Eldorado Gold Corporation confirmed that its Greek subsidiary, Hellas Gold, has filed for compensation of approximately €750 million for damages from the Greek state.

The move, according to the company, arises from delays in the issuance of permits for the Skouries project, including damages for out-of-pocket costs and loss of profits.

The application for payment is a non-judicial request for payment and does not initiate legal proceedings.

George Burns, Eldorado Gold’s President and CEO said, “The Application represents a good-faith attempt to resolve the matter with the Greek State as it relates to costs incurred resulting from permit delays to our Skouries project.

Eldorado has always acted in a manner consistent with finding a mutually-agreeable solution to responsibly developing Skouries. We hope that this matter can be resolved in an amicable manner without needing to go down the route of arbitration.”

Source: Tasos Kokkinidis/greekreporter