Business

Eldorado Gold says Greek mines not affected by bank crisis

Canadian miner Eldorado Gold Corporation says the financial crisis unfolding in Greece isn't having an impact on its operations in the country.

Canadian miner says it's business as usual in mining operations in Greece

Canadian miner Eldorado Gold Corporation says the financial crisis unfolding in Greece isn't having an impact on its operations in the country.

The company has stakes in three mine sites in the country in Skouries, Olympias or Stratoni, employing roughly 2,000 people.

"Our Greek subsidiaries continue to pay our employees, contractors and suppliers of goods and services in Greece, and abroad, primarily through the issuance of wire transfers in accordance with existing regulations," the TSX-listed company said in a release.

Eldorado's Greek assets make up some 40 per cent of the company's operating net asset value, according to Dan Rollins, an analyst with RBC Capital Markets.

The decision in March by the then newly-elected Greek government to revoke the final construction approval at Eldorado's Skouries project has weighed on the company's share price, which is down 20 per cent in the past three months.

With files from Reuters

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