Home / Eldorado Gold Corp shares plunge 19% after company suspends most activities in Greece
0112gold.jpg

Eldorado Gold Corp shares plunge 19% after company suspends most activities in Greece

A bulldozer works at the site of a gold mine in Skouries village, northern Greece. Canadian mining company Eldorado Gold said on Tuesday, Jan. 12, 2016 it is suspending work at the site and laying off 600 workers following protests by local residents and a spat with the country's left wing government.

Over several years, Eldorado Gold Corp. earned a reputation for getting mines built in challenging countries where its rivals struggled.

But in Greece, that reputation is being seriously tested.

The Vancouver-based miner’s stock plunged 19 per cent to $3.53 on Tuesday after it announced the suspension of most of its activity in northern Greece, including all construction work at the crucial Skouries project. The decision came after Eldorado faced ongoing permitting delays and some outright government opposition to its activities.

“This has been an incredibly frustrating four years, to be blunt,” chief executive Paul Wright said on a conference call Tuesday.

Related

Check Also

1222kubik.jpg

Suncor Energy Inc’s bid for Canadian Oil Sands Ltd pits CEO’s pledge to deliver against poor record

As Canadian Oil Sands Ltd. tries to fend off Suncor Energy Inc.’s $4.33 billion bid, …

Leave a Reply

Your email address will not be published. Required fields are marked *