Eldorado remains committed to Greek assets, despite $1.2bn preliminary impairment

TSX- and NYSE-listed low-cost gold producer Eldorado Gold Corporation, which earlier this month suspended mine construction and development at Skouries mine in northern Greece, expects to write down the value of its Greek assets by $1.2-billion to $1.6-billion (after tax), according to a preliminary impairment analysis. After a year of confrontation with the country’s government, Eldorado suspended development work at Skouries on January 13 – putting 600 jobs at risk – owing to the alleged inaction of Greece’s Ministry of Energy and Environment regarding routine permits and licences required to continue construction and development.