Canadian Eldorado Gold is interested in new investments in the mining sector in Greece, according to the president of Hellas Gold (a subsidiary of Eldorado), Christos Balaskas.
Eldorado Gold’s interest is focused on the construction of a metallurgical unit in Halkidiki and the exploitation of a gold deposit on the Perama hill in Thrace.
Balaskas stated at an event of IOBE for the presentation of the socio-economic footprint of the investment in the Kassandra Mines that the investment in Thrace is estimated at 430 million euros and is expected to create 700 jobs. The updating of an earlier environmental impact study is currently underway, while a crucial condition is to secure the consent of the local community through information actions that have been initiated.
Regarding the metallurgy unit, which has been under discussion for many years, the final proposal of the committee investigating alternative technologies is expected by the end of the year, on the basis of which the viability of the investment will be assessed and the decision will subsequently be made at a political level.
Balaskas said that the implementation of the investment will allow the country to export finished products instead of raw materials, noting that 60% of the company’s production is currently exported to China. He estimated that there is a window of opportunity now that the EU is oriented towards ensuring strategic autonomy in critical raw materials (“Critical Raw Materials Act”) but also due to developments in Canada-US relations that are leading Canada to strengthen economic relations with the EU.
However, finding the required specialized workforce is a challenge. It is indicative that workers from Bulgaria, Poland and Finland are currently employed in Halkidiki.
