Canadian company Eldorado Gold signed a revised contract with Greek authorities on Friday regarding its mining operations in northern Greece, Reuters reports.
Eldorado Gold has been in talks with the Greek government for several months over a revised investment plan that would bring higher royalties to Greece from mine development.
The revised investment contract allows the completion of construction works at the Skouries mine and the advancement of this project in the production phase, the expansion of production at the Olympias mine to 650,000 tons per year and new investments in Mavres Petres-Stratoni.
The investment plan has been revised up to $ 3.1 billion, from $ 1.4 billion, and all three mines will remain open and upgraded, so that a total of 3,070 workers will be employed, almost double compared to 1,650 today.
Also, Eldorado will come up with a new proposal to build a plant to process gold ore mined in Skouries in the next 12-24 months.
Eldorado Gold has two operating mines and two projects under development in northern Greece.