordon in Toronto)