March 2, 2015 / 3:03 PM / in 3 years

UPDATE 1-Eldorado Gold says Greece has revoked key Skouries approval

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TORONTO, March 2 (Reuters) - Greece has revoked authorization that Eldorado Gold Corp needs to complete its Skouries project, the Canadian miner said on Monday, adding that it might have to reconsider its investment plans.

Shares of Eldorado fell 8 percent to C$6.63 on the Toronto Stock Exchange.

Eldorado said Greece’s energy ministry might reinstate the approval needed to complete construction of the processing plant at Skouries, once it completes an internal review.

For the moment, the company said, the revocation has not affected its construction schedule, and operations at Skouries continue.

“The recent decision of the Ministry of Energy - if not reversed in a timely manner - may force Eldorado to reconsider its investment plans for Greece,” the company said in a release.”

Last week a senior energy ministry official told Reuters that Greece’s new left-wing government would not block the Skouries project but would review permits for the processing plant.

The comments appeared to be a step back from a position taken by the energy minister in January. He told Reuters his government was “absolutely” opposed to the Skouries gold mine run by Eldorado and would review its next moves on it. (Reporting by Allison Martell; Editing by Lisa Von Ahn)

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