Investing.com - Eldorado Gold Corporation (NYSE:EGO) closed up nearly 16% on Wednesday after the company confirmed that it has received Olympias Operating Permit and modified electromechanical installation permit for Tailings Management Facility in Greece.These permits will allow the company to fully operate one of its Greek assets and comes just days after Eldorado Gold threatened to suspend investment at three Greek projects.
Eldorado has been in arbitration with Greece over the mine development due to differences over the testing methods applied to comply with environmental regulations. After the arbitration stalled the mine’s development and Eldorado on Monday threatened to suspend investment dozens of Eldorado’s workers protested outside of Greece’s energy ministry, fearing job losses.
The company's threats were effective, and now some progress on permitting has been made with the company receiving the Olympias operating permit, which is valid for three years from the date of issue. Eldorado is still awaiting the approval of the technical study for old Olympias mine closure, installation permits for paste plants at Olympias and the amended electromechanical installation permit for Skouries Flotation Plant. They have also requested an update on the pending arbitration process, which they have not yet received
Eldorado spent about 2 billion dollars to acquire the Greek assets in 2012 and has invested over 1 billion dollars in their development.