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

40 Masked Intruders Raid Greek Gold Mining Company

By Costas Kantouris

THESSALONIKI, Greece -- About 40 masked attackers raided the facilities of a prospective gold mine in northern Greece overnight, setting machinery and offices alight, authorities said.

There has long been vehement opposition to the prospect of a gold mine and processing plant being built at Skouries in the Halkidiki peninsula, with residents objecting to what they say will be the destruction of the environment and of pristine forest in the area, leading to the loss of tourism and other local activities such as farming, the rearing of livestock and fishing.

The mining company, Hellas Gold, is 95% owned by Canadian mining company Eldorado Gold (EGO). The Greek government has been eager for the foreign investment as it struggles through a deep financial crisis. But the dispute has led to frequent protests in the area, with tear gas and firebombs used and residents trading accusations with the company about heavy-handed reactions and the use of violence.

In Sunday's attack, firefighters and police said the intruders raided the facility after midnight, using gasoline bombs and flammable liquid to set alight machinery, vehicles and containers used as offices, causing extensive damage.

Police detained 27 people for questioning in a local police station early Sunday morning, they said. No arrests were immediately made. Authorities said one security guard employed by the company to guard the facilities sought treatment at a hospital after being kicked.

The Skouries project is the latest in a complex of mining facilities in the area. Hellas Gold -- mostly owned by Eldorado Gold and 5% owned by Greek construction company Aktor -- holds mining licenses for an area covering 317 square kilometers (122 square miles) with proven and probable reserves of lead, zinc, silver, gold and copper.

Many see the foreign investment as vital to helping Greece emerge from what is essentially a depression, with a quarter of the workforce unemployed and the economy heading into a sixth year of recession.

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 that is currently operating and is near Skouries, are valid until 2026 and can be renewed twice for 25 years each time, free of charge.
1 of 2

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 $109.49 -1.20%
FB $92.40 0.00%
GOOG $638.31 -0.63%
TSLA $226.00 -2.60%
YHOO $32.35 1.50%


Chart of I:DJI
DOW 17,050.75 +138.46 0.82%
S&P 500 1,995.83 +15.91 0.80%
NASDAQ 4,806.51 +15.3580 0.32%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs