This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Greek Gold Mine Savior To Some, Curse To Others

"No one doubts any longer that northern Greece is a source of mineral wealth, with a total wealth in metals exceeding euro20 billion," he said. "We can no longer accept this being left unexploited or barely exploited."

The mining company says fears about harm to the environment are unfounded.

"Our Greek projects follow strict EU and Greek environmental, health and safety regulations," said Eduardo Moura, Eldorado's vice-president and general manager for Greece. "If Canadians, Australians, Spaniards and others can benefit from responsible mining why would Greeks not do the same?"

Local residents have formed a protest committee hoping to stop work on Eldorado's new gold and copper mine and processing plant in the area. They contend the project will devastate biodiversity and lead to pollution of the ground, air and water supply.

"This will cause a great deal of damage to our natural reserves," said Thanasis Krommydas, a local anti-gold campaign organizer. "(Greece) signs up to treaties to protect the environment with one hand, and destroys the environment with the other."

Opponents also argue that unlike many other countries, the Greek state gets no royalties from mine concessions, so stands to gain only taxes and jobs. Concessions granted in 2004 for Stratoni, one of the Halkidiki mines, are valid until 2026 and can be renewed twice for 25 years each time, free of charge.

"The Greek state has nothing to gain but environmental cost from the investment," Alexis Tsipras, head of the main opposition radical left Syriza party, thundered during the parliamentary debate.

The current conflict centers on the mine complex's Skouries project â¿¿ a series of concessions with a collective area of 55 square kilometers (21 sq. miles) containing 3.6 million ounces of gold reserves and 736,000 tons of copper. Assuming that production matches Hellas Gold's estimates that it will extract up to 85 percent of the site's reserves, and commodity prices remain at their current levels, Skouires is on track to generate revenues of some $10 billion.

2 of 4

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $94.02 0.00%
FB $104.07 0.00%
GOOG $683.57 0.00%
TSLA $162.60 0.00%
YHOO $27.97 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs