Vancouver-based Eldorado Gold’s (TSX:ELD) flagship mining project could soon be facing legal roadblocks from the newly elected Greek government
Reuters reports Greek energy minister Panagiotis Lafazanis, who represents the leftist Syriza party, told parliament the government is against the mine and would “use all possible legal means to back our position.”
The proposed mine has had locals divided since early 2011, when Eldorado’s subsidiary Hellenic Gold received government approval to mine in the northern peninsula.
Some claim the mine, owned 95% by Eldorado Gold, may hurt tourism and the environment, while others believe the operation is good news for Greece because it will generate new jobs and bring hundreds of millions into the struggling economy.
In January, the company announced it was committing about $200 million this year to develop Skouries mine, and expected to complete construction in late 2016.
The project is one of the biggest foreign investments in Greece.
With files from Mining.com
