Cyprus-Forum.com

[wyoming cowboy]

Rough translation from Greek using Bing (couldnt locate original article from Bloomberg though)

Bloomberg: the largest gold producer in Europe may become Greece.


Eldorado in Europe as the Greece 2016

The Greece has the potential to become the largest gold producing country in Europe by 2016, overcoming the Finland, estimates in the Bloomberg article. Financial news network presents the problems that prevented all these years — bureaucracy, environmental restrictions, stonewalled in decision-making-the development of the sector.

The obstacles facing many companies attempting to enter the gold mining sector in Greece is a little too familiar and common for all, says the American Agency.

The mining licence may take several years in which companies rewrite their interest to invest in the country while at the same time affected economically.

The Canadian company European Goldfields, notes Bloomberg, tried for more than five years to get permission for mining mines in Slag and Olympiada Chalkidiki and during this period the share of "suffered" from big ups and downs. "Nothing will turn in Greece", says a former Executive who left the company to work in mining in PGDV.

Prokyptoyn concerns about the environmental impacts of the extraction as well as the effect on tourism of the region.

Just last month the inhabitants of ierissos diadilwnan during operation of the mine in Slag as mining in the area includes hundreds of acres of woodland that may lose their due.

Despite the company's intentions for replanting, the katoikoi argue that the ecological damage will be huge.

Another Canadian company, TVX, which had mining rights for the Olympiad and mines Labour had often come into conflict with the local authorities and courts had been found before leaving definitively the activities in the area in 2003.

Climate change

In recent years however have seen a climate shift, see Bloomberg.

The financial crisis afflicting Greece and boost unemployment rates soar makes a compelling case for attracting investment that would not only create new jobs but will give a boost to the Greek economy.

In the gold mining industry is an effort to normalize the problems pointed out. This is due partly to the adoption program works with "fast track" procedures. The aim of the project is to create a friendly business environment for private investment and strategies. Currently gold is the only metal that allows the rapid adoption of business activities in the country.

According to the estimates of the mining companies, Greece can take the place of Finland as the leading gold producer in Europe as Greek authorities thaws agreements remained stagnant for years due to red tape and environmental constraints.

The Glory Resources, owner of the mine to the Sapes Rodopi and Eldorado Gold, parent company of European Goldfields, stated that the production of both the 2016 will reach 425,000 ounces of gold (worth $ 757 million in current prices), surpassing by far the 16,000 ounces that were produced in the country in 2011. Comparatively the Finland produces 220,000 ounces.

According to the Vice-President of Eldorado, Eduardo Berries, the company intends to invest in Greece almost a billion. dollars in the next five years.

"Politicians are increasingly realising that an attitude in favor of mining is necessary, because the prospects for job creation," said the President of Glory Resources Jeremy Rathchol, adding that "it is curious that Greece is almost unexplored.

The Greece currently employs 10,300 employees in the field of mining and metalleysis.

The Eldorado Gold doubled its workforce in the country to 800 people since the acquisition of mines and plans to increase to 1,500 when will fully develop its production. The Glory Resources argues that will employ about 200 workers when production started.

(Source: http://www.tanea.gr/oikonomia/article/?aid=4758938) (Translated by Bing)

another article that corresponds to the above from the wall street journal
http://blogs.wsj.com/dealjournalaustral ... in-greece/

[GreekIslandGirl]

Well, silver mining made Athens wealthy - in time to arm itself and defeat the barbarian Persian armies.

Let us hope the land can help its autochthonous people, once again ....

[wyoming cowboy]

werent the Greeks also bankrupt right after Pericles built the Parthenon a few years ago?

[GreekIslandGirl]

It's the sign from the Pythia.

- Greece's potential has not been exhausted.

(I note that even some infamous anti-Greeks are warming towards Greece, as it rises from the ashes. )