Greece ratifies amended investment agreement with Eldorado Gold
(Kitco News) - Eldorado Gold announced that today the Greek Parliament voted to approve and ratify the amended Investment Agreement that was signed on February 5, 2021 between the Hellenic Republic and Eldorado’s wholly-owned subsidiary, Hellas Gold S.A.
According to the company’s statement, the Agreement amends the 2003 Transfer Agreement and provides a modernised legal and financial framework for the further development, construction and operation of the Skouries, Olympias and Stratoni/Mavres Petres mines and facilities in northern Greece.
The company said that the amendments in the Agreement take effect once published in the Greek Government Gazette, which is expected shortly.
Eldorado noted that the Agreement is mutually benefitial to Eldorado and the Hellenic Republic. For Eldorado, it provides investor protection mechanisms including a permitting framework similar to other large-scale foreign investment agreements in Greece. For the Hellenic Republic, it provides enhanced fiscal revenues, environmental benefits, and community development opportunities.
Eldorado is a gold and base metals producer with mining, development and exploration operations in Turkey, Canada, Greece, Romania, and Brazil.