In response to the statement issued on the Greek Ministry of Energy & Environment’s website on June 8 2017, Eldorado Gold Corp (USA)(NYSE:EGO) confirmed it has not obtained formal notification or any particulars of any arbitration proceedings. For now, company’s development projects and operations are continuing to plan. The firm will consider the particular issues raised and, if substantial, release an update to the market as and when it gets notification of arbitration.
Eldorado has consistently obtained positive rulings from Greece’s Council of State in eighteen cases validating the integrity of its permits. The company operates in accordance with applicable regulations and laws in every jurisdiction it has operations.
Eldorado is a major intermediate gold manufacturer with mining, development and exploration activities in Romania, Serbia, Brazil, Turkey and Greece. The firm’s success to date is reliant on a dedicated and highly skilled workforce, responsible and safe operations, long-term partnerships and a portfolio of high-quality assets with the communities where it functions. Eldorado’s stock trade on the Toronto Stock Exchange and the New York Stock Exchange.
Coming to metal prices, Gold has rebounded from two-month low of around $1,213 per ounce on May 9, 2017. Recent political uncertainties in the U.S. have supported the demand for yellow metal, which is termed a safe-haven asset in the period of economic and political turmoil. Shareholders are anxious that the latest events could defer the presidential administration’s agenda to bring a tax reform. Gold has gained more than 10% year-to-date.
Eldorado Gold earlier reported that it has closed a definitive deal with Integra Gold Corp., pursuant to which it will acquire Integra’s issued and outstanding common shares that it does not presently own, by an arrangement process under the Business Corporations Act.
In the last trading session, the stock price of Eldorado gained more than 1% to close the day at $2.90.